Freedom Holding Corp. Reports Fiscal Year 2025 Financial Results
13 juni, 23:22
Freedom Holding Corp. (the “Company”) (NASDAQ: FRHC), a multinational diversified financial services holding company with a presence in 22 countries, today announced the financial results for their fiscal year 2025. Highlights include the following:
- $2.05 billion in revenueversus $1.67 billion for the fiscal year 2024, a 23% increase
- Net income of $1.40 earnings per diluted share; $1.43 per basic share
- $9.9 billion in total assets as of March 31, 2025
- Headcount of 8,764 as of March 31, 2025
Fiscal 2025 Financial Highlights:
The Company recognized revenue of approximately $2.05 billion in fiscal 2025, compared to $1.67 billion in fiscal 2024, a 23% increase.
The Company's total expense was approximately $1.94 billion in fiscal 2025 as compared to $1.23 billion in fiscal 2024.
Net income was approximately $84.5 million for fiscal 2025 compared to $375 million for the previous fiscal year, resulting in basic and diluted earnings per share of $1.43 and $1.40, respectively. This compares to $6.37 and $6.33 per share, respectively, last year.
Weighted average common shares outstanding used to compute diluted earnings per share for the fiscal years ended March 31, 2025, and 2024 were 60.5 million and 59.4 million, respectively.
Total assets were $9.9 billion on March 31, 2025, as compared to $8.3 billion as of the fiscal 2024 year-end.
"An offering of increasingly diversified fintech-based services continues to attract new customers…”
“Fiscal 2025 was another year of strong top-line growth for Freedom with revenue from both our brokerage and insurance businesses increasing by double-digits,” said Timur Turlov, the Company's founder and chief executive officer. “This continued growth reflects the success of the investments we are making in digital infrastructure, AI, and our offering of increasingly diversified fintech-based services which continues to attract new customers.”
Turlov continued, “We are especially proud of the success of our Freedom SuperApp which not only provides customers access to the best products and services available from Freedom in our brokerage, banking and insurance ecosystem, but also allows them to shop, compare, save money, and earn cash back from retailers. Since its launch in April 2024, SuperApp has met with enthusiastic market acceptance, signing up over 1 million monthly active users and 183,000 daily active users in just over a year.
Additional Fiscal 2025 highlights:
Our fee and commission income for fiscal 2025 was $505 million, an increase of $64.7 million, or 15%, compared to fiscal 2024. The increase was mainly attributable to higher fee and commission income from brokerage services, primarily driven by the growth in retail brokerage customers from 530,000 to 683,000 at the end of fiscal 2025.
We had approximately 2,515,000 bank customers at our Freedom Bank KZ subsidiary as of March 31, 2025, as compared to approximately 904,000 as of March 31, 2024.
Freedom’s insurance underwriting income for fiscal 2025 was $617.6 million, an increase of $353.4 million. This increase was driven by the expansion of the Company’s insurance operations such as pension annuity and accident insurance, and an increase in the number of customers from 534,000 to 1,170,000 during the fiscal year.
Freedom also had a gain of $12.4 million on derivatives trading, versus a loss of $103.8 million in 2024.
“We are also excited to be entering the telecommunications and media markets this fiscal year…
“Freedom ended the fiscal year with 8,764 employees – 2,567 more than at the same time a year ago, which bears witness to our rapid growth across the financial services sector in Kazakhstan and in other core markets,” said Turlov. “We are proud of our employees and their efforts, as well as our Company’s contributions to worthy causes in sports and education which include the Kazakhstan Chess Federation and the 2024 FIDE World Rapid & Blitz Chess Championship last December in New York. We continued our support for the development of chess in Kazakhstan. During the fiscal year ending March 31, 2025, the Fund has made financial contributions to the Kazakhstan Chess Federation to support the preparation and holding of championships, tournaments, and training camps. We supported the International Biology Olympiad (IBO), a prestigious competition among secondary school students from around the world, by financing its opening and closing ceremonies. We acted as the General Partner of the Kazakhstan Collegiate Programming Federation for its participation in the final round of one of the largest international competitions in the IT sphere, the ICPC World Finals 2024, in Astana. In 2024, we provided financial support for construction of a new center for advanced technologies, development, and research began at SDU University in Almaty. The new university building will serve as a hub for conducting research in the fintech field. The modern campus, opened in March 2025, features AI labs, fintech research centers, financial literacy zones, and interactive educational spaces. We continued supporting the ‘Teach for Qazaqstan’ initiative with funds covering operational costs and holding educational events. As part of the initiative, teachers receive access to master classes, seminars and specialized training modules aimed at creating a supportive and stimulating learning environment. Freedom Holding Corp. continued supporting the development of various sports in Kazakhstan, including football, tennis, and cycling.”
Concluded Turlov, “Looking ahead to fiscal 2026, we will continue to make investments in our digital infrastructure and AI to build out the Freedom portfolio of brokerage, banking and insurance services – an ecosystem that is disrupting regional banking and online retail services. We are also excited to be entering the telecommunications and media markets in Kazakhstan this fiscal year, an effort which is supported by our additional $200 million domestic bond offering last September, which was the largest offering of its kind to date on the Astana International Exchange.”
On April 30, 2025, the Company completed the acquisition of 100% of a new subsidiary Astel Group Ltd. by Freedom Telecom from a third party for $22.6 million as part of our expansion into the telecommunications market in Kazakhstan and building a digital fintech ecosystem. Astel Group Ltd. is the largest independent fixed-line operator providing modern telecommunications services, operating in the B2G and B2B segments.
On June 27, 2025, following the close of the U.S. equity markets, Freedom Holding Corp. will be added to the Russell 3000® Index as part of the index’s annual reconstitution. The Russell 3000® Index measures the performance of the 3,000 largest publicly traded U.S. companies, representing approximately 98% of the investable U.S. equity market. Inclusion in the Russell 3000® Index is expected to enhance the Company’s visibility within the investment community and broaden its shareholder base.
About Freedom Holding Corp.
Freedom Holding Corp., a Nevada corporation, is a diversified financial services holding company conducting retail securities brokerage, investment research, investment counseling, securities trading, investment banking and underwriting services, mortgages, insurance, and consumer banking through its subsidiaries, operating under the name Freedom Finance in Europe and Central Asia, and Freedom Capital Markets in the United States. Through its subsidiaries, Freedom Holding Corp. employs more than 8,764 people and is a professional participant in the Kazakhstan Stock Exchange, the Astana International Exchange, the Republican Stock Exchange of Tashkent, International Trading System Limited, Armenia Stock Exchange, Kyrgyz Stock Exchange, the Uzbek Republican Currency Exchange and is a member of the New York Stock Exchange and the Nasdaq Stock Exchange.
Freedom Holding Corp.'s common shares are registered under the United States Securities Exchange Act of 1934 and are traded under the symbol FRHC on the Nasdaq Capital Market, operated by Nasdaq, Inc. The Company has its main market of operations in Kazakhstan and has operations through its subsidiaries in 22 countries.
To learn more about Freedom Holding Corp., visit www.freedomholdingcorp.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking" statements within the meaning of section 21E of the Securities Exchange Act of 1934. All forward-looking statements are subject to uncertainty and changes in circumstances. In some cases, forward-looking statements can be identified by terminology such as "expect," "new," "plan," "seek," and "will," or the negative of such terms or other comparable terminology and include statements relating to our plans, intentions and expectations including our plans to enter the telecommunications market, our expectations with respect to 2026 and other non-historical statements. Forward-looking statements are not guarantees of future results or performance and involve risks, assumptions, and uncertainties that could cause actual events or results to differ materially from the events or results described in, or anticipated by, the forward-looking statements. Factors that could materially affect such forward-looking statements include economic, business, and regulatory risks and other factors including those identified in the Company's periodic and current reports filed with the U.S. Securities and Exchange Commission. All forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements.
Website Disclosure
Freedom Holding Corp. intends to use its website, https://ir.freedomholdingcorp.com, as a means for disclosing material non-public information and for complying with U.S. Securities and Exchange Commission Regulation FD and other disclosure obligation.
Financials:
FREEDOM HOLDING CORP. CONSOLIDATED BALANCE SHEETS (All amounts in thousands of United States dollars, unless otherwise stated) | |||||||
March 31, | March 31, | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 837,302 | $ | 545,084 | |||
Restricted cash | 807,468 | 462,637 | |||||
Investment securities | 2,814,733 | 3,905,241 | |||||
Margin lending, brokerage and other receivables, net | 3,319,145 | 1,660,275 | |||||
Loans issued (including $188,445 and $147,440 to related parties) | 1,595,435 | 1,381,715 | |||||
Fixed assets, net | 191,103 | 83,002 | |||||
Intangible assets, net | 54,186 | 47,668 | |||||
Goodwill | 49,093 | 52,648 | |||||
Right-of-use asset | 39,828 | 36,324 | |||||
Insurance contract assets | 37,183 | 24,922 | |||||
Other assets, net (including $18,080 and $5,257 with related parties) | 168,541 | 102,414 | |||||
TOTAL ASSETS | $ | 9,914,017 | $ | 8,301,930 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Securities repurchase agreement obligations | $ | 1,418,443 | $ | 2,756,596 | |||
Customer liabilities | 4,304,999 | 2,273,830 | |||||
Margin lending and trade payables | 1,322,241 | 867,880 | |||||
Liabilities from insurance activity | 481,539 | 297,180 | |||||
Current income tax liability | 28,919 | 32,996 | |||||
Debt securities issued | 469,551 | 267,251 | |||||
Lease liability | 40,525 | 35,794 | |||||
Liability arising from continuing involvement | 503,705 | 521,885 | |||||
Other liabilities | 129,737 | 81,560 | |||||
TOTAL LIABILITIES | $ | 8,699,659 | $ | 7,134,972 | |||
Commitments and Contingent Liabilities (Note 28) | — | — | |||||
SHAREHOLDERS' EQUITY | |||||||
Preferred stock - $0.001 par value; $20,000,000 shares authorized, no shares issued or outstanding | — | ||||||
Common stock - $0.001 par value; 500,000,000 shares authorized; 60,993,949 and 60,321,813 shares issued and outstanding as of March 31, 2025 and March 31, 2024, respectively | 61 | 60 | |||||
Additional paid in capital | 246,610 | 183,788 | |||||
Retained earnings | 1,085,565 | 998,740 | |||||
Accumulated other comprehensive loss | (117,995 | ) | (18,938 | ) | |||
TOTAL FRHC SHAREHOLDERS’ EQUITY | $ | 1,214,241 | $ | 1,163,650 | |||
Non-controlling interest | 117 | 3,308 | |||||
TOTAL SHAREHOLDERS' EQUITY | $ | 1,214,358 | $ | 1,166,958 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 9,914,017 | $ | 8,301,930 | |||
FREEDOM HOLDING CORP. CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (All amounts in thousands of United States dollars, unless otherwise stated) | |||||||||||
Years ended March 31, | |||||||||||
2025 | 2024 | 2023 | |||||||||
Revenue: | |||||||||||
Fee and commission income (including $4,725, $65,972 and $199,235 from related parties) | $ | 505,026 | $ | 440,333 | $ | 327,215 | |||||
Net (loss)/gain on trading securities | (57,810 | ) | 133,854 | 71,084 | |||||||
Interest income (including $1,731 , $24,941 and $23,191 from related parties) | 864,453 | 828,224 | 294,695 | ||||||||
Insurance underwriting income | 617,596 | 264,218 | 115,371 | ||||||||
Net gain on foreign exchange operations | 51,684 | 72,245 | 52,154 | ||||||||
Net gain/(loss) on derivatives | 12,404 | (103,794 | ) | (64,826 | ) | ||||||
Sales of goods and services | 40,102 | 21,576 | — | ||||||||
Other income | 17,072 | 9,696 | 3,448 | ||||||||
TOTAL REVENUE, NET | 2,050,527 | 1,666,352 | 799,141 | ||||||||
Expense: | |||||||||||
Fee and commission expense | 346,074 | 154,351 | 65,660 | ||||||||
Interest expense | 535,895 | 501,111 | 208,947 | ||||||||
Insurance claims incurred, net of reinsurance | 298,109 | 139,561 | 77,329 | ||||||||
Payroll and bonuses | 288,163 | 181,023 | 81,819 | ||||||||
Professional services | 28,924 | 34,238 | 17,006 | ||||||||
Stock compensation expense | 59,592 | 22,719 | 9,293 | ||||||||
Advertising and sponsorship expense (including $18,497 ,$—, and — from related parties) | 124,627 | 38,327 | 14,059 | ||||||||
General and administrative expense (including $1,704, $10,341 and $2,953 from related parties) | 162,474 | 120,888 | 59,971 | ||||||||
Allowance for expected credit losses | 62,445 | 21,225 | 29,119 | ||||||||
Cost of sales | 31,278 | 17,538 | — | ||||||||
TOTAL EXPENSE | 1,937,581 | 1,230,981 | 563,203 | ||||||||
INCOME BEFORE INCOME TAX | 112,946 | 435,371 | 235,938 | ||||||||
Income tax expense | (28,425 | ) | (60,419 | ) | (42,776 | ) | |||||
INCOME FROM CONTINUING OPERATIONS | 84,521 | 374,952 | 193,162 | ||||||||
Income before income tax expense of discontinued operations | — | — | 68,160 | ||||||||
Reclassification of loss from cumulative translation adjustment of discontinued operations | — | — | (25,415 | ) | |||||||
Loss from divestiture of discontinued operations | — | — | (26,118 | ) | |||||||
Income tax benefit of discontinued operations | — | — | (4,203 | ) | |||||||
Income from discontinued operations | — | — | 12,424 | ||||||||
NET INCOME | 84,521 | 374,952 | 205,586 | ||||||||
Less: Net (loss)/income attributable to non-controlling interest in subsidiary | (129 | ) | (588 | ) | 446 | ||||||
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 84,650 | $ | 375,540 | $ | 205,140 | |||||
OTHER COMPREHENSIVE INCOME | |||||||||||
Change in unrealized (loss)/gain on investments available-for-sale, net of tax effect | 4,364 | 6,196 | 1,431 | ||||||||
Reclassification adjustment for net realized loss/(gain) on available-for-sale investments disposed of in the period, net of tax effect | 681 | (3,209 | ) | (2,916 | ) | ||||||
Reclassification of loss from cumulative translation adjustment of discontinued operations | — | 25,415 | |||||||||
Foreign currency translation adjustments | (104,102 | ) | 12,075 | 5,195 | |||||||
OTHER COMPREHENSIVE INCOME | (99,057 | ) | 15,062 | 29,125 | |||||||
COMPREHENSIVE (LOSS)/INCOME BEFORE NON-CONTROLLING INTERESTS | $ | (14,536 | ) | $ | 390,014 | $ | 234,711 | ||||
Less: Comprehensive (loss)/income attributable to non-controlling interest in subsidiary | (129 | ) | (588 | ) | 446 | ||||||
COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ | (14,407 | ) | $ | 390,602 | $ | 234,265 | ||||
EARNINGS PER COMMON SHARE (In U.S. dollars): | |||||||||||
Earnings from continuing operations per common share - basic | 1.43 | 6.37 | 3.29 | ||||||||
Earnings from continuing operations per common share - diluted | 1.40 | 6.33 | 3.24 | ||||||||
Earnings/(loss) from discontinued operations per common share - basic | — | — | 0.21 | ||||||||
Earnings/(loss) from discontinued operations per common share - diluted | — | — | 0.21 | ||||||||
Earnings per common share - basic | 1.43 | 6.37 | 3.50 | ||||||||
Earnings per common share - diluted | 1.40 | 6.33 | 3.45 | ||||||||
Weighted average number of shares (basic) | 59,393,629 | 58,958,363 | 58,629,580 | ||||||||
Weighted average number of shares (diluted) | 60,490,564 | 59,362,982 | 59,504,811 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250613494271/en/
Freedom Holding Corp. Reports Fiscal Year 2025 Financial Results
13 juni, 23:22
Freedom Holding Corp. (the “Company”) (NASDAQ: FRHC), a multinational diversified financial services holding company with a presence in 22 countries, today announced the financial results for their fiscal year 2025. Highlights include the following:
- $2.05 billion in revenueversus $1.67 billion for the fiscal year 2024, a 23% increase
- Net income of $1.40 earnings per diluted share; $1.43 per basic share
- $9.9 billion in total assets as of March 31, 2025
- Headcount of 8,764 as of March 31, 2025
Fiscal 2025 Financial Highlights:
The Company recognized revenue of approximately $2.05 billion in fiscal 2025, compared to $1.67 billion in fiscal 2024, a 23% increase.
The Company's total expense was approximately $1.94 billion in fiscal 2025 as compared to $1.23 billion in fiscal 2024.
Net income was approximately $84.5 million for fiscal 2025 compared to $375 million for the previous fiscal year, resulting in basic and diluted earnings per share of $1.43 and $1.40, respectively. This compares to $6.37 and $6.33 per share, respectively, last year.
Weighted average common shares outstanding used to compute diluted earnings per share for the fiscal years ended March 31, 2025, and 2024 were 60.5 million and 59.4 million, respectively.
Total assets were $9.9 billion on March 31, 2025, as compared to $8.3 billion as of the fiscal 2024 year-end.
"An offering of increasingly diversified fintech-based services continues to attract new customers…”
“Fiscal 2025 was another year of strong top-line growth for Freedom with revenue from both our brokerage and insurance businesses increasing by double-digits,” said Timur Turlov, the Company's founder and chief executive officer. “This continued growth reflects the success of the investments we are making in digital infrastructure, AI, and our offering of increasingly diversified fintech-based services which continues to attract new customers.”
Turlov continued, “We are especially proud of the success of our Freedom SuperApp which not only provides customers access to the best products and services available from Freedom in our brokerage, banking and insurance ecosystem, but also allows them to shop, compare, save money, and earn cash back from retailers. Since its launch in April 2024, SuperApp has met with enthusiastic market acceptance, signing up over 1 million monthly active users and 183,000 daily active users in just over a year.
Additional Fiscal 2025 highlights:
Our fee and commission income for fiscal 2025 was $505 million, an increase of $64.7 million, or 15%, compared to fiscal 2024. The increase was mainly attributable to higher fee and commission income from brokerage services, primarily driven by the growth in retail brokerage customers from 530,000 to 683,000 at the end of fiscal 2025.
We had approximately 2,515,000 bank customers at our Freedom Bank KZ subsidiary as of March 31, 2025, as compared to approximately 904,000 as of March 31, 2024.
Freedom’s insurance underwriting income for fiscal 2025 was $617.6 million, an increase of $353.4 million. This increase was driven by the expansion of the Company’s insurance operations such as pension annuity and accident insurance, and an increase in the number of customers from 534,000 to 1,170,000 during the fiscal year.
Freedom also had a gain of $12.4 million on derivatives trading, versus a loss of $103.8 million in 2024.
“We are also excited to be entering the telecommunications and media markets this fiscal year…
“Freedom ended the fiscal year with 8,764 employees – 2,567 more than at the same time a year ago, which bears witness to our rapid growth across the financial services sector in Kazakhstan and in other core markets,” said Turlov. “We are proud of our employees and their efforts, as well as our Company’s contributions to worthy causes in sports and education which include the Kazakhstan Chess Federation and the 2024 FIDE World Rapid & Blitz Chess Championship last December in New York. We continued our support for the development of chess in Kazakhstan. During the fiscal year ending March 31, 2025, the Fund has made financial contributions to the Kazakhstan Chess Federation to support the preparation and holding of championships, tournaments, and training camps. We supported the International Biology Olympiad (IBO), a prestigious competition among secondary school students from around the world, by financing its opening and closing ceremonies. We acted as the General Partner of the Kazakhstan Collegiate Programming Federation for its participation in the final round of one of the largest international competitions in the IT sphere, the ICPC World Finals 2024, in Astana. In 2024, we provided financial support for construction of a new center for advanced technologies, development, and research began at SDU University in Almaty. The new university building will serve as a hub for conducting research in the fintech field. The modern campus, opened in March 2025, features AI labs, fintech research centers, financial literacy zones, and interactive educational spaces. We continued supporting the ‘Teach for Qazaqstan’ initiative with funds covering operational costs and holding educational events. As part of the initiative, teachers receive access to master classes, seminars and specialized training modules aimed at creating a supportive and stimulating learning environment. Freedom Holding Corp. continued supporting the development of various sports in Kazakhstan, including football, tennis, and cycling.”
Concluded Turlov, “Looking ahead to fiscal 2026, we will continue to make investments in our digital infrastructure and AI to build out the Freedom portfolio of brokerage, banking and insurance services – an ecosystem that is disrupting regional banking and online retail services. We are also excited to be entering the telecommunications and media markets in Kazakhstan this fiscal year, an effort which is supported by our additional $200 million domestic bond offering last September, which was the largest offering of its kind to date on the Astana International Exchange.”
On April 30, 2025, the Company completed the acquisition of 100% of a new subsidiary Astel Group Ltd. by Freedom Telecom from a third party for $22.6 million as part of our expansion into the telecommunications market in Kazakhstan and building a digital fintech ecosystem. Astel Group Ltd. is the largest independent fixed-line operator providing modern telecommunications services, operating in the B2G and B2B segments.
On June 27, 2025, following the close of the U.S. equity markets, Freedom Holding Corp. will be added to the Russell 3000® Index as part of the index’s annual reconstitution. The Russell 3000® Index measures the performance of the 3,000 largest publicly traded U.S. companies, representing approximately 98% of the investable U.S. equity market. Inclusion in the Russell 3000® Index is expected to enhance the Company’s visibility within the investment community and broaden its shareholder base.
About Freedom Holding Corp.
Freedom Holding Corp., a Nevada corporation, is a diversified financial services holding company conducting retail securities brokerage, investment research, investment counseling, securities trading, investment banking and underwriting services, mortgages, insurance, and consumer banking through its subsidiaries, operating under the name Freedom Finance in Europe and Central Asia, and Freedom Capital Markets in the United States. Through its subsidiaries, Freedom Holding Corp. employs more than 8,764 people and is a professional participant in the Kazakhstan Stock Exchange, the Astana International Exchange, the Republican Stock Exchange of Tashkent, International Trading System Limited, Armenia Stock Exchange, Kyrgyz Stock Exchange, the Uzbek Republican Currency Exchange and is a member of the New York Stock Exchange and the Nasdaq Stock Exchange.
Freedom Holding Corp.'s common shares are registered under the United States Securities Exchange Act of 1934 and are traded under the symbol FRHC on the Nasdaq Capital Market, operated by Nasdaq, Inc. The Company has its main market of operations in Kazakhstan and has operations through its subsidiaries in 22 countries.
To learn more about Freedom Holding Corp., visit www.freedomholdingcorp.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking" statements within the meaning of section 21E of the Securities Exchange Act of 1934. All forward-looking statements are subject to uncertainty and changes in circumstances. In some cases, forward-looking statements can be identified by terminology such as "expect," "new," "plan," "seek," and "will," or the negative of such terms or other comparable terminology and include statements relating to our plans, intentions and expectations including our plans to enter the telecommunications market, our expectations with respect to 2026 and other non-historical statements. Forward-looking statements are not guarantees of future results or performance and involve risks, assumptions, and uncertainties that could cause actual events or results to differ materially from the events or results described in, or anticipated by, the forward-looking statements. Factors that could materially affect such forward-looking statements include economic, business, and regulatory risks and other factors including those identified in the Company's periodic and current reports filed with the U.S. Securities and Exchange Commission. All forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements.
Website Disclosure
Freedom Holding Corp. intends to use its website, https://ir.freedomholdingcorp.com, as a means for disclosing material non-public information and for complying with U.S. Securities and Exchange Commission Regulation FD and other disclosure obligation.
Financials:
FREEDOM HOLDING CORP. CONSOLIDATED BALANCE SHEETS (All amounts in thousands of United States dollars, unless otherwise stated) | |||||||
March 31, | March 31, | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 837,302 | $ | 545,084 | |||
Restricted cash | 807,468 | 462,637 | |||||
Investment securities | 2,814,733 | 3,905,241 | |||||
Margin lending, brokerage and other receivables, net | 3,319,145 | 1,660,275 | |||||
Loans issued (including $188,445 and $147,440 to related parties) | 1,595,435 | 1,381,715 | |||||
Fixed assets, net | 191,103 | 83,002 | |||||
Intangible assets, net | 54,186 | 47,668 | |||||
Goodwill | 49,093 | 52,648 | |||||
Right-of-use asset | 39,828 | 36,324 | |||||
Insurance contract assets | 37,183 | 24,922 | |||||
Other assets, net (including $18,080 and $5,257 with related parties) | 168,541 | 102,414 | |||||
TOTAL ASSETS | $ | 9,914,017 | $ | 8,301,930 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Securities repurchase agreement obligations | $ | 1,418,443 | $ | 2,756,596 | |||
Customer liabilities | 4,304,999 | 2,273,830 | |||||
Margin lending and trade payables | 1,322,241 | 867,880 | |||||
Liabilities from insurance activity | 481,539 | 297,180 | |||||
Current income tax liability | 28,919 | 32,996 | |||||
Debt securities issued | 469,551 | 267,251 | |||||
Lease liability | 40,525 | 35,794 | |||||
Liability arising from continuing involvement | 503,705 | 521,885 | |||||
Other liabilities | 129,737 | 81,560 | |||||
TOTAL LIABILITIES | $ | 8,699,659 | $ | 7,134,972 | |||
Commitments and Contingent Liabilities (Note 28) | — | — | |||||
SHAREHOLDERS' EQUITY | |||||||
Preferred stock - $0.001 par value; $20,000,000 shares authorized, no shares issued or outstanding | — | ||||||
Common stock - $0.001 par value; 500,000,000 shares authorized; 60,993,949 and 60,321,813 shares issued and outstanding as of March 31, 2025 and March 31, 2024, respectively | 61 | 60 | |||||
Additional paid in capital | 246,610 | 183,788 | |||||
Retained earnings | 1,085,565 | 998,740 | |||||
Accumulated other comprehensive loss | (117,995 | ) | (18,938 | ) | |||
TOTAL FRHC SHAREHOLDERS’ EQUITY | $ | 1,214,241 | $ | 1,163,650 | |||
Non-controlling interest | 117 | 3,308 | |||||
TOTAL SHAREHOLDERS' EQUITY | $ | 1,214,358 | $ | 1,166,958 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 9,914,017 | $ | 8,301,930 | |||
FREEDOM HOLDING CORP. CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (All amounts in thousands of United States dollars, unless otherwise stated) | |||||||||||
Years ended March 31, | |||||||||||
2025 | 2024 | 2023 | |||||||||
Revenue: | |||||||||||
Fee and commission income (including $4,725, $65,972 and $199,235 from related parties) | $ | 505,026 | $ | 440,333 | $ | 327,215 | |||||
Net (loss)/gain on trading securities | (57,810 | ) | 133,854 | 71,084 | |||||||
Interest income (including $1,731 , $24,941 and $23,191 from related parties) | 864,453 | 828,224 | 294,695 | ||||||||
Insurance underwriting income | 617,596 | 264,218 | 115,371 | ||||||||
Net gain on foreign exchange operations | 51,684 | 72,245 | 52,154 | ||||||||
Net gain/(loss) on derivatives | 12,404 | (103,794 | ) | (64,826 | ) | ||||||
Sales of goods and services | 40,102 | 21,576 | — | ||||||||
Other income | 17,072 | 9,696 | 3,448 | ||||||||
TOTAL REVENUE, NET | 2,050,527 | 1,666,352 | 799,141 | ||||||||
Expense: | |||||||||||
Fee and commission expense | 346,074 | 154,351 | 65,660 | ||||||||
Interest expense | 535,895 | 501,111 | 208,947 | ||||||||
Insurance claims incurred, net of reinsurance | 298,109 | 139,561 | 77,329 | ||||||||
Payroll and bonuses | 288,163 | 181,023 | 81,819 | ||||||||
Professional services | 28,924 | 34,238 | 17,006 | ||||||||
Stock compensation expense | 59,592 | 22,719 | 9,293 | ||||||||
Advertising and sponsorship expense (including $18,497 ,$—, and — from related parties) | 124,627 | 38,327 | 14,059 | ||||||||
General and administrative expense (including $1,704, $10,341 and $2,953 from related parties) | 162,474 | 120,888 | 59,971 | ||||||||
Allowance for expected credit losses | 62,445 | 21,225 | 29,119 | ||||||||
Cost of sales | 31,278 | 17,538 | — | ||||||||
TOTAL EXPENSE | 1,937,581 | 1,230,981 | 563,203 | ||||||||
INCOME BEFORE INCOME TAX | 112,946 | 435,371 | 235,938 | ||||||||
Income tax expense | (28,425 | ) | (60,419 | ) | (42,776 | ) | |||||
INCOME FROM CONTINUING OPERATIONS | 84,521 | 374,952 | 193,162 | ||||||||
Income before income tax expense of discontinued operations | — | — | 68,160 | ||||||||
Reclassification of loss from cumulative translation adjustment of discontinued operations | — | — | (25,415 | ) | |||||||
Loss from divestiture of discontinued operations | — | — | (26,118 | ) | |||||||
Income tax benefit of discontinued operations | — | — | (4,203 | ) | |||||||
Income from discontinued operations | — | — | 12,424 | ||||||||
NET INCOME | 84,521 | 374,952 | 205,586 | ||||||||
Less: Net (loss)/income attributable to non-controlling interest in subsidiary | (129 | ) | (588 | ) | 446 | ||||||
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ | 84,650 | $ | 375,540 | $ | 205,140 | |||||
OTHER COMPREHENSIVE INCOME | |||||||||||
Change in unrealized (loss)/gain on investments available-for-sale, net of tax effect | 4,364 | 6,196 | 1,431 | ||||||||
Reclassification adjustment for net realized loss/(gain) on available-for-sale investments disposed of in the period, net of tax effect | 681 | (3,209 | ) | (2,916 | ) | ||||||
Reclassification of loss from cumulative translation adjustment of discontinued operations | — | 25,415 | |||||||||
Foreign currency translation adjustments | (104,102 | ) | 12,075 | 5,195 | |||||||
OTHER COMPREHENSIVE INCOME | (99,057 | ) | 15,062 | 29,125 | |||||||
COMPREHENSIVE (LOSS)/INCOME BEFORE NON-CONTROLLING INTERESTS | $ | (14,536 | ) | $ | 390,014 | $ | 234,711 | ||||
Less: Comprehensive (loss)/income attributable to non-controlling interest in subsidiary | (129 | ) | (588 | ) | 446 | ||||||
COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ | (14,407 | ) | $ | 390,602 | $ | 234,265 | ||||
EARNINGS PER COMMON SHARE (In U.S. dollars): | |||||||||||
Earnings from continuing operations per common share - basic | 1.43 | 6.37 | 3.29 | ||||||||
Earnings from continuing operations per common share - diluted | 1.40 | 6.33 | 3.24 | ||||||||
Earnings/(loss) from discontinued operations per common share - basic | — | — | 0.21 | ||||||||
Earnings/(loss) from discontinued operations per common share - diluted | — | — | 0.21 | ||||||||
Earnings per common share - basic | 1.43 | 6.37 | 3.50 | ||||||||
Earnings per common share - diluted | 1.40 | 6.33 | 3.45 | ||||||||
Weighted average number of shares (basic) | 59,393,629 | 58,958,363 | 58,629,580 | ||||||||
Weighted average number of shares (diluted) | 60,490,564 | 59,362,982 | 59,504,811 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250613494271/en/
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