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Yalla Group posts non-GAAP net income of Dh117.9m

Yalla Group has announced its unaudited financial results for the second quarter ended June 30, 2021, recording Dh244.6 million in revenues, an increase of 110.3 per cent from the second quarter of 2020.

The results reflect Yalla’s strong financial performance, and its record profits are the result of the continued momentum in its business. During the second quarter of 2021, Yalla reported a non-GAAP net income of Dh117.9 million, representing an increase of 101.4 per cent from the second quarter of 2020. Non-GAAP net margin was 48.2 per cent in the second quarter of 2021.

As for the average monthly active users (MAU), it increased by 77 per cent to 22.1 million in the second quarter of 2021 from 12.5 million in the second quarter of 2020.

Speaking on the occasion, Yang Tao, founder, chairman and CEO of Yalla, lauded the Q2 strong financial results achieved by the company, saying it reflects the company’s sustained success as it’s forging its own path in the social media sector, in addition to the gradual improvement in the general business climate in the Arab region.

“We recorded another quarter of robust performance as we further enriched our ecosystem and enhanced our monetization capabilities,” Tao said, adding that the Q2 finanacial results have met the group’s expectations thanks to expanding Yalla’s user community, launching new products including Yalla Parchis and 101 Okey Yalla, in South America and Turkey.

“Our increasing popularity with users assures us that we have our fingers on the pulse of the market, and drives us to develop new products, while we continue to provide best-in-class products and services tailored to the needs and preferences of Mena users,” Tao noted.

Saifi Ismail, president and director at Yalla Group, revealed that Yalla has been selected as a partner in the UAE government’s recently-unveiled National Program for Coders. As the first UAE-based technology unicorn to be listed in the US, Yalla is deeply committed to spearheading and contributing to the development of the nation’s digital economy.

“Yalla’s close collaboration with the local community not only demonstrates our commitment to driving the digital economy in Mena, but also demonstrates our credibility as a local partner. Going forward, we will continue to elevate the Yalla brand and expand our reach in the local community. Simultaneously, we are confident that the vigorous synergies of our product matrix will promote Yalla’s booming ecosystem,” Ismail said.

business@khaleejtimes.com