LOM Financial Limited Releases 2024 Results
LOM Financial Limited reported full year 2024 profits of $4,762,896 or $0.97 per share, versus our 2023 profits of $4,004,601 or $0.80 per share.
The full filing stated, “This increase in profits over the year is the result of revenue gains in both our asset management and broking divisions. Additionally, we have had the benefit of some unusual gains, predominately a gain on securities held. However, costs are higher across most of our major expense areas, with the biggest increases coming from higher commission and employee compensation costs, partially as a result of increased staffing in our Cayman operation. Outside of the extraordinary gains and losses, our underlying operating profits between 2023 and 2024 rose 11% year-on-year from $3,517,791 to $3,905,296.
“Below are the highlights of LOM’s financial performance during 2024.
“Revenues had the following year-on-year changes:
- Management fee revenues grew 17% to $8.89 million [40% of revenues].
- Broking fees rose 18% to $6.71 million [30% of revenues].
- Net interest earnings fell 6% to $3.84 million [17% of revenues].
- Foreign Exchange revenues rose 22% to $529,287.
- Gains on securities held in inventory showed a profit of $696,736.
- Total revenues rose 16% to $22.22 million.
“Costs for the group had the following year-on-year changes:
- Employee compensation costs rose 14% to $5.88 million.
- Commission and referral fees rose 20% to $6.06 million.
- Total operating costs rose 16% to $17.45 million.
“On other financial measures:
- LOM’s assets under administration were $1.8 billion as of 31st December 2024, as compared to $1.5 billion at the end of 2023.
- LOM’s fully diluted net income per common share was $0.97.
- LOM has net equity of $42.16 million.
- LOM had a net return on equity of 12% in 2024.
- LOM held cash and equivalents at year-end of $22.69 million, representing 54% of total equity.
- LOM’s book value as of 31st December 2024 was $8.59 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.
