Anghami Preliminary H1 Revenue Up 29%

(RTTNews) - Anghami Inc. (ANGH) reported that its preliminary first half total revenue grew 29% year-over-year to $21.1 million. Excluding the foreign currency effects and applying constant exchange rates year-over-year, revenue would have increased by more than 50%, the company noted.

The number of monthly paying subscribers increased 41% year-over-year. The growth was primarily due to higher conversion rates of advertising-supported users to paying subscribers, as well as a higher number of active users, which increased 46% year-over-year to 19.5 million users, resulting in increased advertising and subscription revenues.

Eddy Maroun, Co-founder, and CEO of Anghami, said, "The first half results should lead to a record year for Anghami in 2022."

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Shares of Anghami were up 8% in pre-market trade on Monday.