10 Dec 2024 17:14

Kazakhstan's Freedom Finance targets Turkey and UAE brokerage markets for 2025 expansion

ASTANA. Dec 10 (Interfax) - Kazakhstan's Freedom Finance, a subsidiary of Freedom Holding Corp., aims to enter the brokerage markets of Turkey and the UAE in 2025, CEO Timur Turlov told Interfax.

"We expect to allocate 20-30% of our annual profits toward this goal. Our aim is to achieve this within the next year," Turlov stated while noting the difficulty in predicting exact timelines. "It's still challenging to forecast precisely when this will happen," he said.

Freedom Holding Corp. reported a net profit of $375 million in fiscal 2024 (ending March 31, 2024). For the first six months of fiscal 2025 (ending September 30, 2024), net profit stood at $149 million.

Freedom Holding Corp. is controlled by Timur Turlov, a Kazakh businessman and former Russian citizen.

Freedom Holding Corp., founded and headquartered in Kazakhstan, already has a footprint in 14 countries, including Cyprus, the U.S., the U.K., Uzbekistan, and Germany. The company engages in transactions across multiple stock exchanges, such as the Kazakhstan Stock Exchange, Astana International Exchange, Ukrainian Exchange, Tashkent Republican Stock Exchange, Uzbek Republican Currency Exchange, New York Stock Exchange, and Nasdaq.

Freedom Finance, its subsidiary, provides brokerage services in Kazakhstan and Kyrgyzstan.