Anghami Files 2023 Annual Report And Announces Preliminary Q1 2024 Results; Premium Subscribers Grew 18% Reaching 1.87M; Total Revenues Grew By 8%; Gross Margin Improved From 20% To 26%
Portfolio Pulse from Benzinga Newsdesk
Anghami Inc. (NASDAQ:ANGH), the leading MENA region music and entertainment streaming platform, reported an 18% increase in premium subscribers to 1.87 million and an 8% revenue growth in Q1 2024. Gross margin improved from 20% to 26%. The company highlighted its strategic focus on high-margin subscription channels and cost optimization, leading to a reduced operating loss from $5.4 million to $2.7 million. Anghami also completed a significant transaction with OSN Group, enhancing its digital entertainment offerings. Despite challenges in 2023, including currency devaluation and the Gaza war, Anghami's core subscription business continues to grow.
May 02, 2024 | 1:49 pm
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Anghami Inc. reported significant growth in Q1 2024, with an 18% increase in premium subscribers and an 8% increase in total revenues. The company's strategic focus on high-margin subscription channels and cost optimization efforts have led to improved gross margins and a reduced operating loss. The completion of the OSN Group transaction is expected to further enhance Anghami's position as a digital entertainment powerhouse.
The reported growth in subscribers and revenue, along with improved margins and strategic transactions, indicate a positive outlook for Anghami Inc. These factors are likely to be viewed favorably by investors, potentially leading to a positive short-term impact on the stock price. The company's ability to overcome challenges and focus on high-margin revenue streams suggests a strong operational strategy that could support continued growth.
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