Freedom Holding Corp. reported significant financial performance for the three and six months ended September 30, 2024, showcasing a robust increase in revenue and strategic developments. Total revenue for the three months reached $580.9 million, a 33% increase from $435.6 million in the same period of 2023. For the six months, revenue totaled $1.03 billion, up 37% from $751.8 million year-over-year.

The company experienced notable growth in various revenue streams. Insurance underwriting income surged to $160.3 million for the third quarter, a remarkable 177% increase from $57.9 million in 2023, driven by a substantial rise in written premiums. Fee and commission income also rose by 8% to $121.1 million, with brokerage services contributing significantly, increasing by 27% to $107.4 million. However, commission income from payment processing and banking services saw declines of 42% and 80%, respectively, attributed to decreased transaction volumes and lower commissions.

Despite the revenue growth, total expenses for the three months ended September 30, 2024, increased by 50% to $452.4 million, compared to $300.9 million in the prior year. This rise was primarily due to a significant increase in fee and commission expenses, particularly agency fees, which surged by 268% to $74 million. Payroll and bonuses also rose by 66% to $66.2 million, reflecting the company's expansion efforts.

Net income for the third quarter was $114.5 million, slightly down from $115.5 million in 2023, while net income for the six months decreased by 19% to $148.7 million from $183.4 million in the previous year. The effective tax rate for the six months was 13%, down from 16% in 2023.

Strategically, Freedom Holding Corp. completed the acquisition of SilkNetCom LLP on September 17, 2024, for approximately $23.9 million, aimed at enhancing its telecommunications business. The company also reported a significant increase in customer base across its banking and insurance segments, with banking clients rising to 1.2 million from 904,000 and insurance clients increasing to 846,000 from 534,000.

As of September 30, 2024, total assets amounted to $8.8 billion, up from $8.3 billion in March 2024, while total liabilities increased to $7.6 billion from $7.1 billion. Cash and cash equivalents stood at $569.2 million, with restricted cash at $895.7 million, reflecting a solid liquidity position. The company continues to pursue aggressive growth strategies through acquisitions and organic expansion, positioning itself as a leader in the financial services industry.