Phoenix Group has kicked off 2024 on a strong foot, posting an 18 percent quarter-on-quarter increase in revenue to $68.9 million during Q1 2024.
The cryptocurrency mining giant also reported an exponential 5 percent growth in total assets since last quarter.
Assets surged 237 percent year-over-year to $879.3 million, highlighting the company’s rapid expansion into new markets and verticals – up from $261 million in 2023.
Gross profits jumped 82.8 percent from the previous quarter to $23.28 million and total comprehensive incomes expanded by 312 percent year-on-year to $102.28 million and 33.7 percent quarter-on-quarter.
“We are immensely proud of the remarkable strides we have made in the first quarter of
2024,” said co-founder and Group CEO Seyed Mohammad Alizadehfard.
“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.”
In the first year as a publicly listed company, Phoenix Group also announced a Q1 net income of $66.2 million, a growth of 166 percent since last year.
The Abu Dhabi-listed firm currently operates nine industrial-scale mining farms worldwide with a combined capacity of 765 megawatts.
Co-founder Munaf Ali and Group Managing Director credited the company’s strategic focus on sustainability and innovation for propelling results higher.
“Sustainability is a core principle that underpins our operations. We are diligently focusing
on optimised energy solutions and exploring new technologies to minimse the
environmental footprint of our crypto mining activities,” said Ali.
“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.”
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