Annual report [Section 13 and 15(d), not S-K Item 405]

SEGMENT REPORTING (Tables)

v3.25.1
SEGMENT REPORTING (Tables)
 12 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables summarize the Group's Statement of Operations by its reportable segments. There are no revenues from transactions between the segments and intercompany balances have been eliminated for separate disclosure:
Year ended March 31, 2025
STATEMENTS OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income $ 441,839  $ 14,689  $ —  $ 48,498  $ 505,026 
Net gain/(loss) on trading securities 10,487  (66,426) 1,843  (3,714) (57,810)
Interest income 254,340  544,221  60,550  5,342  864,453 
Insurance underwriting income —  —  617,596  —  617,596 
Net gain on foreign exchange operations 7,021  8,750  2,621  33,292  51,684 
Net gain on derivative 734  5,284  —  6,386  12,404 
Sales of goods and services —  —  —  40,102  40,102 
Other income/(expense) 2,928  (370) 416  14,098  17,072 
TOTAL REVENUE, NET 717,349  506,148  683,026  144,004  2,050,527 
Fee and commission expense 29,280  14,562  284,580  17,652  346,074 
Interest expense 84,543  400,905  12,331  38,116  535,895 
Insurance claims incurred, net of reinsurance —  —  298,109  —  298,109 
Payroll and bonuses 98,352  62,876  32,381  94,554  288,163 
Professional services 6,213  837  1,602  20,272  28,924 
Stock compensation expense 27,584  12,617  10,792  8,599  59,592 
Advertising and sponsorship expense
 50,933  6,747  1,403  65,544  124,627 
General and administrative expense 37,592  47,589  17,685  59,608  162,474 
Allowance for expected credit losses 6,224  54,759  2,031  (569) 62,445 
Cost of sales —  —  —  31,278  31,278 
TOTAL EXPENSE 340,721  600,892  660,914  335,054  1,937,581 
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS $ 376,628  $ (94,744) $ 22,112  $ (191,050) $ 112,946 
Income tax (expense)/benefit (61,122) 8,252  (3,427) 27,872  (28,425)
NET INCOME/(LOSS) FROM CONTINUING OPERATIONS $ 315,506  $ (86,492) $ 18,685  $ (163,178) $ 84,521 
Year ended March 31, 2024
STATEMENTS OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income $ 352,481  $ 26,236  $ 296  $ 61,320  $ 440,333 
Net gain/(loss) on trading securities 33,483  87,459  14,114  (1,202) 133,854 
Interest income 233,858  524,596  63,676  6,094  828,224 
Insurance underwriting income —  —  264,218  —  264,218 
Net (loss)/gain on foreign exchange operations (852) 78,174  (1,306) (3,771) 72,245 
Net (loss)/gain on derivative (2,019) (101,805) —  30  (103,794)
Sales of goods and services —  —  —  21,576  21,576 
Other income/(expense) 5,003  1,210  3,603  (120) 9,696 
TOTAL REVENUE, NET 621,954  615,870  344,601  83,927  1,666,352 
Fee and commission expense 24,740  13,219  103,346  13,046  154,351 
Interest expense 89,732  368,286  29,965  13,128  501,111 
Insurance claims incurred, net of reinsurance —  —  139,561  —  139,561 
Payroll and bonuses 71,077  48,953  18,796  42,197  181,023 
Professional services 6,977  527  561  26,173  34,238 
Stock compensation expense 11,352  6,124  2,755  2,488  22,719 
Advertising and sponsorship expense
 25,353  4,828  789  7,357  38,327 
General and administrative expense 40,847  30,804  5,413  43,824  120,888 
Allowance for expected credit losses 2,962  16,399  942  922  21,225 
Cost of sales —  —  —  17,538  17,538 
TOTAL EXPENSE 273,040  489,140  302,128  166,673  1,230,981 
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS $ 348,914  $ 126,730  $ 42,473  $ (82,746) $ 435,371 
Income tax (expense)/benefit (51,158) (15,857) (8,662) 15,258  (60,419)
INCOME/(LOSS) FROM CONTINUING OPERATIONS $ 297,756  $ 110,873  $ 33,811  $ (67,488) $ 374,952 
Year ended March 31, 2023
STATEMENTS OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income $ 299,070  $ 18,208  $ 128  $ 9,809  $ 327,215 
Net gain/(loss) on trading securities 20,736  55,437  16,063  (21,152) 71,084 
Interest income 64,654  177,561  41,007  11,473  294,695 
Insurance underwriting income —  —  115,371  —  115,371 
Net (loss)/gain on foreign exchange operations (347) 59,190  (1,846) (4,843) 52,154 
Net gain/(loss) on derivative 463  (65,291) —  2  (64,826)
Other income/(expense) 904  230  2,346  (32) 3,448 
TOTAL REVENUE, NET 385,480  245,335  173,069  (4,743) 799,141 
Fee and commission expense 33,126  9,097  22,824  613  65,660 
Interest expense 43,089  130,693  18,492  16,673  208,947 
Insurance claims incurred, net of reinsurance 1  —  77,328  —  77,329 
Payroll and bonuses 37,583  21,749  11,733  10,754  81,819 
Professional services 4,978  466  580  10,982  17,006 
Stock compensation expense 5,648  372  279  2,994  9,293 
Advertising and sponsorship expense
 9,063  3,251  1,191  554  14,059 
General and administrative expense 32,906  13,671  5,024  8,370  59,971 
Allowance for expected credit losses 16,911  8,773  1,071  2,364  29,119 
TOTAL EXPENSE 183,305  188,072  138,522  53,304  563,203 
INCOME BEFORE INCOME TAX FROM CONTINUING OPERATIONS $ 202,175  $ 57,263  $ 34,547  $ (58,047) $ 235,938 
Income tax (expense)/benefit (32,632) (7,832) (5,106) 2,794  (42,776)
INCOME/(LOSS) FROM CONTINUING OPERATIONS $ 169,543  $ 49,431  $ 29,441  $ (55,253) $ 193,162 
The following tables summarize the Company's total assets and total liabilities by its business segments. Intercompany balances have been eliminated for separate disclosure:
March 31, 2025
Brokerage Banking Insurance Other Total
Total assets $ 4,344,555  $ 4,441,315  $ 712,352  $ 415,795  $ 9,914,017 
Total liabilities 3,588,781  3,936,900  571,335  602,643  8,699,659 
Net assets $ 755,774  $ 504,415  $ 141,017  $ (186,848) $ 1,214,358 
March 31, 2024
Brokerage Banking Insurance Other Total
Total assets $ 2,586,803  $ 4,939,626  $ 529,517  $ 245,984  $ 8,301,930 
Total liabilities 1,973,887  4,389,745  402,865  368,475  7,134,972 
Net assets $ 612,916  $ 549,881  $ 126,652  $ (122,491) $ 1,166,958 

The following table presents revenues for the years ended March 31, 2025, 2024, and 2023 and long-lived assets as of March 31, 2025 and March 31, 2024, classified by the major geographic areas based on subsidiaries' location.
Year ended March 31, 2025
Revenue Brokerage Banking Insurance Other Total
Kazakhstan $ 466,168  $ 506,075  $ 683,026  $ 94,822  $ 1,750,091 
Armenia 181,698  —  —  —  181,698 
Cyprus 63,179  —  —  6,311  69,490 
US 3,431  —  —  40,520  43,951 
Other 2,873  73  —  2,351  5,297 
TOTAL REVENUE, NET $ 717,349  $ 506,148  $ 683,026  $ 144,004  $ 2,050,527 
Year ended March 31, 2024
Revenue Brokerage Banking Insurance Other Total
Kazakhstan $ 450,058  $ 615,870  $ 344,601  $ 79,814  $ 1,490,343 
Cyprus 115,878  —  —  2,454  118,332 
Armenia 43,132  —  —  —  43,132 
US 11,372  —  —  1,470  12,842 
Other 1,514  —  —  189  1,703 
TOTAL REVENUE, NET $ 621,954  $ 615,870  $ 344,601  $ 83,927  $ 1,666,352 
Year ended March 31, 2023
Revenue Brokerage Banking Insurance Other Total
Kazakhstan $ 141,186  $ 245,335  $ 173,069  $ 8,696  $ 568,286 
Cyprus 237,112  —  —  (21,866) 215,246 
US 4,854  —  —  8,243  13,097 
Armenia 79  —  —  —  79 
Other 2,249  —  —  184  2,433 
TOTAL REVENUE, NET $ 385,480  $ 245,335  $ 173,069  $ (4,743) $ 799,141 
March 31, 2025
Long-lived assets Brokerage Banking Insurance Other Total
Fixed assets, net $ 20,713  $ 53,716  $ 2,461  $ 114,213  $ 191,103 
Right-of-use assets 21,101  7,684  2,532  8,511  39,828 
TOTAL LONG-LIVED ASSETS $ 41,814  $ 61,400  $ 4,993  $ 122,724  $ 230,931 
Kazakhstan 15,241  60,863  4,993  97,608  178,705 
Cyprus 15,178  —  —  21,791  36,969 
USA 4,220  —  —  2,389  6,609 
Armenia 6,082  —  —  —  6,082 
Other 1,093  537  —  936  2,566 
TOTAL LONG-LIVED ASSETS $ 41,814  $ 61,400  $ 4,993  $ 122,724  $ 230,931 

March 31, 2024
Long-lived assets Brokerage Banking Insurance Other Total
Fixed assets, net $ 35,281  $ 31,444  $ 2,122  $ 14,155  $ 83,002 
Right-of-use assets 20,809  6,296  3,269  5,950  36,324 
TOTAL LONG-LIVED ASSETS $ 56,090  $ 37,740  $ 5,391  $ 20,105  $ 119,326 
Kazakhstan 17,933  37,740  5,391  18,503  79,567 
Cyprus 32,845  —  —  178  33,023 
USA 4,681  —  —  1  4,682 
Armenia 350  —  —  —  350 
Other 281  —  —  1,423  1,704 
TOTAL LONG-LIVED ASSETS $ 56,090  $ 37,740  $ 5,391  $ 20,105  $ 119,326