Business
Freedom Holding Corp. Reports Fiscal Year 2024 Financial Results
Company Reports Record Year, With 105% Increase in Reported RevenuesALMATY, KAZAKHSTAN / ACCESSWIRE / June 14, 2024 / Freedom Holding Corp. (NASDAQ:FRHC)
About this update from Freedom Holding Corp.
[{"type":"text","content":"Company Reports Record Year, With 105% Increase in Reported RevenuesALMATY, KAZAKHSTAN / ACCESSWIRE / June 14, 2024 / Freedom Holding Corp. (NASDAQ:FRHC) (\"Freedom\", or the \"Company\"), a multi-national diversified financial services holding company with a presence through its subsidiaries in 20 countries, today announced its financial results for the 12 months ended March 31, 2024, or fiscal 2024. Fiscal 2024 Highlights:Revenue totaled approximately $1.6 billion compared to $796 million for the prior fiscal year, an increase of 105%, primarily attributable to an increase in interest income, fee and commission income, and insurance underwriting income.Fee and commission income was $440 million, an increase of 35% from $327 million for fiscal 2023, driven by an increase in number of retail brokerage customers from 370,000 in 2023 to 530,000 in 2024, as well as increased trading volumes across key markets.Interest income increased by 181% to $828 million, as a result of an increase in interest income on trading securities, interest income on margin loans to customers, and interest income on loans to customers.Net income for the fiscal year was $375 million as compared to $206 million in 2023.Basic and diluted earnings per share were $6.37 and $6.33, respectively, for fiscal 2024. This compares to $3.50 and $3.45 for fiscal 2023.Total assets were $8.3 billion as of March 31, 2024, as compared to $5.1 billion as of March 31, 2023. The main increase was attributable to our proprietary trading portfolio which increased by 53% to $3.7 billion as of March 31, 2024 from $2.4 billion as of March 31, 2023, customer loans issued due to the loan portfolio of Freedom Bank KZ which increased by 68% to $1.4 billion as of March 31, 2024 from $826.3 million as of March 31, 2023, as well as margin lending, brokerage, and other receivables which increased by 341% to $3.7 billion as of March 31, 2024, from $376 million as of March 31, 2023.Acquisitions in Kazakhstan of Aviata LLP and Internet-Tourism LLP in April 2023, Arbuz in May 2023, ReKassa in July 2023 and DITel LLP in January 2024 contributed to revenue growth during the year. In addition, in November 2023, the board of directors approved a plan to expand the business by entering into the telecommunications market in Kazakhstan through our Freedom Telecom subsidiary.The Company opened new ...