Dubai-Based Firm Achieves 4.7% Revenue Growth YoY
Yalla Group Limited, a frontrunner in online social networking and gaming based in Dubai, released its financial results for the second quarter of 2024. The company’s performance reflected marked growth and robust operational achievements against the backdrop of Ramadan holidays.
PC: ZAWYA
Highspots of Revenue and Net Income
Yalla Group posted revenues of AED298.3 million (US$81.2 million) in the second quarter of 2024, up 2.5 percent year-over-year. Revenues for the first half of 2024 came in at AED 587.3 million (US$159.9 million), up 4.7 percent year-over-year.
Net income surged to AED 115.3 million (US$31.4 million) in the second quarter, representing a 10.9 percent increase from the AED 103.9 million reported in Q2 2023. Net income was up 29.7 percent in the first half of 2024, reaching AED 229.6 million from the previous corresponding period of US$62.5 million.
Operational Success and Strategic Enhancements
According to Yang Tao, founder, chairman, and chief executive officer of Yalla Group, this sterling financial performance could be attributed to a number of strategic and operational improvements. “We delivered another solid set of results for the second quarter of 2024, led by total revenues of AED 298.3 million, exceeding the top end of our guidance despite the impact of the Ramadan holiday,” said Tao.
The Company’s growth was supported by enhanced operational procedures and increased user engagement. On the technological front, Yalla Group succeeded in optimising its technology use toward efficiency and, at the same time, fine-tuning user acquisition strategies. More importantly, MAUs increased by 14.1 percent year over year to 39.0 million on average in the second quarter.
Future Outlook and Innovation
According to Saifi Ismail, the President of Yalla Group, the company continues to commit itself to growth and innovation. “The first half of 2024 has been a period of tremendous accomplishment for Yalla Group, marking major steps in our journey of growth and innovation. We’re looking at new horizons and growing in the limits of technology and community engagement, defining what social networking can be in the MENA region,” said Ismail.
Yalla Group works to build a vibrant ecosystem that empowers, entertains, and connects its users. Underpinning the strategy to drive further growth while continuing to redefine social networking across MENA is a technology-first approach with community engagement at the heart of the business.
Yalla Group delivered a set of financial results for Q2 2024 that epitomise growth and strategic advancement. After posting strong revenue and net income growth, operational efficiency, and user engagement, the Company is very well placed for further success in the upcoming quarters. While Yalla Group continues to explore newer technological and community-driven innovation, it remains committed to increasing its presence and dominance in the online social networking and gaming space across the MENA region.
