Phoenix Group UAE a multi-billion-dollar tech powerhouse headquartered in the UAE focusing on blockchain, crypto, and tech revolution and boasting a 725MW mining operation, announced exceptional financial performance for 2023. Fueled by a robust vision for the future, the Group saw remarkable achievements across core business verticals, making significant strides in 2023 capped off with a landmark IPO on the Abu Dhabi Stock Exchange.

As per a press release, the company’s core hosting and crypto self-mining businesses witnessed substantial growth year on year growth of 119% and 480%, respectively. This success stemmed from strategic partnerships with high-net-worth individuals (HNWIs), power supply companies, and mining equipment manufacturers, solidifying a foundation for continued growth in the coming years.

In addtion the company witnessed 50% growth in net income year on year reflecting the overall financial strength of Phoenix. Impressive revenue growth in hosting and crypto self-mining, coupled with strong performance from digital asset investments and associate investee companies, fueled this remarkable result.

“Our success has been impressive, but 2024 promises to be truly transformative. With ambitious plans and an unwavering commitment to excellence, the group is poised to redefine success, not just in the UAE, but on a global scale”, said Seyed Mohammad Alizadehfard (Bijan), Co Founder and Group CEO.

Phoenix recently announced the acquisition valued at more than half a million dollars ($577,074) in one of its related parties, Phoenix Technology Solutions B.V. based out of the Netherlands.