Freedom Finance’s Net Income Reaches $4 Million

According to 2Q results

Freedom Finance joint-stock company’s net earnings have risen 52% or about $4 million in the second quarter this year if compared to the same period last year, the company reported.

As Freedom Finance noted, the growth of net income was driven by the growth of net earnings from the changed price of financial assets evaluated by a fair price. All the fair price changes are reflected in the company’s income or loss reports (if the sum is more than $5.8 million) or decreasing net income from traded financial assets (for $2.3 million or 45%).

As of June 30, 2021, the total amount of the company’s assets increased by $33.7 million or 17% due to: a) increased size of their trading portfolio ($34.4 million or 23% if compared to March 31, 2021; b) decreased amount of cash and cash equivalents by $3 million or 47% if compared to March 31, 2021; c) increase in reverse repurchase agreements by $2.3 million or 2130% compared to March 31, 2021.

At the same time, obligations of the Freedom Finance joint-stock company decreased by $3.5 million or 4%. The company has repaid debt securities for $10.3 million or 100% if compared to March 31, 2021. In another move, Freedom increased operations of reverse repurchase by $7.2 million or 9%.

Own capital of the company has risen by $37.2 million or 35% due to an increase in authorized capital by $29.2 million or 48% as a result of tranches from the parent company. The company’s current authorized capital is about $89.9 million. Also, over the second quarter Freedom opened 2,950 client accounts (there are 72,892 accounts in total). This rate is 44.5% higher rather than a similar period last year.

Over the period from April to June Freedom Finance Global PLC opened 5,500 accounts and supported 220,000 transactions. The total client portfolio of Freedom is about $89.5 million with 15,464 active client accounts and 348,000 transactions.

In the first quarter of the fiscal year of 2022, Freedom Finance Global clients were able to take a part in 36 IPOs. The earning capacity over the last three months was about 35% on average. The highest return of 143% was during the IPO of the company called Verve Therapeutics (VERV).

In the first quarter of 2021, Freedom Finance joint-stock company managed to raise its net income by $7.2 million or 784% if compared to the same period last year.

Freedom Finance JSC provides its clients with brokerage services at the Kazakhstan Stock Exchange; serves as market maker; organizes debt and capital financing, and provides services of financial consulting.

Freedom Finance Global PLC is a broker that focused on retail investors. The company opens direct access to stock operations on international finance markets (NYSE/NASDAQ, London Stock Exchange, MCX and SPB Exchange, HKEX, Frankfurt Stock Exchange) and provides exclusive access to IPOs. All the operations of the company are based on English law. The company is part of the global investment group of Freedom Holding Corp. (FRHC), whose shares are traded at the Nasdaq and regulated by the U.S. Securities and Exchange Commission.
 

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