ALMATY, Kazakhstan & NEW YORK - Freedom Holding Corp. (NASDAQ: FRHC), a diversified financial services group with global operations, announced the expansion of its board of directors and the creation of a chief legal officer (CLO) position, effective May 28, 2024. The new appointments aim to bolster the company's corporate governance, risk management, and compliance capabilities.
The board now welcomes Dr. Kairat Kelimbetov, Andrew Gamble, and Philippe Vogeleer, bringing its membership to seven. Dr. Kelimbetov, with a background in economic development and financial institutions in Kazakhstan, joins as an employee director. His previous roles include Governor of the Astana International Financial Center and Chairman of the Agency for Strategic Planning and Reforms. Andrew Gamble, whose career spans nearly five decades in legal and advisory positions, brings expertise from his time at international law firm Hogan Lovells and involvement in the financial sector. Philippe Vogeleer, a Chartered Director with experience in over 100 countries, adds his knowledge of creating partnerships between corporations, governments, and international organizations.
In addition to the board expansion, the company has appointed Jason Kerr as the new CLO. Kerr, a former board member, brings 26 years of legal expertise to the role, which will focus on unifying the legal structure across Freedom Holding's international operations.
Freedom Holding's CEO, Timur Turlov, expressed confidence that the new board composition and the addition of a CLO will significantly contribute to the company's long-term success, especially as it continues to develop its business segments internationally.
Freedom Holding, headquartered in Almaty, Kazakhstan, operates through subsidiaries in 19 countries and employs over 6,000 individuals. It is engaged in retail securities brokerage, investment banking, and other financial services, operating under the names Freedom24 in Europe and Central Asia, and Freedom Capital Markets in the United States.
InvestingPro Insights
As Freedom Holding Corp. (NASDAQ: FRHC) gears up for a robust corporate governance framework with its latest board expansion and the appointment of a chief legal officer, the company's financial health and market performance are of keen interest to investors. According to InvestingPro data, Freedom Holding boasts a market capitalization of $4.61 billion, reflecting its significant presence in the financial services sector. With a solid Price/Earnings (P/E) ratio of 13.33, which adjusts to an even more attractive 12.71 for the last twelve months as of Q3 2024, the company presents a compelling case for earnings-based valuation.
The firm's financial performance is further underscored by a remarkable revenue growth of 86.7% for the same period, indicating a robust expansion in its operations. This is complemented by a high gross profit margin of 87.67%, showing the company's efficiency in maintaining profitability despite its expansive international footprint. Moreover, Freedom Holding's operational prowess is evident from an operating income margin of 39.78%, showcasing its ability to translate revenue into operational profit effectively.
However, not all is rosy. InvestingPro Tips highlight that Freedom Holding is quickly burning through cash and trades at a high Price/Book multiple of 4.44. These factors could suggest a need for caution among investors considering the stock's valuation and cash flow position. On the positive side, the company has been profitable over the last twelve months and has delivered strong returns over the past five years and the last decade, although it does not pay dividends to shareholders.
For investors looking to delve deeper into Freedom Holding's financials and performance metrics, there are additional InvestingPro Tips available at https://www.investing.com/pro/FRHC. In total, there are six insightful tips listed on InvestingPro, which could prove invaluable in making informed investment decisions. To access these tips and a wealth of other financial data, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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