Nasdaq-listed Anghami’s revenues up as subscribers grow to 18.5 million

Nasdaq-listed Anghami’s revenues up as subscribers grow to 18.5 million
The Nasdaq-listed Anghami made $35.5 million in annual revenues, up 16 percent on the year
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Updated 19 May 2022

Nasdaq-listed Anghami’s revenues up as subscribers grow to 18.5 million

Nasdaq-listed Anghami’s revenues up as subscribers grow to 18.5 million
  • Ad-driven sales rose by 70 percent in 2021 and rose further last quarter amid a post-pandemic recovery in the advertising industry

RIYADH: Music lovers helped Abu Dhabi’s streaming platform Anghami Inc. post higher revenues in both 2021 and the previous quarter thanks to a rise in subscriptions.

The Nasdaq-listed Anghami made $35.5 million in annual revenues, up 16 percent on the year, and its first-quarter revenue surged to $9.3 million, it said in a statement.

Ad-driven sales rose by 70 percent in 2021 and rose further last quarter amid a post-pandemic recovery in the advertising industry.

Anghami reached a total of 18.5 million active users by the end of the first quarter of 2022, recording a growth of 20 percent from the same period a year ago due to improved customer retention, new subscription offers, and billing enhancements.

“2021 was a very special year for us, with many significant milestones leading up to our listing on Nasdaq paving the way to achieve our growth goals that started to flourish in Q1 2022,” said CEO, Eddy Maroun.

“We are confident that this positive development will continue through 2022 as we benefit from our growing partnerships and offerings,” co-chief executive officer, F. Jacob Cherian added.


Saudi retailer BinDawood launches express stores in Jeddah, Makkah

Saudi retailer BinDawood launches express stores in Jeddah, Makkah
Updated 16 sec ago

Saudi retailer BinDawood launches express stores in Jeddah, Makkah

Saudi retailer BinDawood launches express stores in Jeddah, Makkah

RIYADH: BinDawood Holding Co., a Saudi-based grocery retail operator of hypermarkets and supermarkets, has opened two Danube Express stores at the Haramain High Speed Railway stations in Jeddah and Makkah.

The opening marks the first express stores with two more to follow in the city of Madinah as well as the King Abdullah Economic City in 2022, the company said.

“The Haramain railway is expected to carry over 60 million passengers annually, and we are thrilled to reach more customers across the Kingdom and introduce them to the Danube experience through the new ‘express’ model,” said Ahmad BinDawood, CEO of BinDawood.

Following the announcement, shares of the retailer rose 1.17 percent to reach SR86.6 ($23) in the early hours of Wednesday.


China In-Focus — Yuan weakens; Lenovo reports slowest revenue growth in eight quarters

China In-Focus — Yuan weakens; Lenovo reports slowest revenue growth in eight quarters
Updated 5 min 14 sec ago

China In-Focus — Yuan weakens; Lenovo reports slowest revenue growth in eight quarters

China In-Focus — Yuan weakens; Lenovo reports slowest revenue growth in eight quarters

RIYADH: The yuan eased on Wednesday, weighed down by signs that China’s COVID-19-hit economy is struggling to regain momentum and by lingering concerns over heightened Sino-US tensions over Taiwan.

The currency’s losses were limited, however, by caution ahead of US inflation data later in the global day, which could provide hints to the Federal Reserve’s plans for future monetary tightening and the direction of the dollar.  

The People’s Bank of China set the midpoint rate at 6.7612 per dollar prior to the market open, weaker than the previous fix of 6.7584. 

Factory inflation at 17-month low

China’s factory-gate inflation eased to a 17-month low in July, defying global cost pressures as slower domestic construction weighed on raw material demand, although consumer prices picked up pace, driven mostly by tight pork supplies.

The producer price index rose 4.2 percent year-on-year, the National Bureau of Statistics, said on Wednesday, after a 6.1 percent uptick in June and missing analyst forecasts for a 4.8 percent increase.

China’s producer price growth has slowed from a 26-year high hit in October last year, giving policy makers some leeway to stimulate the flagging economy even as central banks elsewhere scramble to hose down rampant inflation with aggressive interest rate hikes.

China’s Lenovo reports slowest revenue growth in eight quarters

Lenovo Group, the world’s biggest maker of personal computers, reported flat revenue for the April to June quarter when many Chinese cities were hit by COVID-19 lockdowns, marking its most subdued result in eight quarters.

Total revenue during the period was $16.96 billion, up 0.2 percent from the same quarter a year ago though it was in line with an average Refinitiv estimate of $16.87 billion drawn from seven analysts. That was the smallest quarter-on-quarter increase since the period ending in March 2020.

However, Lenovo has made big strides in expanding into other higher-margin businesses such as server operation, information technology services and mobile devices, with Lenovo’s non-PC business now accounting for 37 percent of the company’s revenue. For the quarter, net income attributable to shareholders rose 11 percent to $516 million.

Yang Yuanqing, Lenovo’s chairman and CEO, said the company is “diversifying from a pure PC business to a company that offers a broad range of intelligent products and solutions.”

(With input from Reuters)

 


MIDEAST STOCKS-Major Gulf bourses trade mixed; Abu Dhabi at record high

MIDEAST STOCKS-Major Gulf bourses trade mixed; Abu Dhabi at record high
Updated 54 min 16 sec ago

MIDEAST STOCKS-Major Gulf bourses trade mixed; Abu Dhabi at record high

MIDEAST STOCKS-Major Gulf bourses trade mixed; Abu Dhabi at record high

REUTERS: Major stock markets in the Gulf were mixed in early trade on Wednesday, ahead of the release of US inflation data that could point to the Federal Reserve’s appetite for more aggressive rate increases.

The Abu Dhabi index touched a record peak, rising 0.7 percent to 10,193 points and bolstered by a 2.1 percent gain in conglomerate International Holding Co. (IHC), which is on course to gain for a fourth session in five.

On Monday, IHC reported a quarterly profit of 6.81 billion dirhams ($1.85 billion), up from 2.87 billion a year earlier, mainly driven by acquisitions.

IHC, which has a market capitalization of more than $167 billion and assets in the fast-growing health care and industrial sectors, is Abu Dhabi’s most valuable listed company.

Elsewhere, Abu Dhabi National Energy Company jumped 4 percent, after reporting a sharp rise in first-half net profit.

Dubai’s main share index eased 0.1 percent, hit by a 1.5 percent fall in its top lender, Emirates NBD.

The bank has given most employees a pay rise of up to 8 percent to help cushion rising costs of living, Reuters reported on Tuesday, citing two sources familiar with the matter.

Dubai average rental prices for apartments and townhouses rose by 29 percent and 33 percent in the first half of the year and for villas by 64 percent, according to Betterhomes, as the property market continued a strong post-pandemic recovery.

The Dubai index’s losses, however, were limited by a 1.3 percent rise in blue-chip developer Emaar Properties.

Saudi Arabia’s benchmark index added 0.1 percent, helped by a 0.5 percent gain in Al Rajhi Bank.

Oil giant Saudi Aramco has told at least four North Asian buyers that it will supply full contractual volumes of crude in September, sources with knowledge of the matter said on Wednesday.

Shares of Aramco were down 0.5 percent.

The Qatari benchmark dropped 0.4 percent, driven down by a 0.6 percent fall in Qatar Islamic Bank.

Among other losers, Salam International Investment jumped 3.8 percent following a decline in first-half profit.

Crude oil prices, a key catalyst for the Gulf’s financial markets, fell ahead of a key US report on inflation and after industry data showed US crude inventories had unexpectedly risen last week, signalling a potential hiccup in demand.
 


Commodities Update — Gold hovers near one-month peak; Corn down, wheat gains; London base metals soften

Commodities Update — Gold hovers near one-month peak; Corn down, wheat gains; London base metals soften
Updated 10 August 2022

Commodities Update — Gold hovers near one-month peak; Corn down, wheat gains; London base metals soften

Commodities Update — Gold hovers near one-month peak; Corn down, wheat gains; London base metals soften

RIYADH: Gold prices hovered on Wednesday near their highest level in more than a month, supported by a weaker dollar with investors awaiting US inflation data, which is expected to influence the pace of Federal Reserve rate hikes.

Spot gold held its ground at $1,793.39 per ounce, as of 0318 GMT, after hitting its highest since July 5 at $1,800.29 on Tuesday. US gold futures were down 0.1 percent at $1,810.

Silver eases

Spot silver eased 0.2 percent to $20.47 per ounce, while platinum fell 0.4 percent to $930.14. 

Palladium edged 0.1 percent higher to $2,217.40.

Corn ease, wheat up

Chicago corn futures eased on Wednesday, as the market took a breather after climbing to a one-week high in the previous session on concerns over hot and dry weather in parts of the US Midwest.

Wheat rose for a third consecutive session, although hopes of more grain exports from Ukraine limited gains.

The most-active corn contract on the Chicago Board of Trade rose a quarter of a cent to $6.14-1/4 a bushel, as of 0028 GMT, and soybeans slid 0.1 percent to $14.27-1/2 a bushel.

Wheat added 0.5 percent to $7.85-3/4 a bushel.

London base metals soften

Prices of most base metals in London eased on Wednesday after China’s inflation in July hit a two-year high, while investors were braced for continued hawkishness from the Federal Reserve ahead of the highly anticipated US inflation data.

Three-month copper on the London Metal Exchange lost 0.8 percent to $7,920.50 a ton by 0309 GMT.

The most-traded September copper contract on the Shanghai Futures Exchange dipped 0.3 percent to $9,026.33 a ton.

LME zinc fell 1.1 percent to $3,499 a ton, lead lost 0.8 percent to $2,149 a ton, tin declined 0.8 percent to $24,235 a ton.

(With input from Reuters) 


Emirates announces third daily flight to Mauritius

Emirates announces third daily flight to Mauritius
Updated 10 August 2022

Emirates announces third daily flight to Mauritius

Emirates announces third daily flight to Mauritius

DUBAI: Emirates has announced plans to add a third-daily flight to Mauritius starting Oct. 1, 2022, a statement on state-run news agency WAM said. 
The plans to increase the frequency of flights to Mauritius by adding an evening flight is in response to increased travel demand to and from the country and will boost connectivity to the island nation.
Emirates’ third-daily flight to Mauritius will boost seat capacity on the routes by approximately 35 percent, catering to the surge in demand and providing added support to the tourism industry during one of the busiest travel seasons.

The added frequency supplements the existing double-daily Airbus A380 services.

Emirates started operations to Mauritius in September 2002 with three weekly flights. 

The airline is currently in its 20th year of operations to the island nation.

 Mauritius is a very popular leisure destination, and continues to experience consistent growth post-pandemic.