Companies category powered by

Freedom Holding Corp. surpasses $580M in quarterly revenue

Freedom Holding Corp. (FRHC), the parent company of the Cyprus-based leading stock broker Freedom24, has announced its financial results for the second quarter of fiscal year 2025, ending September 30, 2024.

The company reported quarterly revenues of $580.9 million, marking a 33% increase over the same period last year.

The company attributed the revenue surge to several key factors, including a 2.8-fold increase in insurance underwriting income, which reached $160.3 million. Additionally, net gains on trading securities rose by 34.6% to $68.3 million, boosted primarily by the positive revaluation of Kazakh government bonds. Foreign exchange operations generated a net gain of $6.5 million, reversing a $3.7 million net loss from a year earlier.

Expenses for the quarter amounted to $452.4 million, up from $300.9 million in the same period last year, driven by the expansion of insurance operations, a rise in staffing costs, and increased charitable and sponsorship expenditures.

Net income for Q2 FY2025 came in at $114.5 million, with basic earnings per share of $1.93 based on 59.4 million weighted average shares. On a diluted basis, earnings per share stood at $1.89, based on 60.5 million shares.

As of September 30, 2024, Freedom Holding Corp.'s total assets grew to $8.816 billion from $8.302 billion at the close of the previous fiscal year on March 31, 2024. The company also reported an increase in the number of brokerage clients, rising to 555,000 from 530,000 over the same period.

In September 2024, Freedom Holding Corp. expanded its telecommunications footprint with the acquisition of SilkNetCom LLP, a telecommunications and IT provider specialising in network construction. The acquisition, valued at $23.9 million, aligns with the holding’s strategy to strengthen its presence in telecommunications and related technologies.

Read More

Fotini Tsikkou: ECOMMBX as a Supporter of the CBN Young Dragon Awards – The Significance of the Awards (video)
CBN Young Dragon Awards: Meet the candidates in the Services category
Brand-new arrival from PHC Group: The new Caffè Nero at Eleftheria Square
Cyprus supports strengthening of transatlantic ties through positive trade agenda
RoC can become a reliable EU energy arm in East Med, says Energy Minister
Finance Minister and Dutch Ambassador discuss bilateral ties and economy
Cyprus a net recipient of EU funds in '23 says European Court of Auditors member
CySEC chief stresses the need for a Capital Markets Union
Hungarian flavours and new business opportunities for Cypriot market
International study places Cyprus among countries most vulnerable to AI disruption