LOM Financial Limited Releases 2023 Results
In a filing with the Bermuda Stock Exchange [BSX], LOM Financial Limited today announced the financial results for the fiscal year ending 31 December 2023.
The full filing stated, “LOM Financial Limited is pleased to report full year 2023 profits of $4,000,600 or $0.80 per share, versus our 2022 profits of $1,883,951 or $0.37 per share. This increase in profits over the year is partially driven by higher interest earnings over the year. Our underlying operating profits between 2022 and 2023 rose 46% year on year from $2,425,292 to $3,532,226.
“Below are the highlights of LOM’s financial performance during 2023.”
“Revenues had the following year-on-year changes:
- Management and advisory fee revenues grew 8% to $7.690 million [40% of revenues].
- Broking fees fell 31 % to $5.678 million [30% of revenues].
- Net interest earnings rose 145% to $4.105 million [21% of revenues]. * Foreign Exchange revenues fell 17% to $432,149.
- Gain on securities held in inventory showed a small loss of $5,290.
- Total revenues rose 4.6% to $19,130,148.
“Costs for the group had the following year-on-year changes:
- Employee compensation costs rose 7% to $5.149 million.
- Commission and referral fees fell 13% to $5.057 million.
- Total operating costs fell 7.9% to $15.067 million.
On other financial measures:
- LOM’s assets under administration were $1.5 billion as of 31st December 2023 as compared to $1.25 billion at the end of 2022.
- LOM’s fully diluted net income per common share was $0.80.
- LOM is in a strong financial position with net equity of $37.882 million. * LOM had a net return on equity of 11% in 2023.
- LOM held cash and equivalents at year-end of $20.384 million, representing 54% of shareholder equity.
- LOM’s book value as at 31st December 2023 was $7.66 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 G.S. Lines, Chairman & CEO.
