LOM Financial Limited has posted a strong financial performance for 2024, with full-year profits rising to $4.76 million, or $0.97 per share, compared with $4 million, or $0.80 per share, in 2023.

Revenue growth in both the asset management and broking divisions, alongside gains on securities held, drove the increase. However, rising costs — particularly in employee compensation and commissions — partially offset these gains.

Underlying operating profits, excluding extraordinary gains and losses, rose 11 per cent year-on-year to $3.9 million, up from $3.5 million in 2023.

Management fee revenues increased 17 per cent to $8.89 million, making up 40 per cent of total revenues.

Broking fees grew 18 per cent to $6.71 million, representing 30 per cent of revenues. Meanwhile, net interest earnings declined 6 per cent to $3.84 million, accounting for 17 per cent of revenues. Foreign exchange revenues surged 22 per cent to $529,287, while gains on securities held in inventory contributed $696,736. Overall, total revenues rose 16 per cent to $22.22 million.

Operating costs also saw an increase, with employee compensation costs rising 14 per cent to $5.88 million. Commission and referral fees climbed 20 per cent to $6.06 million, contributing to a 16 per cent rise in total operating costs, which reached $17.45 million.

As of December 31, LOM’s assets under administration stood at $1.8 billion, up from $1.5 billion at the end of 2023. Fully diluted net income per share was recorded at $0.97, while net equity totalled $42.16 million.

The company achieved a net return on equity of 12 per cent, with cash and equivalents at year-end amounting to $22.69 million, representing 54 per cent of total equity. LOM’s book value per share stood at $8.59.