Freedom Holding Corp. earned $565 million in fiscal year 2022
Freedom Holding Corp. reports on financial results for 2022 fiscal year ended March 31, 2022.
The main indicators for the specified period
According to the results of the 2022 fiscal year, the holding’s revenue amounted to $565 million. This is $212 million, or 60% more than in the previous similar period.
The following the results of 2022 and 2021 fiscal years:
- the holding’s net profit is $211 million and $143 million, respectively;
- earnings per share of the holding, calculated on the basis of the weighted average number of shares of 59 million units, amounted to $3.56 and $2.45, respectively;
- other combined revenues are $194 million and $145 million, respectively.
During the 2022 fiscal year, the holding’s assets and liabilities increased by $902 million and $670 million, respectively.
The holding’s expenses increased by $148 million, or 83%, for two reasons:
- Operating expenses increased by $84 million. This is due to the cost of wages due to the expansion of the holding, hiring workers, remuneration.
- Interest expenses on short-term financing of repo agreements on securities and deposit expenses increased by $49 million due to an increase in the number of customer deposit accounts.
As of March 31, 2022, almost 410,000 customer accounts have been opened. This is 120 thousand, or 41% more than on March 31, 2021.
In a report by Freedom Holding Corp. The SEC website, published at the link, also states that:
- Restructuring of the holding is planned soon. Freedom Finance IC (Russian Federation) and Freedom Finance Bank (Russian Federation) will leave Freedom Holding Corp.
- The holding provided almost $3 million, and Timur Turlov personally contributed about $2.5 million in humanitarian aid to Ukraine suffering from Russian aggression.
- In April 2022, Timur Turlov submitted an official application for citizenship of Kazakhstan. As a result of his decision to become a citizen of Kazakhstan, he will renounce the citizenship of Russia and St. Kitts and Nevis.
- Despite the war with Russia, Freedom Finance Ukraine continues its activities and customer service. All our offices in Ukraine, except for the office in Kharkiv, are open to customers by prior arrangement.
“Despite the geopolitical crisis that has affected the world’s stock markets and the markets of the CIS countries, we ended 2022 with a good fiscal year. The Freedom Finance ecosystem in Kazakhstan has been supplemented by a number of acquisitions, which allows us to implement new innovative projects and provide customers with comprehensive service. Our European business is showing convincing results, and we are expanding our geographical presence in the EU by opening new offices there. We have big and ambitious development plans in all directions, and our team has a lot of work to do to implement them, “— said Timur Turlov, CEO of Freedom Holding Corp.