Dubai: The gaming and social networking company, Yalla Group, had first quarter revenues of Dh270 million from an 1.6 per cent over last year. This brought on a net income of Dh73.1 million, which is higher by 12.5 per cent, while net margin remained at an 'exceptionally high' 34.7 per cent.
The margin was derived from 'strong monetization capabilities and disciplined SG&A spending', said the company.
“We kicked off 2023 with a solid set of operational and financial results in the first quarter," said Yang Tao, Chairman and CEO. "Even with the impact from Ramadan, which started a little earlier than usual this year on March 23, our Q1 revenue still reached the upper end of our guidance, and demonstrating the remarkable strength of our flagship applications, Yalla and Yalla Ludo.”
The Average MAUs was higher 12.9 per cent to 33 million in the first quarter of 2023, while the number of paying users on Yalla platforms increased 43.7 per cent to 13.5 million 9.4 million in Q1-22, 'demonstrating users’ increasing willingness to pay on our platform'.
“Our businesses continue to exhibit formidable stability and vitality thanks to our consistent efforts to build out our community and product portfolio over the past seven years," the CEO added. "Yalla is also able to continuously invest in new products and verticals to explore untapped digital opportunities across the MENA region.”