- Mining company Phoenix Group presented a report for 2023.
- The IPO in the UAE played an important role in the growth of financial performance, the company said.
Mining company Phoenix Group announced 50% profit growth in 2023. The company’s public offering (IPO) on the Abu Dhabi Stock Exchange (ADX) played a decisive role in improving financial performance, company representatives said.
According to the report, the holding’s sales increased by 20% compared to the same period in 2022. The company’s core Bitcoin hosting and mining business saw significant year-on-year growth of 119% and 480% respectively.. The total value of the Bitcoin miner’s assets increased from $229 million to $834 million.
As Phoenix Group noted, the team has entered into a number of important strategic partnerships with energy companies and mining equipment suppliers, which allowed it to lay the foundation for further development in the coming years.
In November 2021, the company announced the launch of the first mining center in the UAE. Two years later, Phoenix Group conducted a public offering of shares, during which it managed to raise $370 million.
In addition, the Bitcoin miner continued to increase production capacity in 2023. In particular, he ordered a batch of ASICs from Whatsminer for $380 million. The statement said this is Whatsminer’s largest order in two years and underscores Phoenix Group’s dominant position in the technology and blockchain sector in the Middle East.
In January 2024, the firm signed a contract with supplier Bitmain for $187 million. According to Phoenix Group, the partnership will increase hashing power and strengthen its position in the market.