Phoenix Group PLC Posts Stellar 2024 First Quarter Results With Surge In Assets And Profits

(MENAFN- GlobeNewsWire - Nasdaq) Dubai, UAE, May 17, 2024 (GLOBE NEWSWIRE) -- Phoenix Group PLC (ADX:PHX), the leading provider of web3, crypto, and blockchain technologies in the region, has announced impressive financial results for the first quarter of 2024. Building on a successful inaugural year as a publicly traded entity, the company has showcased the robustness of its business model and its steadfast commitment to enhancing stakeholder value. In the first year as a publicly listed company, Phoenix Group is proud to announce a Q1 net income of USD 66.2 million, a growth of 166% year-on-year.
Key financial highlights:

• Total assets surged by 237% year-over-year, soaring to $879.3 million from $261 million.
• The quarter-over-quarter growth in total assets stands at 5%.
• Revenue experienced an 18% quarter-on-quarter increase, reaching $68.9 million.
• Gross profit saw a robust 82.8% quarter-on-quarter rise, amounting to $23.28 million.
• Total comprehensive income expanded by 312% year-on-year to $102.28 million and by 33.7% quarter-on-quarter.
• The earnings per share for Q1 2024 amounted to $0.011.

While Phoenix Group remains focused on becoming a leading force in crypto mining, it is also strategically positioning itself to capitalize on investment opportunities that complement its core business and deliver substantial value to its stakeholders.

“We are immensely proud of the remarkable strides we have made in the first quarter of 2024,” stated Seyed Mohammad Alizadehfard, Co-Founder and Group CEO of Phoenix Group. “Our robust financial results underscore the resilience and effectiveness of our business model, as well as our dedication to delivering exceptional value to our stakeholders. As we move forward, our commitment to innovation, strategic investments, and sustainability remains strong. We are confident that these focal points will not only help us achieve our long-term objectives but will also further cement our standing as a pivotal player in the web3 domain."

Echoing this sentiment Mr. Munaf Ali, Co-founder & Group Managing Director added“Sustainability is a core principle that underpins our operations. We are diligently focusing on optimized energy solutions and exploring new technologies to minimize the environmental footprint of our crypto mining activities. We are convinced that responsible business practices are critical for long-term success, and we remain dedicated to advancing to a more sustainable future for the industry."
Phoenix Group is confident that its proactive approach to investments will drive sustainable growth and create enduring value for its stakeholders.
About Phoenix Group:
Phoenix Group PLC , 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. In 2017, Bijan Alizadeh Fard and Munaf Ali laid the foundation for what would evolve into the Phoenix Group – a conglomerate comprising several thriving businesses. Beyond the web3 sphere, they offer comprehensive solutions, boast a 765MW mining operation, and fuel growth through strategic partnerships and innovation.
Phoenix Group operates nine 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 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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