Dubai- Yalla Group Limited, a UAE-based leading voice-centric social networking and entertainment platform in the Middle East and North Africa (MENA), reported revenues of AED248 million in Q1-2021, a record increase of 221% compared to the same period of 2020.
Announcing its unaudited financial results for the first quarter ended March 31, 2021, the company said AED201.1 million of its revenues was generated from chatting services and AED47.3 million from games services.
Yalla affirmed that such promising financial results reflect its sustained success in the social media sector, in addition to the gradual improvement in the general business climate in the Arab region.
According to Yalla’s financial results, the non-GAAP net income grew to AED123.3 million in the first quarter, an increase of 263.7% compared to the first quarter of 2020. Non-GAAP net margin was 49.7% in the first quarter of 2021.
Speaking on the occasion, 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 increased 39.9% quarter-over-quarter and reached AED248 million, exceeding the upper end of our guidance range by 7.4%.
"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 monetization capabilities." "Our highly effective and resonating marketing campaigns augmented brand awareness across the Middle East and North Africa region," he added.
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.
© Copyright Emirates News Agency (WAM) 2021.