Revenues for fiscal year 2024 increased 105% year-over-year to approximately USD 1.6 billion. Net profit was USD 375 million, up 82% from USD 206 million in 2023. Basic and diluted earnings per share nearly doubled to USD 6.37 and USD 6.33, respectively, from USD 3.50 and USD 3.45 in 2023.
The multinational holding now operates in 20 countries, and its future development strategy includes further international expansion through both organic growth and opportunistic acquisitions.
“We expect to continue to expand our operations globally, including the further development of our investment banking, capital markets advisory and research offering in the US, and to seek growth opportunities in Central Asia and Europe. We have strengthened our risk and compliance functions and look forward to delivering value through sustainable organic growth, strategic acquisitions and continued investment in technological innovation,” the founder and CEO Timur Turlov says.
While the core brokerage and banking businesses accounted for around 75% of revenues in the period, and the development strategy will build on the traditional financial services businesses, innovation and digitalisation are also vital for the company’s growth.
Freedom Holding had already established a telecommunications subsidiary to create a robust fintech ecosystem in Kazakhstan, its fastest-growing market. Through sustained investment in digitalisation, the company has been able to more efficiently manage its large-scale operations, and it plans to enhance AI-based solutions this year, Turlov said. The holding company’s USD 200m domestic bond issue, the largest retail bond issue to date on the Astana International Exchange, supported its 2024 strategy to enter the telecommunications market in Kazakhstan.
“Our newly established telecommunications subsidiary will create a robust fintech ecosystem in Kazakhstan, a region that remains our biggest growth driver. We also continued to add complementary service offerings with the completion of five acquisitions during the financial year, enabling us to offer services that further support our customers in all their savings, investment and discretionary spending needs,” says Turlov.
Freedom Holding’s future strategy may continue to include M&A deals. Turlov said the company may seek to acquire financial services-related businesses, complementary businesses and complementary technologies on an opportunistic basis, in line with its acquisition strategy to expand its global presence.
The company has opened new representative offices in Austria, Belgium, Bulgaria, Italy and the Netherlands in the 2024 financial year, and may open representative offices in Lithuania, the Czech Republic and Denmark in the current 2025 fiscal year. In the US, Turlov expects the company’s investment banking and research capabilities to help Freedom Holding gain a stronger foothold in the capital markets.
New talented colleagues with international experience have recently joined the Freedom team. In the US, Edward Maguire has been appointed Director of Research and the holding company has added new board members and created a new position of chief legal officer. New board members Dr. Kairat Kelimbetov, Andrew Gamble and Philippe Vogeleer, and chief legal officer Jason Kerr are expected to bring additional global expertise in finance, corporate governance and ESG, as well as leadership experience to the company.
In 2024, Freedom maintained its strong commitment to sustainability, continuing to develop responsible internal policies and supporting causes that directly contribute to UN development goals and climate change mitigation projects, such as the restoration of the Aral Sea ecosystem. Recently, Turlov was appointed Chairman of the Advisory Committee of the UN Global Compact in Central Asia. The UN pact unites businesses worldwide to promote sustainable and socially responsible policies and address issues related to the environment, food security, poverty, energy and infrastructure development.