Anghami Reports Double-Digit Subscriber Growth — and a Revenue Decrease — in Newly Posted Financials

anghami earnings
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anghami earnings
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Anghami earnings data has been released for 2023’s opening half as well as the nine months ended September 30th. Photo Credit: Anghami

Anghami (NASDAQ: ANGH) has unveiled some of its performance details for the nine months ended September 30th, 2023 (including a 17 percent year-over-year subscribership improvement) and published a comprehensive breakdown of its H1 2023 operations.

The Middle Eastern streaming service, which has since late November been partnered with film and television streaming platform OSN+, just recently posted a snapshot of the nine-month financials as well as an in-depth account of its showing through 2023’s opening half.

According to the former source, SRMG-backed Anghami had 1.73 million subscribers as of September 30th, reflecting the noted 17 percent year-over-year (YoY) spike.

Additionally, the business identified an eight percent YoY boost in adjusted revenue ($30 million) and a 22 percent YoY hike in gross profit margin. (Adjusted revenue refers to “revenues excluding barter advertising transactions which involve non-cash equal exchange of services.”)

Addressing the results in a statement, Anghami co-founder and CEO Eddy Maroun touted the quarter – meaning “the third quarter of 2023, the 9-month period ending September 30, 2023,” the release emphasizes – as “transformative…both strategically and financially.”

“With the securing of key strategic anchor investors such as OSN Group and SRMG, we have achieved a significant milestone in our growth journey,” proceeded Maroun, whose service is available in Europe and North America as well.

“Our growth has been concentrated in high-margin segments, aligning perfectly with our strategic focus. Moving forward, integrating video streaming capabilities is a strategic move, promising significant enhancements to our platform and broadening our service offerings,” he concluded.

Notwithstanding this optimistic outlook, the mentioned performance analysis for the six months ended June 30th, filed on the same day as the nine-month earnings preview, paints a somewhat less encouraging picture.

Per the resource, Anghami generated $18.90 million during calendar Q1 and Q2 2023, down from $21.04 million in the identical stretch during 2022. Within the $18.90 million, revenue from subscriptions ($11.39 million) and adverts ($5.27 million) both dipped from H1 2022, the document indicates.

Furthermore, live events ($2.24 million) achieved approximately $1 million YoY growth, according to the filing – with adverts representing the only profitable segment of the three for H1 2023.

However, trimmed marketing expenses, general and administrative expenditures, and consultancy fees drove a reduced operating loss of $9.81 million (compared to $13.68 million during H1 2022), the report shows. Also factored for in the newer sum is an even $2 million attributable to settlement fees with a content owner.

Anghami Reported Revenue by Market, H1 2023 (left) versus H1 2022 (right)

Egypt – $6,976,960 and $5,984,090

United Arab Emirates – $4,286,444 and $5,320,004

Saudi Arabia – $2,930,379 and $4,253,911

Lebanon – $1,588,373 and $1,939,228

Jordan – $551,497 and $599,384

Morocco – $537,996 and $436,280

Others – $2,032,062 and $2,505,828

Total: $18,903,711 and $21,038,725

All told, Anghami’s total comprehensive loss for H1 2023 is said to have come in at $12.15 million. During today’s trading, ANGH’s value grew by almost four percent to $1.08, for a market cap of roughly $30 million.