YEREVAN, June 25. /ARKA/. International financial holding Freedom Holding Corp. (NASDAQ: FRHC) that includes Freedom Broker Armenia has summarized the results of the fiscal year that ended on March 31, 2024.
“I am pleased to report that fiscal year 2024 was a record year for our company in both revenue and profit. Core brokerage and banking operations accounted for about 75% of our revenue for this period. We continued to follow our strategy, developing traditional financial services, additional services, and a new subsidiary in the telecommunications sector. We completed five acquisitions, expanding our product line to better meet the needs of our clients in the areas of savings, investments, and mandatory and discretionary spending,” Timur Turlov, founder and CEO of Freedom Holding Corp., said.
Financial highlights for fiscal 2024 include revenue of approximately $1.6 billion, up 105% or more than double the prior-year period. Fee and commission income increased by 35% becoming $440 million, driven by an increase in retail brokerage clients from 370,000 in 2023 to 530,000 in 2024, as well as increased trading volumes in key markets.
Interest income increased by 181% up to $828 million, driven primarily by higher revenue from trading securities, margin lending, and customer loans. Net income for the fiscal year was $375 million, up from $206 million in 2023. Total assets were $8.3 billion as of March 31, 2024, compared to $5.1 billion as of March 31, 2023.
The company’s non-profit corporate foundation, Shapagat, founded in August 2023, has donated $2.9 million to charitable causes. In December 2023, Freedom Holding Corp. published its first sustainability report, highlighting the company’s commitment to ESG principles covering employee care, community impact, corporate governance, and key environmental data.
Freedom Holding Corp. increased its global presence by opening new offices in Austria, Belgium, Bulgaria, Italy, the Netherlands, and Armenia. By the end of the 2024 financial year, the number of Freedom Broker Armenia clients exceeded 11 thousand. In the first quarter of 2024 it increased by 149%, that is, 2.5 times more. The number of employees increased by 4.6 times over the year, and revenue amounted to 8.6 billion Armenian drams.
