The LOM Financial Group, the publicly-held international financial services company, has more than doubled its annual profit.

LOM reported a 2023 profit of $4,000,600 or $0.80 per share, versus the 2022 profit of $1,883,951 or $0.37 per share.

The company said the increase to the bottom line was partially driven by higher interest earnings over the year.

A statement from Scott Lines, chairman and chief executive officer, said: “Our underlying operating profits between 2022 and 2023 rose 46 per cent year-on-year from $2,425,292 to $3,532,226.”

The company benefited from lower costs and higher revenues. Total revenues rose 4.6 per cent to $19,130,148.

Management and advisory fees, which are 40 per cent of revenues, grew 8 per cent to $7.690 million.

Broking fees, which represent 30 per cent of revenues, fell 31 per cent to $5.678 million.

Net interest earnings rose 145 per cent to $4.105 million to represent 21 per cent of revenues. Foreign Exchange revenues fell 17 per cent to $432,149.

Gain on securities held in inventory showed a small loss of $5,290.

Costs for the group included a 7 per cent rise in employee compensation costs to $5.149 million.

Commission and referral fees fell 13 per cent to $5.057 million. Total operating costs fell 7.9 per cent to $15.067 million.

LOM’s assets under administration rose to $1.5 billion as of December 31, compared to $1.25 billion at the end of 2022.

The company said it’s fully diluted net income per common share was $0.80 and the firm is in a strong financial position with net equity of $37.882 million.

There was a net return on equity of 11 per cent in 2023.

LOM held cash and equivalents at year-end of $20.384 million, representing 54 per cent of shareholder equity. Book value at year’s end was $7.66 per share.