Anghami Files 2022 Annual Report With 37% Revenue Growth & Announces Q1 2023 Results With 60% Improvement in EBITDA

Anghami Inc. (NASDAQ: ANGH) (the “Company” or “Anghami”), the leading streaming platform for music and entertainment in the Middle East and North Africa (MENA) region, has announced its unaudited preliminary results for Q1 2023, ending March 31, 2023.

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ANGHAMI FILES 2022 ANNUAL REPORT, WITH 37% REVENUE GROWTH. ANNOUNCES Q1 2023 RESULTS: EXCEPTIONAL EFFICIENCY WITH 60% EBITDA IMPROVEMENT, 43% GROSS PROFIT GROWTH, 6% REVENUE GROWTH COMPARED TO Q1 2022 (Graphic: AETOSWire)

Despite facing currency-related challenges in Egypt and Lebanon, Anghami successfully achieved a Q1 2023 unaudited revenue of $10.2 million, representing a 6% increase compared to Q1 2022. On a constant currency basis, the increase would have been 12%, demonstrating Anghami’s ability to achieve strong growth despite challenging conditions in Egypt and Lebanon.

By streamlining the technology backend, Anghami has been able to reduce technology costs while improving performance and scalability. Furthermore, the platform has optimized its marketing strategy by concentrating on growth channels with the highest retention rates. This approach has led to a remarkable improvement in brand visibility and customer engagement, while also significantly reducing overall marketing expenses.

Anghami’s continued emphasis on efficiency and path to profitability led to a substantial increase in gross profit margin, increasing from 17% in Q1 2022 to 23% in Q1 2023, resulting in a significant $3.1 million improvement in EBITDA, a 60% improvement compared to Q1 2022.

Anghami's achievements in Q1 2023 can be attributed to a 39% increase in revenue from direct subscriptions (non-telco) channels, a 16% growth in premium subscribers, and improved margins with content providers and telcos when compared to Q1 2022. Revenue from the advertisements segment also grew 10% in Q1 2023 compared to Q1 2022, a 32% increase when Q1 2022 advertisements revenue is adjusted for non-cash barter revenue. The revenue increase in the advertisements segment was driven by Anghami's leading freemium platform and Anghami's unique ability to leverage its wealth of user data, connections with artists, and technology to create highly engaging branded content. These accomplishments underscore the platform’s dedication to fostering sustainable growth and improving margins.