Abu Dhabi – Mubasher: The revenues of Phoenix Group hiked by 236% year-over-year (YoY) in 2024, anchoring the company’s position as a driving force in the global digital asset ecosystem.
The group registered $107 million in mining revenue as of 31 December 2024, higher than $32 million in 2023 and $5.40 million in 2022, according to the financial results.
This represents a 1,852% leap over two years, supporting the group’s strategic vision and operational excellence in a dynamic market.
Phoenix Group showed resilience and adaptability despite industry headwinds, including the Bitcoin halving and a prolonged bearish market until November 2024.
The company’s total gross revenue across all verticals hit $206 million. Total comprehensive income reached $219 million, while the net profits after tax stood at $167 million.
Earnings per share (EPS) amounted to $0.02, whereas the total assets came in at $962 million.
Munaf Ali, CEO and Co-Founder of Phoenix Group, commented: “The past year has been pivotal for Phoenix Group, marked by significant expansion and enhanced profitability. With a strong foundation and a clear vision, we are confident in delivering continued value to our shareholders and stakeholders worldwide.”
Operational and Financial Highlights in 2024
In the fourth quarter (Q4) of 2024, the self-mining gross margins increased to 24% from 5% in Q3-24. This was driven by around 37% surge in Bitcoin price and a 6% improvement in efficiency improvement, mainly in the US and Canada.
The ADX-listed group maintained a robust contribution of 15.0 EH/s to the Bitcoin network, with its market share holding steady at 1.90%.
Furthermore, the company launched new mining sites in the US, Canada, and Oman, adding a total of 160 megawatt (MW) while exiting the CIS region due to regulatory uncertainties.
In line with its diversified growth strategy, the Bitcoin mining firm scaled its investments into key cryptocurrencies, including SOL, ETH, FAH, UNCN, LVLY, and TON.
As for strategic deals, 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.
The company also partnered with the Tether Foundation to launch a dirham-backed stablecoin to boost its footprint in the broader digital finance ecosystem.
In the January-September 2024 period, the net profits attributable to the owners of Phoenix Group jumped to $169.84 million from $144.45 million in the year-ago period.
