Dubai: Online social networking and gaming company Yalla Group has announced its unaudited financial results for the first quarter 2024, ending on March 31.
The financial results revealed that Yalla's quarterly revenues surpassed Dh289 million or $78.7 million, a 7.1 per cent increase from Q1-2023.
Additionally, the company experienced substantial growth in Q1 net income, reaching Dh114.2 million or $31.1 million, a significant 56.2 per cent increase over the same period in 2023.
Yalla's non-GAAP net income also saw a notable rise, climbing to Dh129.6 million or $35.3 million, which represents a 38.4 per cent increase from $25.5 million in the first quarter of the previous year, with a non-GAAP net margin of 44.8 per cent.
The average monthly active users (MAUs) increased by 14.6 per cent to 37.8 million in Q1 from 33 million in the last quarter of 2023.
However, the number of paying users on Yalla's platforms declined by 5.2 per cent, dropping to 12.8 million in the first quarter of 2024 from 13.5 million in Q1-2023.
Yang Tao, Founder, Chairman and CEO of Yalla, said: "We kicked off 2024 with a solid set of operational and financial results. In the first quarter, our revenues increased by 7.1 per cent year-over-year, landing in the upper end of our guidance and once again demonstrating the remarkable strength of our flagship applications."
Yang added: "We are confident in the vast opportunities in MENA's gaming industry. By capitalizing on our extensive expertise and resources in the MENA region, we are well-positioned to unlock the growth potential in the addressable market. As always, we are dedicated to delivering high-quality, tailored digital products that cater to the evolving needs of local users."
