DUBAI: Yalla Group Limited (Yalla Group), the largest Middle East and North Africa (MENA)-based online social networking and gaming company, today announced its financial results for Q2 2024, logging over AED587.3 million (US$159.9 million) in revenue, a 4.7 percent increase year-on-year (YoY).
Yalla Group’s H1 2024 net income saw a substantial rise, climbing to AED229.6 million ($62.5 million), showing an impressive YoY increase of 29.7 percent.
This remarkable financial performance was largely driven by robust results in the second quarter of the year. The Company’s revenues surpassed AED298.3 million ($81.2 million) in the second quarter of 2024, representing an increase of 2.5 percent year-over-year.
Net income in the second quarter of 2024 grew significantly to AED115.3 million ($31.4 million), with a substantial 10.9 percent rise from AED103.9 million ($28.3 million) in the second quarter of 2023.
Yang Tao, Founder, Chairman and Chief Executive Officer of Yalla, said, ‘We delivered another solid set
of results for the second quarter of 2024, led by total revenues of AED298.3 million, exceeding the top end of our guidance despite the impact of the Ramadan holiday.
‘This strong performance was supported by our success in enhancing operational procedures, boosting user engagement, optimising technology utilisation to improve efficiency, and refining our user acquisition strategies, which drove a 14.1 percent year-over-year increase in average MAUs to 39.0 million for the second quarter.”
Saifi Ismail, President of Yalla Group, said, “The first half of 2024 has been a period of remarkable achievement for Yalla Group, marking significant strides in our journey of growth and innovation. We’re exploring new horizons, pushing boundaries in technology and community engagement to redefine what social networking can be in the MENA region. Our aim is to create a vibrant ecosystem that not only entertains but also empowers and connects our users.”
Source: Emirates News Agency
