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Phoenix Group PLC (ADX:PHX), a prominent player in the digital asset industry, disclosed a remarkable 236% year-over-year increase in revenue for the fiscal year 2024.
The company’s revenue from mining operations soared to $107 million, up from $32 million in the previous year, marking an impressive 1852% growth over the past two years. Phoenix Group’s total gross revenue across all its business verticals reached $206 million, despite challenges such as the Bitcoin halving event and a bearish market that persisted until November 2024.
The company’s CEO & Co-Founder, Munaf Ali, commented on the financial results, emphasizing Phoenix Group’s commitment to innovation and strategic growth. Ali highlighted the past year as pivotal, with significant expansion and profitability enhancements, expressing confidence in the company’s ability to continue delivering value.
Phoenix Group reported a total comprehensive income of $219 million and a net profit after tax of $167 million for FY 2024. The company’s total assets were valued at $962 million, and it reported an earnings per share (EPS) of $0.028, demonstrating sustained profitability and growth in shareholder value.
Operational highlights from the year include an increase in self-mining gross margins to 24% in Q4 2024, driven by a rise in Bitcoin prices and efficiency improvements at sites in the United States and Canada.
The company maintained a significant contribution of 15.0 EH/s to the Bitcoin network, holding a market share of 1.9%. Strategic expansions were made with new mining sites in the U.S., Canada, and Oman, adding 160 MW of capacity, while exiting the CIS region due to regulatory uncertainties.
Phoenix Group’s growth strategy was further diversified with investments in various key cryptocurrencies and the launch of a dirham-backed stablecoin in collaboration with the Tether Foundation. The company also secured agreements for additional mining facilities, including a 132 MW site in Ethiopia and a 20 MW site in Texas, indicating a robust pipeline for capacity expansion.
The preliminary financial results announced by Phoenix Group are subject to an external audit. The company expects to release its audited consolidated financial statements by February 14, 2025.
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