Yalla group Limited (“Yalla” or the “Company”) (NYSE: YALA), the largest Middle East and North Africa (MENA)-based online social networking and gaming company, today announced strong financial results for the third quarter of the fiscal year 2024 ending on September 30, 2024.
According to the financial data, the company has posted a 4.4% revenue increase, reaching AED 326.5 million (USD 88.9 million), up from AED 312.9 million (USD 85.2 million) in the same quarter last year, reflecting steady business growth.
This brings Yalla’s total revenue in the first nine months of 2024 to AED 913.8 million (USD 248.8 million), up by 4.6% compared to AED 873.9 million (USD 237.9 million) during the same period in 2023.
The group also reported a net income of AED 144.0million (USD 39.2 million) for Q3, an 11.2 % increase from AED 129.2 million (USD 35.2 million) in the third quarter of 2023. The net margin remained high at 44.1%, underscoring Yalla’s strong revenue generation and disciplined spending.
In terms of platform engagement, Yalla saw its average monthly active users (MAUs) jump by 14.5% year-over-year, reaching 40.2 million in the third quarter of 2024, up from 35.1 million. Additionally, the number of paying users on the Yalla platform grew by 12.0% to 12.6 million in the third quarter, compared to 11.2 million during the same period last year.
Record-high revenues
Commenting on the results, Mr. Yang Tao, Founder, Chairman and CEO of Yalla, said: “We are thrilled to report a robust quarter, marked by record-high revenue and enhanced profitability. Behind this impressive performance was our continued commitment to deepening our localization capabilities, which enabled us to keep rolling out new gamification features and operating events that fulfill MENA users’ social and entertainment needs.”
He stated: “The phased rollout of digital transformation initiatives across MENA countries is steadily unlocking the market’s growth potential. As the largest online social networking and gaming platform in MENA, we will seize every opportunity to contribute to this transformation and the economic development of the region. With strong business fundamentals and an increasingly robust product ecosystem, we have full confidence in our ability to expand our role in the region’s evolution.
Delivering quality experiences
For his part, Saifi Ismail, Group President at Yalla Group, said: “The third quarter has been exceptional for Yalla Group, with significant growth across our user base and product performance. Our monthly active users reached 40.2 million, reflecting our successful user acquisition strategies and focus on enhancing user experience. We’re especially pleased with the record revenue from Yalla Ludo and 101 Okey Yalla, and we look forward to expanding this success across our entire product portfolio.”
“As MENA’s leading platform in social networking and gaming, we’re committed to delivering quality experiences that resonate with our users and reflect our deep cultural insights. Moving forward, we aim to further promote our offerings and expand our reach, fostering stronger connections and driving digital engagement across the region. We will spare no effort to achieve our goal, which is: to remain at the forefront of the region’s social networking and gaming landscape, creating long-term value for our users and stakeholders alike,” he concluded.
