Reported Earnings • May 05
Full year 2025 earnings released: US$13.16 loss per share (vs US$11.03 loss in FY 2024) Full year 2025 results: US$13.16 loss per share (further deteriorated from US$11.03 loss in FY 2024). Revenue: US$99.3m (up 27% from FY 2024). Net loss: US$89.5m (loss widened 41% from FY 2024). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Annonce • Jan 27
Anghami Inc. Announces Board Changes Anghami Inc. announced the appointment of Moustapha Chami and Eman Al Awadhi to the Board of Directors of the Company. Mr. Moustapha Chami is Deputy Group Chief Financial Officer and Group Head of Finance, Operations & Taxation for Kuwait Projects Company Holdings (KIPCO), leading the group’s financial operations and planning, including governance and risk management. Mr. Chami also holds various directorships, including with the Bank of Baghdad in Iraq, SACEM Industries in Tunisia, Jordan Kuwait Bank in Jordan, Burgan Bank in Turkey, and is Vice Chairman (Executive) at Amaken United Real Estate in Kuwait. He holds a Bachelor’s degree in Finance and an MBA from the University of Saint Joseph in Lebanon. He is also a Certified Financial Analyst (CFA), Certified Public Accountant (CPA), and Certified Management Accountant (CMA). Mrs. Eman Al Awadhi is Group Senior Vice President – Corporate Communications & Investor Relations for KIPCO and Vice Chair of Gulfsat Communications in Kuwait. Her career spans over 22 years across public relations, media, and journalism. She holds a Bachelor’s degree in English from the University of Bahrain, a Diploma in Company Direction from the Institute of Directors, London, and is a Certified Investor Relations Officer. The board further announced that H.E. Sheikha Adana Nasser Sabah Al-Sabah resigned from the Board. Her resignation was not the result of any disagreement with the Company, its management, the Board or any committee of the Board. She is rebalancing her Board responsibilities and will continue as Chair of OSN Streaming Limited, Anghami’s parent company. The Board appointed Mr. Meshal Abdullah Mohammad Ali to succeed H.E. Sheikha Adana Nasser Sabah Al-Sabah as Chairman of the Board. Mr. Meshal Ali has served as a Director of Anghami since 1 April 2024. He is currently the Interim CEO of OSN Group, Chair of AlRayan Holding Company, Vice Chair of United Education Company, and President and CEO of both the National Offset Company and the National Offset Computer Company in Kuwait. Mr. Ali also serves as a board member of Panther Media Group Limited. He holds a Bachelor of Business Administration from the University of Arkansas, USA. New Risk • Jan 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 28% per year over the past 5 years. Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$32.6m market cap). Reported Earnings • Jan 04
First half 2025 earnings released: US$5.54 loss per share (vs US$5.73 loss in 1H 2024) First half 2025 results: US$5.54 loss per share. Revenue: US$48.4m (up 63% from 1H 2024). Net loss: US$37.1m (loss widened 34% from 1H 2024). New Risk • Dec 31
New major risk - Revenue and earnings growth Earnings have declined by 28% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risk Market cap is less than US$100m (US$15.5m market cap). New Risk • Nov 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 26% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (US$19.4m market cap). New Risk • Aug 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 9x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 26% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 9x increase in shares outstanding). New Risk • Jul 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$49m free cash flow). Earnings have declined by 26% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$32.2m market cap). Reported Earnings • May 05
Full year 2024 earnings released: US$1.10 loss per share (vs US$0.60 loss in FY 2023) Full year 2024 results: US$1.10 loss per share (further deteriorated from US$0.60 loss in FY 2023). Revenue: US$78.1m (up 89% from FY 2023). Net loss: US$63.6m (loss widened 302% from FY 2023). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 55% per year, which means it is significantly lagging earnings. Board Change • Feb 24
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 1 independent director. 7 non-independent directors. Independent Director Kaswara Alkhatib was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Annonce • Jun 08
Anghami Inc. Announces Appointment of Mohammed Nazer to the Board Anghami Inc. announced the appointment of Mohammed Nazer to the Board of Directors of the Company. Mr. Nazer’s appointment to the Board of Directors was effective May 15, 2024. He is the Chief Financial Officer and Chief Investment Officer at Saudi Research and Media Group (“SRMG”). Prior to joining SRMG, he served as Executive Director at Goldman Sachs Saudi Arabia, and prior to that, he was part of J.P. Morgan’s Mergers and Acquisitions team in New York. Other prior experience includes positions at Jadwa Investment, Barclays Capital, and Proctor & Gamble. Mr. Nazer sits on the Board of Directors of the Saudi Printing and Packaging Company, Argaam Investment Company, and Thmanyah Company for Publishing and Distribution. Mr. Nazer has a Master of Business Administration from The Wharton School at the University of Pennsylvania and an undergraduate degree from New York University. Mr. Nazer was appointed to the Board of Directors of the Company pursuant to the terms of that certain Director Designation Agreement, dated August 16, 2023, by and between the Company and SRMG. In connection with Mr. Nazer’s appointment, the Company and OSN Streaming Limited agreed that Mr. Nazer would serve as the remaining director to be mutually agreed by the Company and OSN Streaming Limited. Reported Earnings • Apr 30
Full year 2023 earnings released Full year 2023 results: Revenue: US$41.4m (down 15% from FY 2022). Net loss: US$15.8m (loss narrowed 74% from FY 2022). New Risk • Apr 12
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 156% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Negative equity (-US$19m). Earnings have declined by 51% per year over the past 5 years. Shareholders have been substantially diluted in the past year (156% increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$86.7m market cap). New Risk • Dec 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (33% average weekly change). Negative equity (-US$6.4m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (7.3% increase in shares outstanding). Market cap is less than US$100m (US$63.6m market cap). New Risk • Nov 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Negative equity (-US$6.4m). Minor Risks Shareholders have been diluted in the past year (4.6% increase in shares outstanding). Market cap is less than US$100m (US$23.5m market cap). New Risk • Oct 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Negative equity (-US$6.4m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (4.6% increase in shares outstanding). Market cap is less than US$100m (US$25.9m market cap). Annonce • Aug 23
Anghami Inc. announced that it has received $5 million in funding from Saudi Research and Media Group On August 21, 2023, Anghami Inc., closed the transaction. The investor has the option to purchase up to $5 million in additional principal amount of convertible notes to increase the principal amount to a maximum of $10 million in aggregate within 12 months after the issuance of the convertible note. Reported Earnings • May 17
Full year 2022 earnings released: US$2.35 loss per share (vs US$207 loss in FY 2021) Full year 2022 results: US$2.35 loss per share. Revenue: US$48.5m (up 37% from FY 2021). Net loss: US$61.0m (loss widened 243% from FY 2021). Reported Earnings • Mar 07
First half 2022 earnings released First half 2022 results: Revenue: US$21.1m (up 29% from 1H 2021). Net loss: US$50.1m (loss widened US$43.8m from 1H 2021). Board Change • Nov 16
High number of new directors There are 8 new directors who have joined the board in the last 3 years. Independent Director Klaas Baks was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Aug 17
Anghami Studios Appoints Ramy Al-Kadhi as New Head of Anghami Studios Anghami has named Ramy Al-Kadhi as the new Head of Anghami Studios. Prior to this, Al-Kadhi held the position of sales manager at Anghami, before moving to Anghami's new music-oriented arm, Anghami Studios. In his new role, Al-Kadhi will head the studio to leverage Anghami's wealth of data, connection with talent and technology to create content for brands. This content can live everywhere, which allows it to generate strong and organic engagement. This content comes to life in many forms, but some examples are the production of original songs, podcasts, live concerts, concerts, and even sonic identities. Al-Kadhi, as a part of Anghami Studios, has already worked with New Balance, PUBG Mobile, DEWA, Pepsi, Mars Company, L'Oréal and Chalhoub Group, to name a few. Board Change • Aug 02
High number of new directors There are 8 new directors who have joined the board in the last 3 years. Independent Director Klaas Baks was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Jul 01
Anghami Inc. (NasdaqGM:ANGH) acquired Spotlight Recreational Services. Anghami Inc. (NasdaqGM:ANGH) acquired Spotlight Recreational Services on June 30, 2022. Spotlight Events become Anghami's arm for live events and concerts, including offline activities and activations to further expand Anghami's footprint in the music and entertainment ecosystem.
Anghami Inc. (NasdaqGM:ANGH) completed the acquisition of Spotlight Recreational Services on June 30, 2022. Annonce • May 03
Anghami Inc. announced delayed 20-F filing On 05/02/2022, Anghami Inc. announced that they will be unable to file their next 20-F by the deadline required by the SEC. Board Change • Apr 27
High number of new directors There are 8 new directors who have joined the board in the last 3 years. Independent Director Klaas Baks was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Feb 18
Now 20% undervalued Over the last 90 days, the stock is up 61%. The fair value is estimated to be US$20.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last year.