Yalla Group Limited, the UAE-based leading voice-centric social networking and entertainment platform in the Middle East and North Africa (MENA), today announced its financial results for the first quarter of the fiscal year 2022, recording AED 265.7 million in revenues.
According to Yalla Group's latest financial results, the GAAP and non-GAAP net margins during the first quarter ending on 31st March increased by 24.5 percent and 35.9 percent, respectively.
The lion’s share of the total quarterly revenues was generated from chatting services, recording AED 190.5 million, while revenues posted by games services were estimated at AED 74.6 million of the total revenues.
The Average MAUs also increased by 55.3 percent to AED 29.2 million in the first quarter of this year compared to AED 18.8 million in the same period of 2021. Meanwhile, the number of paying users on Yalla platforms increased by 61.0 percent to AED 9.4 million compared to AED 5.8 million in the same quarter of 2021.
Tao Yang, Founder, Chairman and Chief Executive Officer of Yalla, said,
"We had a stellar first quarter marked by strong results in both operational and financial metrics. Yalla Group's total revenue reached AED 265.7 million. This exceptional performance was driven by our continued efforts to expand our user community, effective conversion of active users into paying users, and further advancement in monetisation capabilities,"
"The strong performance we achieved during the first quarter of this year reflects the effectiveness of our growth strategy, which aims to provide an ideal experience for all users,"
For his part, Saifi Ismail, President, Director at Yalla Group, affirmed that the business intends to enrich its product portfolio and enhance collaboration among the Yalla applications to develop an integrated interactive system to help boost the number of users for the company’s apps.
Ismail stressed that Yalla’s integrated and innovative system will contribute to heightening users’ awareness about the company apps and services, reflecting positively on expanding the user base, and increasing the time spent by the user within Yalla applications, thus enhancing brand loyalty in the long run.
News Source: Emirates News Agency