LOM Financial Limited have declared net earnings of more than $8 million for the six months ending June 30, on gross revenues of nearly $15 million.

It is a substantial improvement over the same period last year when the company made just over a million dollars on gross revenues of nearly seven and a half-million dollars in the same period.

Net trading gains on securities owned jumped from $111,035 by the end of the 2020 six month period to $6,485,739 for the corresponding 2021 reporting period.

Total shareholders’ equity stood at $32,129,977 at the end of June, up from $21,117,056 at June 30 last year.

LOM’s assets under administration were $1.70 billion as of June 30, as compared to $1.27 billion in assets at December 31 2020. The company has net equity of $32.1 million as of 30 June 2021.

LOM holds cash and equivalents of $16.3 million, representing 51% of net equity.

In a letter to shareholders, CEO Scott Lines stated: “During the first half of the year the group had an extraordinary gain on an investment it made last year, which has substantially increased our net earnings. A large part of this investment was sold during the period.

“For the first half of 2021, LOM’s group profit rose 682% year-on-year to $8,052,398 or $1.55 per share fully diluted, as compared to a profit of $1,028,685, or $0.19 per share, for the same period in 2020. If we exclude the extraordinary gains on securities, our profit rose 70% to $1,566,659.

“Gross revenues (excluding net trading gains) rose 15% and had the following yearon-year changes:

“Management and advisory fee revenues rose 26% to $3.36 million (39% of revenues). Broking fee income rose 11% to $3.78 million (44% of revenues). Revenues from corporate finance activity were $38,814. Foreign Exchange Income rose 68% to $479,300 (5.6% of revenues).”

The Board has given approval for LOM to continue to buy back shares for cancellation for a total not to exceed 500,000 shares. Over the first half of 2021, the Company purchased for cancellation 40,000 shares at an average price of $3.18. As at the end of June 2021 the Company had 5,163,698 shares issued and outstanding.

The current share price on the Bermuda Stock Exchange is $3.75, and current market capitalisation is $19.4 million. As of June 30 2021, LOM's book value was $6.22 per share.