UAE-based Yalla Group records revenues of Dh873.9 million in first nine months of 2023

Dubai: UAE-headquartered online social networking and gaming company Yalla Group Limited has reported a revenue of Dh873.9 million ($237.9 million) for the first nine months of 2023.

The company announced Tuesday that the quarterly financial results showcase substantial growth, with third-quarter revenues reaching Dh312.9 million ($85.2 million), marking an impressive 6.4 per cent increase compared to the same quarter in 2022.

Yalla also reported a Q3 net income of Dh129.2 million ($35.2 million), reflecting a substantial 44.3 per cent increase from the third quarter of 2022, when it stood at Dh89.6 million ($24.4 million).

Moreover, Yalla’s average monthly active users (MAUs) surged by 13.6 per cent to 35.1 million in the third quarter of 2023, compared to 30.9 million in the same period in 2022.

Meanwhile, the number of paying users on the Yalla platform decreased by 2.6 per cent to 11.2 million in the third quarter of 2023 from 11.5 million in the third quarter of 2022. The company said this is primarily due to a short-term game mechanism adjustment.

Yang Tao, Founder, Chairman and CEO of Yalla, said, “We recorded all-time high revenues of $85.2 million in the third quarter of 2023, beating the upper end of our guidance, while year over year revenue growth from gaming services exceeded 30 per cent once again.”

Tao said the company’s robust quarterly results demonstrate operational success in refining processes and enhancing the gamification of its flagship applications. “We have also improved our gaming mechanics and optimized user acquisition,” he added.

Meanwhile, Saifi Ismail, Group President at Yalla Group, said, “As we head into the fourth quarter, we will continue to execute our high-quality growth strategy with a focus on efficiency and profitability enhancement.”

The company’s President said Yalla Group remains committed to investing in people, technology, and new market opportunities.