Freedom Holding Corp.
For the period ended Mar 31, 2025. Filed Jun 13, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Jun 13, 2025
FRHC$165.47-5.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets as of March 31, 202 and
FREEDOM HOLDING CORP.CONSOLIDATED BALANCE SHEETS(All amounts in thousands of United States dollars, unless otherwise stated)
| March 31, 2025 · March 31, 2024 | |||
|---|---|---|---|
| ASSETS | |||
| Cash and cash equivalents | $837,302 | $545,084 | |
| Restricted cash | 807,468 | 462,637 | |
| Investment securities | 2,814,733 | 3,905,241 | |
| Margin lending, brokerage and other receivables, net | 3,319,145 | 1,660,275 | |
| Loans issued (including $188,445 and $147,440 to related parties) | 1,595,435 | 1,381,715 | |
| Fixed assets, net | 191,103 | 83,002 | |
| Intangible assets, net | 54,186 | 47,668 | |
| Goodwill | 49,093 | 52,648 | |
| Right-of-use asset | 39,828 | 36,324 | |
| Insurance contract assets | 37,183 | 24,922 | |
| Other assets, net (including $18,080 and $5,257 with related parties) | 168,541 | 102,414 | |
| TOTAL ASSETS | $9,914,017 | $8,301,930 | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||
| Securities repurchase agreement obligations | $1,418,443 | $2,756,596 | |
| Customer liabilities | 4,304,999 | 2,273,830 | |
| Margin lending and trade payables | 1,322,241 | 867,880 | |
| Liabilities from insurance activity | 481,539 | 297,180 | |
| Current income tax liability | 28,919 | 32,996 | |
| Debt securities issued | 469,551 | 267,251 | |
| Lease liability | 40,525 | 35,794 | |
| Liability arising from continuing involvement | 503,705 | 521,885 | |
| Other liabilities | 129,737 | 81,560 | |
| TOTAL LIABILITIES | $8,699,659 | $7,134,972 | |
| Commitments and Contingent Liabilities (Note 28) | — | — | |
| 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; 60,993,949 and 60,321,813 shares issued and outstanding as of March 31, 2025 and March 31, 2024, respectively | 61 | 60 | |
| Additional paid in capital | 246,610 | 183,788 | |
| Retained earnings | 1,085,565 | 998,740 | |
| Accumulated other comprehensive loss | (117,995) | (18,938) | |
| TOTAL FRHC SHAREHOLDERS’ EQUITY | $1,214,241 | $1,163,650 | |
| Non-controlling interest | 117 | 3,308 | |
| TOTAL SHAREHOLDERS' EQUITY | $1,214,358 | $1,166,958 | |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $9,914,017 | $8,301,930 | |
The accompanying notes are an integral part of these consolidated financial statements
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, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenue: | |||
| Fee and commission income (including $4,725, $65,972 and $199,235 from related parties) | $505,026 | $440,333 | $327,215 |
| Net (loss)/gain on trading securities | (57,810) | 133,854 | 71,084 |
| Interest income (including $1,731 , $24,941 and $23,191 from related parties) | 864,453 | 828,224 | 294,695 |
| Insurance underwriting income | 617,596 | 264,218 | 115,371 |
| Net gain on foreign exchange operations | 51,684 | 72,245 | 52,154 |
| Net gain/(loss) on derivatives | 12,404 | (103,794) | (64,826) |
| Sales of goods and services | 40,102 | 21,576 | — |
| Other income | 17,072 | 9,696 | 3,448 |
| TOTAL REVENUE, NET | 2,050,527 | 1,666,352 | 799,141 |
| Expense: | |||
| Fee and commission expense | 346,074 | 154,351 | 65,660 |
| Interest expense | 535,895 | 501,111 | 208,947 |
| Insurance claims incurred, net of reinsurance | 298,109 | 139,561 | 77,329 |
| Payroll and bonuses | 288,163 | 181,023 | 81,819 |
| Professional services | 28,924 | 34,238 | 17,006 |
| Stock compensation expense | 59,592 | 22,719 | 9,293 |
| Advertising and sponsorship expense (including $18,497 ,$—, and — from related parties) | 124,627 | 38,327 | 14,059 |
| General and administrative expense (including $1,704, $10,341 and $2,953 from related parties) | 162,474 | 120,888 | 59,971 |
| Allowance for expected credit losses | 62,445 | 21,225 | 29,119 |
| Cost of sales | 31,278 | 17,538 | — |
| TOTAL EXPENSE | 1,937,581 | 1,230,981 | 563,203 |
| INCOME BEFORE INCOME TAX | 112,946 | 435,371 | 235,938 |
| Income tax expense | (28,425) | (60,419) | (42,776) |
| INCOME FROM CONTINUING OPERATIONS | 84,521 | 374,952 | 193,162 |
| Income before income tax expense of discontinued operations | — | — | 68,160 |
| Reclassification of loss from cumulative translation adjustment of discontinued operations | — | — | (25,415) |
| Loss from divestiture of discontinued operations | — | — | (26,118) |
| Income tax benefit of discontinued operations | — | — | (4,203) |
| Income from discontinued operations | — | — | 12,424 |
FREEDOM HOLDING CORP.CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (All amounts in thousands of United States dollars, unless otherwise stated)
| NET INCOME | 84,521 | 374,952 | 205,586 | ||
|---|---|---|---|---|---|
| Less: Net (loss)/income attributable to non-controlling interest in subsidiary | (129) | (588) | 446 | ||
| NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $84,650 | $375,540 | $205,140 | ||
| OTHER COMPREHENSIVE INCOME | |||||
| Change in unrealized (loss)/gain on investments available-for-sale, net of tax effect | 4,364 | 6,196 | 1,431 | ||
| Reclassification adjustment for net realized loss/(gain) on available-for-sale investments disposed of in the period, net of tax effect | 681 | (3,209) | (2,916) | ||
| Reclassification of loss from cumulative translation adjustment of discontinued operations | — | 25,415 | |||
| Foreign currency translation adjustments | (104,102) | 12,075 | 5,195 | ||
| OTHER COMPREHENSIVE (LOSS)/INCOME | (99,057) | 15,062 | 29,125 | ||
| COMPREHENSIVE (LOSS)/INCOME BEFORE NON-CONTROLLING INTERESTS | $(14,536) | $390,014 | $234,711 |
|---|---|---|---|
| Less: Comprehensive (loss)/income attributable to non-controlling interest in subsidiary | (129) | (588) | 446 |
| COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $(14,407) | $390,602 | $234,265 |
| EARNINGS PER COMMON SHARE (In U.S. dollars): | |||
| Earnings from continuing operations per common share - basic | 1.43 | 6.37 | 3.29 |
| Earnings from continuing operations per common share - diluted | 1.40 | 6.33 | 3.24 |
| Earnings/(loss) from discontinued operations per common share - basic | — | — | 0.21 |
| Earnings/(loss) from discontinued operations per common share - diluted | — | — | 0.21 |
| Earnings per common share - basic | 1.43 | 6.37 | 3.50 |
| Earnings per common share - diluted | 1.40 | 6.33 | 3.45 |
| Weighted average number of shares (basic) | 59,393,629 | 58,958,363 | 58,629,580 |
| Weighted average number of shares (diluted) | 60,490,564 | 59,362,982 | 59,504,811 |
The accompanying notes are an integral part of these consolidated financial statements.
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