Phoenix Group Reports Significant Increase in Net Profits, Despite Revenue Decline in 2023

Phoenix Group, a company listed on the Abu Dhabi Securities Market, reported a significant increase in net profits (comprehensive income) for the year 2023. The company’s profits amounted to 811.38 million dirhams, representing a growth of 47% compared to 551.89 million dirhams in 2022. Despite this growth, revenues declined by 8.61% to 1.058 billion dirhams, down from 2.77 billion dirhams in 2022.

Profits attributable to shareholders also saw a considerable increase, rising by 50% to $207.8 million (762.6 million dirhams) by the end of 2023. This is compared to profits of $138.9 million (509.76 million dirhams) in the previous year.

The improvement in income margin, which reached 30.8% in 2023 compared to 22.6% in 2022, played a significant role in Phoenix Group’s financial performance.

This was due to a decrease in direct costs by a larger percentage than the decrease in revenues, as well as an increase in other income to $39.5 million from $2.5 million in the prior year.

Furthermore, Phoenix Group reported achieving profits from the acquisition of a stake in an associate company amounting to $50.9 million during the year.

Additionally, the company generated profits on digital assets amounting to $100.7 million in