Abu Dhabi, United Arab Emirates, Feb. 12, 2025 (GLOBE NEWSWIRE) — Phoenix Group PLC (ADX:PHX), ADX-listed technology leader, today announced a remarkable 236% year-over-year (YoY) surge in revenue for FY 2024, solidifying its position as a driving force in the global digital asset ecosystem.
The company’s mining revenue reached $107 million in 2024, a significant leap from $32 million in 2023 and $5.4 million in 2022. This represents an astounding 1852% increase over two years. This exceptional performance underscores Phoenix Group’s strategic vision and operational excellence in a dynamic market.
Despite industry headwinds, including the Bitcoin halving and a prolonged bearish market until November 2024, Phoenix Group demonstrated resilience and adaptability. The company’s total gross revenue across all verticals reached $206 million. Phoenix Group’s proactive operational efficiencies and strategic initiatives, including global expansion and diversification, have paved the way for sustained profitability and growth.
Commenting on the 2024 results, Munaf Ali, CEO & Co-Founder, stated: “These results are a testament to our unwavering commitment to innovation and strategic growth on a global scale. The past year has been pivotal for Phoenix Group, marked by significant expansion and enhanced profitability. We are not simply navigating the digital asset revolution – we are shaping it. With a strong foundation and a clear vision, we are confident in delivering continued value to our shareholders and stakeholders worldwide.”
The company achieved a total comprehensive income of USD 219 million and a net profit after tax of USD 167 million.
Total assets stood at USD 962 million, along with earnings per share (EPS) recorded at USD 0.028, reinforcing Phoenix Group’s continued profitability and shareholder value growth.
Operational and Financial Highlights during 2024:
- Improved Profitability: Self-mining gross margins rose to 24% in Q4 2024, up from just 5% in Q3 2024, driven by an average 37% increase in Bitcoin price and a 6% improvement in efficiency improvement mainly coming from sites in the US and Canada.
- Processing Power Contribution: Phoenix Group maintained a robust contribution of 15.0 EH/s to the Bitcoin network, with its market share holding steady at 1.9%.
- Expansion and Optimization: The company successfully launched new mining sites in the U.S., Canada, and Oman, adding a total of 160 MW while exiting the CIS region due to regulatory uncertainties.
- Diversification into Digital Assets: Investments expanded into key cryptocurrencies including SOL, ETH, FAH, UNCN, LVLY, and TON, reinforcing Phoenix Group’s diversified growth strategy.
- New Strategic Agreements: Phoenix Group secured agreements for additional sites, including a 132 MW facility in Ethiopia and a 20 MW site in Texas, totalling 152 MW of upcoming capacity.
- Stablecoin Collaboration: Partnered with the Tether Foundation to launch a dirham-backed stablecoin, enhancing the company’s foothold in the broader digital finance ecosystem.
Phoenix Group continues to position itself as a leader in the Bitcoin mining and digital asset sector, leveraging strategic expansion and operational efficiencies to drive sustainable growth.
The company’s preliminary results remain subject to external audit, with audited consolidated financial statements expected by February 14, 2024.
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About Phoenix Group
Phoenix Group, a multi-billion-dollar tech powerhouse headquartered in the UAE, leads the forefront of the blockchain, crypto, and tech revolution, driving innovation to new heights. Phoenix Group operates several mining facilities in the US, Canada, CIS, and the UAE, with each unique company operating in one of four distinct verticals: Mining, Hosting, Trading, and Investments.
Phoenix Group PLC is the region’s first privately owned crypto and blockchain conglomerate listed on the Abu Dhabi Securities Exchange. It also runs the largest mining farm in the MENA region.
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Email: ir@phoenixgroupuae.com
