LOM declares nearly $1.9m profit for 2022
LOM, the international financial services company, has reported full-year 2022 profits of $1,883,951, or $0.37 per share.
This decrease from the more than $9.5 million profit declared in 2021 is because of the extraordinary $7.1 million gain on securities in the 2021 financial year not being repeated, the company said in a statement.
In a filing with the Bermuda Stock Exchange, a company statement from chairman and chief executive Scott Lines also noted a significant drop in total revenues and assets under administration.
The statement said: “Outside of the extraordinary gain and losses in both years, our underlying operating profits between 2021 and 2022 rose 7 per cent 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.”
LOM’s 2022 financial performance included year-on-year changes in revenues:
• Management and advisory fee revenues were flat at $7.114 million (39 per cent of revenues)
• Broking fees rose 10 per cent to $8.2 million (45 per cent of revenues)
• Net interest earnings rose 202 per cent to $1.673 million (9 per cent of revenues)
• Foreign exchange revenues fell 30 per cent to $523,371
• Gain on securities held in inventory showed a loss of $598,664
• Total revenues fell 25 per cent to $18,281,932
Costs for the group had the following year-on-year changes:
• Employee compensation costs rose 3.6 per cent to $4.814 million
• Commission and referral fees rose 2 per cent to $5.828 million
• Total operating costs rose 9 per cent to $16.352 million
On other financial measures:
• LOM’s assets under administration were $1.25 billion as of December 31, 2022 compared with $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 per cent in 2022.
•LOM held cash and equivalents at year-end of $15.787 million, representing 46 per cent of shareholder equity.
•LOM's book value as at December 31, 2022 was $6.86 per share
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