Company: FRHC
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0000924805-25-000002
Chunk: 23

Company: Freedom Holding Corp.
Filing Date: 2025-02-07
Form: 10-Q
Item: Part I, Item 2
Chunk 23
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 interest in ReKassa. The remaining 5.27% of the ownership interest in Arbuz and 10.0% of the ownership interest in ReKassa are recognized as non-controlling interests in our Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations and Statements of Other Comprehensive Income, Condensed Consolidated Statements of Shareholders’ Equity and Condensed Consolidated Statements of Cash Flows. 

Net loss attributable to non-controlling interest was $0.1 million and $0.3 million for the three months ended December 31, 2024 and December 31, 2023, respectively.

Foreign currency translation adjustments, net of tax 

Due to a 9.1% depreciation of the Kazakhstan tenge against the U.S. dollar during the three months ended December 31, 2024, we realized a foreign currency translation loss of $101.2 million for the three months ended December 31, 2024 

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since most of our companies use the Kazakhstan tenge as their functional currency, as compared to a foreign currency translation gain of $28.1 million for the three months ended December 31, 2023. 

Comparison of the Nine-month Periods Ended December 31, 2024 and 2023

Revenue

The following table sets out information or our total revenue, net for the periods presented. 

Nine months ended December 31, 2024Nine months ended December 31, 2023 Change(amounts in thousands)Amount%*Amount%*Amount%Fee and commission income$379,976 23 %$330,565 28 %$49,411 15 %Net gain on trading securities105,779 6 %77,498 7 %28,281 36 %Interest income661,016 39 %588,857 50 %72,159 12 %Insurance underwriting income467,224 28 %181,882 15 %285,342 157 %Net gain on foreign exchange operations18,513 1 %54,430 5 %(35,917)(66)%Net gain/(loss) on derivatives30,691 2 %(71,795)(6)%102,486 (143)%Other income23,606 1 %8,988 1 %14,618 163 %Total revenue, net$1,686,805 100 %$1,170