Profit more than doubles for VMIL in 2024
Revenue for VM Investments Limited (VMIL) climbed by 33.14 per cent to $2.51 billion in 2024, a performance which management credits to diversified revenue streams. The company recorded net profit of $532.24 million, up from $198.84 million reported in 2023.
VMIL, based in Kingston, Jamaica, is an investment and financing company with operations managed by VM Wealth Management. It is a member of the VM Financial Group.
For the year ended December 31, 2024, total interest income rose by 1.44 per cent to $1.72 billion, driven by an 8.87 per cent increase in interest earned on loans, which offset a decline in investment income.
Net interest income increased 124.65 per cent to $107.43 million due to a combination of higher interest revenue and strategic management of interest expenses.
Other operating revenue grew by 30.75 per cent to $2.40 billion, driven by a rise in gains from investment activities - up from $866.34 million to $1.42 billion - as well as increases in dividend and other income.
Staff expenses increased to $1.11 billion and other operating costs rose to $1.06 billion, but this was offset by a higher share of profit from associates and an income tax credit of $133.32 million.
Total assets increased to $30.39 billion from $29.51 billion in 2023. This was driven by a rise in investment securities to $19.34 billion and higher accounts receivable.
On the liabilities side, borrowings decreased to $7.07 billion but accounts payable increased, particularly customer liabilities, which was due primarily to the VMIL bond IPO.
VMIL launched a J$5.43 billion public bond offering, which closed on January 10, 2025. The offering generated interest from investors and was oversubscribed by $1.2 billion.
Photo: Rezworth Burchenson, CEO, VMIL
Caribbean Money Daily
Caribbeanmoney.blogspot.com
Follow us for breaking news
Email austanny@yahoo.com
Contact: austanny@yahoo.com/1-876-727-3818
For the year ended December 31, 2024, total interest income rose by 1.44 per cent to $1.72 billion, driven by an 8.87 per cent increase in interest earned on loans, which offset a decline in investment income.
Net interest income increased 124.65 per cent to $107.43 million due to a combination of higher interest revenue and strategic management of interest expenses.
Other operating revenue grew by 30.75 per cent to $2.40 billion, driven by a rise in gains from investment activities - up from $866.34 million to $1.42 billion - as well as increases in dividend and other income.
Staff expenses increased to $1.11 billion and other operating costs rose to $1.06 billion, but this was offset by a higher share of profit from associates and an income tax credit of $133.32 million.
Total assets increased to $30.39 billion from $29.51 billion in 2023. This was driven by a rise in investment securities to $19.34 billion and higher accounts receivable.
On the liabilities side, borrowings decreased to $7.07 billion but accounts payable increased, particularly customer liabilities, which was due primarily to the VMIL bond IPO.
VMIL launched a J$5.43 billion public bond offering, which closed on January 10, 2025. The offering generated interest from investors and was oversubscribed by $1.2 billion.
Photo: Rezworth Burchenson, CEO, VMIL
Caribbean Money Daily
Caribbeanmoney.blogspot.com
Follow us for breaking news
Email austanny@yahoo.com
Contact: austanny@yahoo.com/1-876-727-3818
.JPG)
Comments
Post a Comment