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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Freedom Holding Corporation | NASDAQ:FRHC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 87.79 | 87.79 | 88.00 | 247 | 13:33:13 |
Company Reports Record Year, With 105% Increase in Reported Revenues
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 twelve months ended March 31, 2024, or fiscal 2024.
Commenting on the results, Timur Turlov, the Company's founder and chief executive officer, stated:
“I am pleased to report that fiscal 2024 has been a record year for our company, both from a revenue and earnings perspective. Our core brokerage and banking businesses constituted approximately 75% of our revenue for the period and we continued to focus on our strategy to build upon our traditional financial services businesses, our ancillary services offerings, and our newly formed telecom subsidiary to create a robust fintech ecosystem in Kazakhstan, a region that remains our biggest growth driver. We also continued to add complementary service offerings to our product line-up with the completion of five acquisitions during the fiscal year, allowing us to offer services that further serve our customers across their savings, investing, and necessary and discretionary spending needs.
“Through sustained investment in digitalization we were able to better manage our large-scale operation efficiently and retain our position as a leading player in the digital financial services industry in Kazakhstan. In fiscal 2024 we began the implementation of our strategy to enter the telecommunications market in Kazakhstan supported by a $200 million domestic bond offering, the biggest retail bond offering to date on the Astana International Exchange.
“To remain competitive in a fast-paced industry, we are constantly evolving to adapt to increasingly complex market conditions and shifting client needs. We expect to continue to expand our operations globally, including further development of our investment banking, capital markets advisory, and research offering in the US, and seek growth opportunities in Central Asia and Europe. We have strengthened our risk and compliance functions and look forward to delivering value through sustained organic growth, strategic acquisitions, and continued investment in technological innovation.”
Fiscal 2024 Highlights:
Division Segment Breakdown:
Brokerage
Banking
Insurance
Other
Corporate Governance and Compliance
As part of its commitment to strong governance and compliance, in October 2023 the Company appointed a new Chief Compliance Officer, focused on further improving Freedom’s robust control framework and policies, and investing in staff, tools, and technology to support best practice in customer onboarding and ongoing monitoring.
In January 2024 the Company appointed a new Chief Risk Officer, focused on further enhancing Freedom’s comprehensive risk management framework and policies. This role is concentrated on identifying, assessing, and mitigating risks across the organization, ensuring that our operations are aligned with best practices in risk management.
In related news, and in line with its dedication to maintaining a robust legal and compliance infrastructure, the Company also appointed a new chief legal officer in May 2024. The position will oversee all legal matters for the enterprise, ensuring Freedom's operations comply with all relevant laws and regulations. This role will be pivotal in supporting the Company's governance framework, providing expert legal advice, and driving initiatives that promote a culture of compliance and integrity across our organization.
Outlook
In fiscal 2025 we expect to focus on further digital integration, expanding our market presence in Europe and Central Asia, and enhancing AI-driven customer solutions. We will also continue to seek to acquire financial services-related companies, complementary businesses, and financial and complementary technologies on an opportunistic basis, aligned with our acquisition strategy to expand our presence globally. In the US, we anticipate that our investment banking and our increased research capabilities will help us secure a greater foothold in the capital markets space.
We expect that our balance sheet will allow the Company to add complementary services through acquisitions and further increase our product offerings, leaving us optimally placed to expand our platform into additional markets as regulatory and market conditions dictate. In November 2023, consistent with our strategy to build a digital fintech ecosystem, our board of directors approved a plan to enter the telecommunications market in Kazakhstan through our Freedom Telecom subsidiary.
As part of our investment in strategic expansion, we expect to open new representative offices in Lithuania, the Czech Republic, and Denmark, which we believe will leave us well positioned to further navigate evolving client needs.
About Freedom Holding Corp.
Freedom Holding Corp., a Nevada corporation, is a diversified financial services holding company conducting retail securities brokerage, securities trading, investment research, investment counseling, investment banking and underwriting services, mortgages, insurance, and commercial banking as well as several ancillary businesses which complement its core financial services businesses, all through its subsidiaries, operating under the name Freedom24 in Europe and Central Asia, and Freedom Capital Markets in the United States. Through its subsidiaries, Freedom Holding Corp. employs more than 6,000 people and is a professional participant in the Kazakhstan Stock Exchange, the Astana International Exchange, the Republican Stock Exchange of Tashkent, the Uzbek Republican Currency Exchange, and is a member of the New York Stock Exchange and the Nasdaq Stock Exchange.
Freedom Holding Corp. is headquartered in Almaty, Kazakhstan, and has operations and subsidiaries in 20 countries, including Kazakhstan, the United States, Cyprus, Armenia, Uzbekistan, Azerbaijan, and others.
Freedom Holding Corp.'s common shares are registered with the United States Securities and Exchange Commission and are traded under the symbol FRHC on the Nasdaq Capital Market, operated by Nasdaq, Inc.
To learn more about Freedom Holding Corp., visit www.freedomholdingcorp.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking" statements, including with respect to our future results of operations and financial position, business strategy and plans and our objectives for future operations, as well as the capital investment required to be successful in any aspect of our strategic plans, and is subject to a number of factors, many of which are beyond our control. 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 used in connection with any discussion of future plans, actions, and events. 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 certain economic, business, and regulatory risks and factors 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.
FREEDOM HOLDING CORP.
CONSOLIDATED BALANCE SHEETS
(All amounts in thousands of United States dollars, unless otherwise stated)
March 31, 2024
March 31, 2023
ASSETS
Cash and cash equivalents (including $203 and $35,549 with related parties)
$
545,084
$
581,417
Restricted cash (including $— $114,885 with related parties)
462,637
445,528
Trading securities (including $1,326 and $556 with related parties)
3,688,620
2,412,556
Available-for-sale securities, at fair value
216,621
239,053
Margin lending, brokerage and other receivables, net (including $22,039 and $295,611 due from related parties)
1,660,275
376,329
Loans issued (including $147,440 and $121,316 to related parties)
1,381,715
826,258
Fixed assets, net
83,002
54,017
Intangible assets, net
47,668
17,615
Goodwill
52,648
14,192
Right-of-use asset
36,324
30,345
Insurance contract assets
24,922
13,785
Other assets, net (including $5,257 and $16,102 with related parties)
102,414
73,463
TOTAL ASSETS
$
8,301,930
$
5,084,558
LIABILITIES AND SHAREHOLDERS' EQUITY
Securities repurchase agreement obligations
$
2,756,596
$
1,517,416
Customer liabilities (including $44,127 and $130,210 to related parties)
2,273,830
1,925,247
Margin lending and trade payables (including $507 and $3,721 to related parties)
867,880
122,900
Liabilities from insurance activity (including $470 and $34 to related parties)
297,180
182,502
Current income tax liability
32,996
4,547
Debt securities issued
267,251
60,025
Lease liability
35,794
30,320
Liability arising from continuing involvement
521,885
440,805
Other liabilities (including $9,854 and $46 to related parties)
81,560
30,060
TOTAL LIABILITIES
$
7,134,972
$
4,313,822
Commitments and Contingent Liabilities (Note 29)
—
—
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; 60,321,813 and 59,659,191 shares issued and outstanding as of March 31, 2024 and March 31, 2023, respectively
60
59
Additional paid in capital
183,788
164,162
Retained earnings
998,740
647,064
Accumulated other comprehensive loss
(18,938
)
(34,000
)
TOTAL FRHC SHAREHOLDERS’ EQUITY
$
1,163,650
$
777,285
Non-controlling interest
3,308
(6,549
)
TOTAL SHAREHOLDERS’ EQUITY
$
1,166,958
$
770,736
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
8,301,930
$
5,084,558
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,
2024
2023
2022
(Recasted)
Revenue:
Fee and commission income (including $65,972, $199,235 and $291,163 from related parties)
$
440,333
$
327,215
$
335,211
Net gain on trading securities
133,854
71,084
155,252
Interest income (including $24,941 , $23,191 and $10,191 from related parties)
828,224
294,695
121,609
Insurance underwriting income
264,218
115,371
72,981
Net gain on foreign exchange operations
72,245
52,154
3,791
Net (loss)/gain on derivatives
(103,794
)
(64,826
)
946
TOTAL REVENUE, NET
1,635,080
795,693
689,790
Expense:
Fee and commission expense (including $127, $2,988 and $16,307 from related parties)
154,351
65,660
85,909
Interest expense (including $955, $1,578 and $217 from related parties)
501,111
208,947
76,947
Insurance claims incurred, net of reinsurance
139,561
77,329
54,447
Payroll and bonuses
181,023
81,819
46,288
Professional services
34,238
17,006
12,682
Stock compensation expense
22,719
9,293
7,859
Advertising expense
38,327
14,059
11,916
General and administrative expense (including $10,341, $2,953 and $790 from related parties)
120,888
59,971
23,533
Allowance for expected credit losses
21,225
29,119
2,502
Other (income)/expense, net
(13,734
)
(3,448
)
4,014
TOTAL EXPENSE
1,199,709
559,755
326,097
INCOME BEFORE INCOME TAX
435,371
235,938
363,693
Income tax expense
(60,419
)
(42,776
)
(38,570
)
INCOME FROM CONTINUING OPERATIONS
374,952
193,162
325,123
Income/(loss) before income tax (expense)/benefit of discontinued operations
—
68,160
(117,199
)
Reclassification of loss from cumulative translation adjustment of discontinued operations
—
(25,415
)
—
Loss from divestiture of discontinued operations
—
(26,118
)
—
Income tax benefit/(expense) of discontinued operations
—
(4,203
)
13,004
Income/(loss) from discontinued operations
—
12,424
(104,195
)
NET INCOME
374,952
205,586
220,928
Less: Net (loss)/income attributable to non-controlling interest in subsidiary
(588
)
446
(6,566
)
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST
$
375,540
$
205,140
$
227,494
OTHER COMPREHENSIVE INCOME
Change in unrealized gain on investments available-for-sale, net of tax effect
6,196
1,431
(4,292
)
Reclassification adjustment for net realized (loss)/gain on available-for-sale investments disposed of in the period, net of tax effect
(3,209
)
(2,916
)
2,222
Reclassification of loss from cumulative translation adjustment of discontinued operations
—
25,415
—
Foreign currency translation adjustments
12,075
5,195
(20,622
)
OTHER COMPREHENSIVE INCOME/(LOSS)
15,062
29,125
(22,692
)
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS
$
390,014
$
234,711
$
198,236
Less: Comprehensive (loss)/income attributable to non-controlling interest in subsidiary
(588
)
446
(6,566
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST
$
390,602
$
234,265
$
204,802
EARNINGS PER COMMON SHARE (In U.S. dollars):
Earnings from continuing operations per common share - basic
6.37
3.29
5.59
Earnings from continuing operations per common share - diluted
6.33
3.24
5.59
Earnings/(loss) from discontinued operations per common share - basic
—
0.21
(1.75
)
Earnings/(loss) from discontinued operations per common share - diluted
—
0.21
(1.75
)
Earnings per common share - basic
6.37
3.50
3.84
Earnings per common share - diluted
6.33
3.45
3.84
Weighted average number of shares (basic)
58,958,363
58,629,580
59,378,207
Weighted average number of shares (diluted)
59,362,982
59,504,811
59,378,207
View source version on businesswire.com: https://www.businesswire.com/news/home/20240613257789/en/
Ramina Fakhrutdinova (KZ) Public Relations Freedom Finance JSC +7 777 377 8868 pr@ffin.kz Al Palombo (US) Global Communications Chief Freedom US Markets +1 212-980-4400, Ext. 1013 apalombo@freedomusmkts.com
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