Freedom Holding Corp. (NASDAQ: FRHC), a US-based financial holding company, celebrates its fifth anniversary on NASDAQ this October. Since its listing in 2019, the company has achieved rapid international growth, improving its financial performance while developing a diverse ecosystem of services in Kazakhstan. Timur Turlov, founder and CEO of the holding company, said the NASDAQ listing was the result of hard work and a strategic focus on working with local and international investors.
Exponential growth in market capitalisation is one of the company’s key achievements – it has risen to an impressive $6bn, up 648.4% from $801.7m in 2019. This growth has been underpinned by record revenue of $1.6 billion in 2024, up 105% on the previous year, with net profit up 82% to $375 million. The company’s total assets also increased by 63% to $8.3 billion.
AdvertisementMajor financial institutions have also recognised the company’s progress. S&P Ratings recently raised the outlook on Freedom Holding’s subsidiaries to positive and on the parent company to stable, reflecting confidence in Kazakhstan’s growing economy and improving banking supervision. Freedom Holding’s shares have also been included in Kazakhstan’s Astana International Exchange Qazaq Index and the US-based MSCI Small Cap 1750 and MSCI U.S. Investable Market 2500 indices.
International expansion has also been a driver of growth. By entering new markets in Europe and Central Asia, Freedom Holding has capitalised on opportunities in both emerging and established economies. The company currently operates in 22 countries, including Kazakhstan, the US, Cyprus, Poland, Spain, Uzbekistan and Azerbaijan, and its European brokerage arm recently passed the 300,000 client mark. This diverse geographic footprint has enabled Freedom Holding to access a broader customer base and strengthen its global presence.
In Kazakhstan, Freedom Holding continues to build an ecosystem of services, diversifying its range of financial products and lifestyle services. This integrated approach is improving the daily lives of millions of customers in the region.
In addition to organic growth, Freedom Holding has made a number of strategic acquisitions and partnerships, including in the US market and Kazakhstan. These include US broker Prime Executions, Kazakh telecoms provider and online travel platform Aviata. The new deals have enabled the company to enter new sectors, increase assets under management and attract new clients.
Throughout these five years, the holding company has remained committed to the principles of corporate social responsibility (CSR) and has launched new charitable initiatives. Turlov and his company have supported projects in education, youth sports and disaster relief. Recently, Turlov was appointed Chairman of the Advisory Committee of the UN Global Compact in Central Asia, while Freedom Holding has demonstrated its commitment to broader sustainable development goals, including addressing the environmental crisis of the Aral Sea, which helps to mitigate climate change.
The past five years as a NASDAQ-listed company have been eventful and successful. The next chapter of Freedom Holding’s story is expected to include further international expansion and the introduction of new, innovative financial products, as well as the further development of its ESG programme. The team at the holding company, which has recently been strengthened by the addition of staff with extensive international experience, will continue its hard work in the hope of achieving new levels of success.
