Following its initial public offering (IPO) on the Abu Dhabi Stock Exchange, UAE-based mining company Phoenix Group reported a 50% increase in net income and “significant growth” in sales year-on-year.
Phoenix Group said sales grew 20% year-on-year. The company’s core hosting business grew 119% year over year, and its mining companies grew 480% year over year.
The company’s results show that Phoenix Group has increased the overall value of its assets from $229 million in 2022 to $834 million in 2023. For the company, the United Arab Emirates is an attractive destination for high net worth individuals (HNWIs), and its success is based on strategic partnerships in the region.
In a press release, Phoenix Group said: “This success was driven by strategic partnerships with affluent individuals, energy companies and mining equipment manufacturers, strengthening the foundation for further growth in the coming years.”
Phoenix Group announced in January that it had successfully acquired $187 million worth of mining equipment from Bitmain Development PTI Limited . Phoenix Computer Equipment, a subsidiary of Phoenix Group, reported that Cypher Capital DMCC facilitated the acquisition deal.
In the last month of 2023. the company disclosed a partnership with Whatsminer. The deal included the purchase of water cooling equipment worth $380 million. The technique uses a closed water circuit, which increases the efficiency of heat transfer while maintaining the volume and quality of water in the pipes.
Stating that it expects further growth in 2024, Phoenix told investors that they can expect further positive developments in the coming months as the company looks to achieve success outside the UAE.
Our achievements have been impressive, but 2024 promises to be a very transformational year. In a press release, Seyed Mohammad Alizadehfard, co-founder and CEO of Phoenix Group, said: “The Group is poised to redefine success not only in the UAE, but globally with ambitious plans and an unwavering commitment to excellence.”
