Freedom Holding Corp. reports fourfold increase in profits

Freedom Holding Corp. has increased its profit and revenue / Photo: Shutterstock and Wikimedia Commons

Freedom Holding Corp. has increased its quarter profit by 4.2 times, according to a report published on the website of the U.S. Securities and Exchange Commission (SEC). In the second quarter of the 2024 fiscal year (from July to September 2023), the company reported $115.5 million in net profit compared to $27.2 million over the same period last year.

Over the reported period, Freedom increased its revenue by 2.4 times to $435.6 million or by 4.3 times to $1.97 per share. The company’s business in Central Asia accounted for $387.2 million in revenue, including $167 million from Freedom Bank, $86 million from Freedom Finance Global, $35 million from Freedom Finance, $63 million from Freedom Life and $18 million from Freedom Insurance.

The holding also reported a 40.4% increase to $7.1 billion in assets from July to September and a 17.2% increase to $911 million in equity capital. During that period, Freedom Holding Corp. also increased its percentage income by 3.6 times to $213 million, while income from securities trading rose by 5.6 times to $50.7 million. Transactions with the public debt of Kazakhstan accounted for the vast majority of this profit. The holding’s fee-based income increased by 34% to $111.7 million. The number of brokerage accounts registered with the company reached 434,000.

At the same time, Freedom reported $183.4 million in profit and $751.8 million in revenue over the first six months of the 2024 fiscal year (from April to September 2023), a 2.1 increase over the same period last year.

In the first quarter of the 2024 fiscal year (from April to June 2023), Freedom Holding Corp. reported an 83.3% increase in revenue to $316.2 million. This growth was mainly driven by percentage income, positive performance on the stock market and insurance fees. At the same time, the company also reported some losses in the derivatives market.

Read also