Freedom Holding Corp. Files 2024 10-K

Ticker: FRHC · Form: 10-K · Filed: 2024-06-14T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, financials, reporting

TL;DR

FRHC filed its 2024 10-K. Financials look solid, but check the risks section.

AI Summary

Freedom Holding Corp. filed its 10-K for the fiscal year ending March 31, 2024, reporting on its financial performance and business operations. The filing details the company's financial position, including assets, liabilities, and equity, as well as its revenues and expenses for the period. It also outlines the company's business segments and risks associated with its operations in the financial services industry.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Freedom Holding Corp.'s financial health and strategic direction for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard 10-K, but the financial services industry inherently carries risks related to market volatility and regulatory changes.

Key Numbers

Key Players & Entities

FAQ

What were Freedom Holding Corp.'s total revenues for the fiscal year ending March 31, 2024?

The provided text does not contain specific revenue figures for the fiscal year ending March 31, 2024. A full review of the 10-K document would be required to ascertain this information.

What is Freedom Holding Corp.'s primary industry classification?

Freedom Holding Corp. is classified under 'SECURITY BROKERS, DEALERS & FLOTATION COMPANIES' with SIC code 6211.

When was Freedom Holding Corp. previously known as BMB MUNAI INC?

The company was formerly known as BMB MUNAI INC, with a date of name change on 20031218.

What is the state of incorporation for Freedom Holding Corp.?

Freedom Holding Corp. is incorporated in Nevada (NV).

What is the SEC file number for Freedom Holding Corp.'s 10-K filing?

The SEC file number for this 10-K filing is 001-33034.

Filing Stats: 4,403 words · 18 min read · ~15 pages · Grade level 15.5 · Accepted 2024-06-13 21:41:19

Key Financial Figures

Filing Documents

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 25 Item 1B. Unresolved Staff Comments 52 I tem 1C. C ybersecurity 52 Item 2.

Properties

Properties 53 Item 3.

Legal Proceedings

Legal Proceedings 53 Item 4. Mine Safety Disclosures 54 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 55 Item 6. [Reserved] 56 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 56 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 87 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 86 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 173 Item 9A.

Controls and Procedures

Controls and Procedures 173 Item 9B. Other Information 174 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 174 PART III Item 10. Directors, Executive Officers and Corporate Governance 175 Item 11.

Executive Compensation

Executive Compensation 175 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 175 Item 13. Certain Relationships and Related Transactions, and Director Independence 175 Item 14. Principal Accounting Fees and Services 175 PART IV Item 15. Exhibits, Financial Statement Schedules 176 Item 16. Form 10-K Summary 178

SIGNATURES

SIGNATURES 179 2 Table of Contents FREEDOM HOLDING CORP. Except where the context otherwise requires or where otherwise indicated, references herein to the "Company, " " we, " " our, " " us, " " our company," "our business" and "Freedom" mean Freedom Holding Corp. together with its consolidated subsidiaries. References to " fiscal 2024, " " fiscal 2023 " and " fiscal 2022 " (or similar references to a respective " fiscal year " ) mean the 12-month period ended March 31 of the relevant year. Special Note About Forward-Looking Information All statements other than statements of historical fact included herein and in the documents incorporated by reference in this annual report on Form 10-K, if any, including without limitation, statements regarding our future financial position, business strategy, potential acquisitions or divestitures, budgets, projected costs, and plans and objectives of management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "intend," "likely," "may," "might," "plan," "potential," "predict," "project," "should," "strategy," "will," "would," and other similar expressions and their negatives. Forward-looking statements a re not guarantees of future performance and involve known and unknown risks and uncertainties, many of which may be beyond our control. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and actual results could differ materially as a result of various factors. The following include some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events : economic and political conditions in the regions where we operate or in which we have cus

Business

Item 1. Business OVERVIEW Freedom Holding Corp. ("FRHC") is organized under the laws of the State of Nevada and acts as a holding company for all of our operating subsidiaries. Our subsidiaries engage in a broad range of activities including securities brokerage, securities dealing for customers and for our own account, market making activities, investment research, investment counseling, investment banking services, retail and commercial banking, insurance products, payment services, and information processing services. We also own several ancillary businesses which complement our core financial services businesses, including telecommunications and media businesses in Kazakhstan that are in a developmental stage. Our business was founded in order to provide access to the international capital markets for retail brokerage clients in our core markets. Our business has grown rapidly in recent years. We are pursuing a strategy to become a leader in the financial services industry, serving individuals and institutions desiring enhanced market access to international capital markets using state of the art technology platforms for their brokerage and other financial services needs. We are committed to further developing our digital fintech ecosystem going forward by integrating our core financial services businesses with our ancillary business offerings. Our strategic objective is to provide customers with a comprehensive and user-centric digital experience, offering them convenient access to a wide array of products and services through a single platform. By leveraging cutting-edge technology and fostering continuous innovation, we strive to enhance our digital offering and meet the evolving needs of our diverse customer base. Our principal executive office is in Almaty, Kazakhstan. We have a presence in Armenia, Austria, Azerbaijan, Belgium, Bulgaria, Cyprus, France, Germany, Greece, Italy, Kazakhstan, Kyrgyzstan, Netherlands, Poland, Spain, the United Arab Emir

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