Phoenix Group, an ADX-listed technology leader, announced a remarkable 236 per cent surge in revenue in FY 2024 on a year-over-year (YoY) basis, 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 – despite industry headwinds, including the Bitcoin halving and a prolonged bearish market until November 2024, the company said.
It achieved a total comprehensive income of $219 million and a net profit after tax of $167 million last year.
The company said its proactive operational efficiencies and strategic initiatives, including global expansion and diversification, have paved the way for sustained profitability and growth.
Munaf Ali, CEO and Co-Founder of Phoenix Group said: “The past year has been pivotal for the company, marked by significant expansion and enhanced profitability. We are not simply navigating the digital asset revolution – we are shaping it.”
The company said it 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.
It also partnered with the Tether Foundation to launch a dirham-backed stablecoin, enhancing the company’s foothold in the broader digital finance ecosystem.
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