In early
December, the first cryptocurrency company made its debut on the Abu Dhabi
stock market, receiving a warm welcome from investors. Two months later, Phoenix
Group UAE, specializing in the mining of cryptocurrency assets, published its
2023 report. Despite a significant drop in revenue, it achieved an
increase in net profit.
The
unaudited preliminary results released this week show that the digital asset
miner significantly increased the value of its assets compared to 2022, growing
from $230,000 to $834,000.
Although
revenues for 2023 were almost three times lower than in 2022, dropping to
$288,000, the company improved its operating profit, which grew by 50% to
$208,000. The net profit for the reported period was nearly $221,000, with
earnings per share modestly increasing from $0.03 reported in 2022 to $0.04.
But where
did such a significant jump in profit come from, with a very strong limitation
of revenues? We looked for information on this in the company itself. Its
representatives stated this was due to a “one-time contract,” which distorted the company’s expected cash flows.
“We
saw significant organic growth of 20% beyond that outlier, demonstrating the
strength of our core business,” the company commented in an e-mailed
statement to Finance Magnates. “This is further reflected in our
impressive year-on-year growth in key areas such as self-mining which saw an
increase of 480%.”
The Phoenix soars in 2023! ⬆
Phoenix published it’s earnings report boasting an increase of 50% in net earnings.
Stay tuned for even more impressive results in 2024
Check it out here:https://t.co/WFc7JhgczH pic.twitter.com/bbJac3RMuq
— Phoenix Group (@phoenixgroupuae) February 15, 2024
The company
also mentions a 119% increase in hosting
