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DUBAI / WAM
Yalla Group Limited on Tuesday announced its unaudited financial results for the first half of the fiscal year 2023, ending on June 30. According to the financial results, Yalla’s H1 revenues have broken the AED561 million mark ($152.8 million), an increase of 2.9% compared to the first half of last year. Likewise, the H1 net income exhibited an impressive trajectory, escalating to AED176.9 million (or $48.2 million), marking an increase of 26.6% when juxtaposed with the same period in 2022.
The impressive financial milestones achieved by Yalla can be traced back to its strong performance in the second quarter of the year. In Q2 2023 alone, the company recorded revenues of AED291 million (around $79.2 million), marking a 4.1% rise from Q2 2022.
Similarly, its net income for Q2 2023 stood at AED103.8 million ($28.3 million), a noticeable jump from the AED74.7 million ($20.4 million) during the same quarter last year. Speaking on the occasion, Yang Tao, Founder, Chairman and Chief Executive Officer of Yalla, said, “2023 has been a year of growth and development. We are witnessing a rapid digital transformation in the Middle East. The momentum we are seeing is arising from the recognition that the region’s market opportunity may be strategically significant for global internet giants, as well as robust support from local Mena government, who are determined to build local industries.” “They are dedicated to fostering collaboration with various nations worldwide, actively participating in local ventures to drive global investments to domestic industries and increasing investments in disruptive projects overseas to create future strategic opportunities.”