Business
Freedom Holding Corp. Reports First Quarter Fiscal Year 2025 Results
Company Delivers $451 Million in Revenue and Continues its Business Expansion ALMATY, Kazakhstan--(BUSINESS WIRE)-- Freedom Holding Corp. (the “Company”)
About this update from Freedom Holding Corp.
[{"type":"text","content":"\nCompany Delivers $451 Million in Revenue and Continues its Business Expansion\n\n\n ALMATY, Kazakhstan--(BUSINESS WIRE)--\nFreedom Holding Corp. (the “Company”) (NASDAQ: FRHC), a multinational diversified financial services holding company with a presence through its subsidiaries in 22 countries, today announced the results for their first quarter ended June 30, 2024 of fiscal 2025. Highlights include:\n\n\n\n$451 million in revenue\n\n\n\nNet income of $34 million or $0.57 per share, diluted\n\n\n\nTotal expense of $409 million\n\n\n\n$8.5 billion in total assets as of end of quarter\n\n\n\nS&P outlook for Company’s core subsidiaries revised from negative to positive and the Company’s outlook from negative to stable\n\n\n\nApproximately 6,800 employees and 132 offices as of end of quarter\n\n\n\nLaunch of the Freedom Bank KZ mobile application SuperApp\n\n\n\nBoard of directors adds three new members\n\n\n\nIncome Statement Highlights:\n\n\nThe Company recognized revenue of approximately $451 million for the first quarter of fiscal 2025, compared to $316 million in the first quarter of fiscal 2024, a 43% increase. The Company's total expenses were approximately $409 million in the first quarter of fiscal 2025 compared to $232 million for the same period last year, an increase of approximately 77%.\n\n\nNet income was approximately $34 million for the first quarter of fiscal 2025 as compared to $68 million for the same period in fiscal 2024, a 50% decrease, providing for basic and diluted earnings per share of $0.58 and $0.57, respectively. This compares to $1.16 and $1.15 for the same period last year. Weighted average common shares outstanding used to compute diluted earnings per share for the three-month periods ended June 30, 2024, and 2023 were 60.3 million and 59.3 million, respectively. The decrease in net income was driven largely by an unrealized net loss of $64.9 million attributable to Kazakhstan sovereign bonds held in proprietary trading portfolio, primarily as a consequence of market price declines, as well as increased expenses, corresponding with the growth and development of the Company’s business.\n\n\nBalance Sheet Highlights:\n\n\nTotal assets were $8.5 billion at June 30, 2024, as compared to $8.3 billion at March 31, 2024 and cash and cash equivalents totaled $719 million at June 30, 2024, compared to $54...