LOM Financial Limited Releases 2022 Results
In a filing with the Bermuda Stock Exchange [BSX], LOM Financial Limited announced the financial results for the fiscal year ending 31 December 2022.
In a letter to shareholders, the Company’s CEO stated:
2022 Financial Results
LOM is pleased to report full year 2022 profits of $1,883,951 or $0.37 per share. This decrease from the profit declared in 2021 is due to the extraordinary $7.1 million gain on securities in the 2021 financial year not being repeated. Outside of the extraordinary gain and losses in both years, our underlying operating profits between 2021 and 2022 rose 7% year on year from $2,326,110 to $2,482,615. Given the significant weakness in the global stock and bond markets during 2022 we are pleased with the result.
Below are the highlights of LOM’s financial performance during 2022.
Revenues had the following year-on-year changes:
- Management and advisory fee revenues were flat at $7.114 million [39% of revenues].
- Broking fees rose 10 % to $8.2 million [45% of revenues].
- Net interest earnings rose 202% to $1.673 million [9% of revenues].
- Foreign Exchange revenues fell 30% to $523,371
- Gain on securities held in inventory showed a loss of $598,664.
- Total revenues fell 25% to $18,281,932.
Costs for the group had the following year-on-year changes:
- Employee compensation costs rose 3.6% to $4.814 million.
- Commission and referral fees rose 2% to $5.828 million.
- Total operating costs rose 9% to $16.352 million.
On other financial measures:
- LOM’s assets under administration were $1.25 billion as of 31st December 2022 as compared to $1.62 billion at the end of 2021.
- LOM’s fully diluted net income per common share was $0.37
- LOM is in a strong financial position with net equity of $34.652 million.
- LOM had a net return on equity of 5.4% in 2022.
- LOM held cash and equivalents at year-end of $15.787 million, representing 46% of shareholder equity.
- LOM’s book value as at 31st December 2022 was $6.86 per share.
As always, I would like to express appreciation and thanks to our customers for their business and the employees at LOM for their dedication and professionalism.
Scott GS Lines
Chairman & CEO
