PHOENIX GROUP-

Phoenix Group reported a net loss of USD 153.6 mn in 1Q 2025, a sharp 132.2% dip from the USD 66.2 mn net income recorded in the same period last year, according to its financial report (pdf). The company’s revenues from contracts with customers fell 54.7% USD 31.3 mn during the first quarter.

Behind the drop: The downturn came on the back of a USD 142.4 mn unrealized loss on the fair value of its digital assets and higher expenses. Income from trading ASICs, wallets, and hosting services dropped significantly by 75.4%, and hosting revenues also saw a steep decline.

Looking ahead: Phoenix is eyeing further growth in the MENASA markets, as well as expanding in the US, boosting its crypto mining footprint and diversifying into AI, according to a separate management report(pdf). It has also been exploring a potential US exchange listing.

BANK OF SHARJAH-

Bank of Sharjah reported a net income of AED 116.2 mn in 1Q 2025, a 45% y-o-y increase, driven by higher interest income, according to its financials (pdf). Net operating income surged 33.8% to AED 191 mn and net interest income saw a 63% y-o-y uptick to AED 144 mn.

This follows a strong 2024, which saw the bank turn to the black posting a record net income of AED 385 mn, reversing a net loss of AED 275 mn the year before.

NATIONAL CEMENT COMPANY-

The National Cement Company recorded a 21.4% y-o-y increase in net income in 1Q 2025, reaching AED 157.2 mn, according to its financials (pdf). Despite the growth in profitability, the company's revenues dipped 6.7% y-o-y to AED 51.6 mn during the quarter.

Behind the figures: The growth in net income was driven by a sharp jump in interest income from its investments as well as from dividend income from equity investments. The firm also saw a steep drop in operating losses.

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