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Anghami Inc. (NASDAQ: ANGH) filed its 2023 annual report and announced Q1 2024 results, highlighting an 18% growth in premium subscribers and significant margin improvement. The company achieved top-line improvements with 1.87 million premium subscribers by March 31, 2024, an 8% increase in total revenues, and a 6% improvement in gross margin. Operating loss decreased from $5.4 million to $2.7 million, showing progress towards profitability. Anghami completed a landmark transaction with OSN Group, acquired a cash investment of $38 million, and integrated video streaming services. Despite challenges in 2023, the company remains optimistic about revenue growth opportunities in 2024.
