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Freedom Holding Corp. revenues up by half

On the 9th of February 2022, Freedom Finance Europe's founder, Freedom Holding Corp. (FRHC), published its quarterly report on the SEC website with results for the third quarter of fiscal 2022, which ended on the 31st of December 2021.

For the reporting quarter, revenue amounted to $146m, compared to $100m for the same period in 2020. The 46% increase in revenue was driven by a 64% increase in fee and commission income, from $74m to $122m.

Freedom Holding Corp.’s expenses increased by 87%, up $44 million in cash terms, due to higher operating and interest expenses, as well as commission expenses.

Operating expenses increased by $29 million due to higher payroll costs. This increase is related to the expansion of the company's operations, which also affected the volume of advertising and professional services. Key employee benefits costs also increased as a result of the issuance of stock grants.

Interest expenses increased by $14 million due to an increase in customer bank balances as well as higher expenses related to short-term funding based on securities repurchase agreements.

Fee and commission expenses increased by $2 million due to an increase in new customers and the number of transactions/transactions.

As of the 31st of December 2021, Freedom Holding Corp. had more than 370,000 brokerage client accounts.

Total net income for Freedom Holding Corp. for the third quarter of fiscal 2022 was $51 million, up $9 million from the same period a year earlier. Earnings per share, based on a weighted average of 59,534 and 58,443 thousand shares, was $0.85 compared to $0.72 a year ago, and other comprehensive income was $44 million (Q3 fiscal 2021 - $49 million).

For the three reporting months that ended on the 31st of December 2021, Freedom Holding Corp. assets and liabilities increased by $661 million and $345 million respectively.

CEO of Freedom Holding Corp. Timur Turlov commented: "Our key quarterly financial indicators are still showing growth compared to the same period of the previous fiscal year. As before, the Holding continues to expand its business in various countries. We see the future of the Holding in the development of an ecosystem and innovative digital products, as we believe that a large company with successful technological solutions is more efficient in today's digital world.

Recall that in December 2021, the Holding announced an agreement to acquire MKM Partners in cash and ordinary shares of FRHC. Once all conditions are met and the deal is completed, MKM will be led by Robert Votziak and Sagar Sheth (current president of MKM Partners).