• Total assets soared by more than 260% to USD 834 million.
  • Earnings per share rose to USD 0.04.

 United Arab Emirates, Dubai: Phoenix Group PLC (ADX: PHX) is pleased to announce the successful completion of its inaugural Annual General Meeting (AGM), which took place both in-person at its Dubai office and virtually. This marks a significant milestone in the company's history. The AGM was led by Chairman H.E. Mr. Tariq Abdulraheem Al Hosani and Board Secretary Mr. Sheharyar Malhi, with full attendance from the board members. Group Managing Director and Board Member Mr. Munaf Ali delivered the Director’s Report, while Rai LLP, the designated auditors for the group, presented the audit review.

The AGM attracted a strong turnout of shareholders, with all board resolutions passing seamlessly. For the fiscal year ending December 31, 2023, Phoenix Group disclosed a revenue of USD 288.2 million and a profit of USD 207.8 million. The total comprehensive income for the year increased significantly to USD 220 million, representing a 47% growth rate, while earnings per share rose to USD 0.04.

Also, the company witnessed a notable rise in total assets, growing from USD 230 million in 2022 to USD 834 million in 2023, with a 50% year-on-year net income increase. This remarkable growth was driven by increased revenue in hosting and mining, coupled with strong performance from investments in digital assets.

H.E. Mr. Tariq Abdulraheem Al Hosani, Chairman of the Board, expressed his enthusiasm about the company's trajectory, "This inaugural AGM not only reflects our commitment to transparency and governance but also celebrates our successful transition from a privately held company to a publicly listed entity on the Abu Dhabi Stock Exchange. This strategic move is a testament to our solid foundation and forward-looking approach, positioning us to further capitalize on growth opportunities and enhance shareholder value."

Mr. Seyed Mohammad Alizadehfard (Bijan), Co-founder & Group CEO, commented on the company's future, "2023 was a transformative year for Phoenix Group, underscored by our robust financial results and strategic expansions. As we continue to adapt and innovate within the dynamic tech landscape, our focus is on leveraging cutting-edge technology to enhance our product offerings in order to ensure we remain at the forefront of the industry. Our goal for the coming years is not just to keep pace with the industry but to set the standards that others aspire to reach."

Looking forward, Phoenix Group is poised for continued growth in 2024. With a robust core business, strategic partnerships, and a favorable market outlook, especially in the crypto sector, the company is well-positioned to capitalize on emerging opportunities in a dynamic economic landscape.

Shareholders and the market can expect more positive developments in the coming months as Phoenix Group aims to reach new heights and expand its market presence.