LOM 2023 Annual Report - Report - Page 7
Scott Lines, Chairman & CEO
Revenues had the following year-on-year changes:
• Management and advisory fee revenues rose 29% to $7.164 million (29% of revenues).
• Broking fees rose 17 % to $7.506 million (31% of revenues).
• Net interest earnings fell 33% to $553,135 (2.3% of revenues).
• Foreign Exchange revenues rose 30% to $752,874 (3% of revenues).
• Gains on securities held in inventory showed a profit $7.141 million.
• Total revenues rose 39% to $24,493,484.
Costs for the group had the following year-on-year changes:
• Employee compensation costs rose 8% to $4.65 million.
• Commission and referral fees rose 28% to $5.7 million.
• Total operating costs rose 17% to $15.01 million.
On other financial measures:
• LOM’s assets under administration were $1.62 billion as of 31st December 2021 as compared to $1.27
billion at the end of 2020.
• LOM’s fully diluted net income per common share was $1.83.
• LOM’s net equity is $33.5 million.
• LOM had a net return on equity of 28.2% in 2021.
• LOM held cash and equivalents at year-end of $18.3 million, representing 55% of shareholder equity.
• LOM’s book value as at 31st December 2021 was $6.50 per share.
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