June 18, 2025

LASCO Financial Services Limited (LASF)
Audited financials for the year ended March 31, 2026:

LASCO Financial Services Limited (LASF) for the year ended March 31, 2026, reported a marginal decrease in Income of 0.03% to $1.813 billion compared to $1.814 billion in the corresponding period last year.

Other operating income amounted to $360.58 million (2025: $338.84 million), representing an increase of 6.4% year over year. The growth was primarily driven by a significant increase in processing fees and commission income, which rose to $345.26 million from $237.16 million in the prior year. This was partially offset by a decline in interest income on securities to $11.42 million (2025: $30.63 million) and the absence of the one-off $64.87 million gain on derecognition of a right-of-use asset that was recorded in FY2025.

LASF highlighted, “The year delivered moderate performance amid the impact of Hurricane Melissa. While remittance volumes remained stable compared with the previous year, they did not fully recover to pre-outage levels of FY25. Gains in the first half of the year initially positioned the Company for recovery, but Q3 hurricane-related disruptions to agents and microcredit customers reversed some gains. Despite this, the Company supported recovery efforts, generated revenue through its payment services, and pursued new business opportunities expected to yield future returns.”

Admin & other expenses decreased by 0.5% to close at $1.200 billion (2025: $1.206 billion), while selling and promotional costs decreased by 5% from $782.30 million in 2025 to $743.40 million in the period under review. As a result, total operating expenses for the year ended March 31, 2026, amounted to $1.944 billion, a 2.2% decrease relative to $1.988 billion reported in 2025.

Profit from Operations for the year ended March 31, 2026, amounted to $209.39 million, a 32.7% increase relative to $157.78 million reported in 2025.

Finance Costs totalled $85.08 million, an 18.8% increase from the corresponding period last year (2025: $71.60 million), reflecting higher overdraft and loan interest charges as well as increased right-of-use asset interest expense following new lease additions during the year.

Profit Before Taxation for the year ended March 31, 2026, amounted to $124.31 million, a 44.3% increase relative to $86.17 million reported in 2025.

Taxation for the year ended March 31, 2026, amounted to $42.22 million (2025: $27.55 million), a 53.3% increase. As such, Net Profit for the year amounted to $82.09 million, a 40.1% increase from the $58.63 million reported in 2025.

Consequently, Earnings Per Share for the year amounted to 6.41 cents (2025: 4.58 cents). The number of shares used in these calculations was 1,280,227,725.

Notably, LASF’s stock price closed at $1.96 on June 17, 2026, with a corresponding trailing P/E ratio of approximately 30.6x.

Balance Sheet Highlights

The company’s total assets amounted to $4.200 billion (2025: $4.100 billion), a 2.4% increase year over year. The movement in total assets was primarily influenced by an increase of $183.10 million in receivables, driven by growth in the microfinance loan portfolio, with gross loans expanding to $1.425 billion from $1.242 billion. Cash and bank balances declined to $817.53 million from $852.23 million, while short-term deposits increased marginally to $285.64 million from $277.45 million.

Total liabilities increased marginally by 1.0% to $1.787 billion (2025: $1.769 billion). Long-term debt declined to $544.69 million from $625.27 million, reflecting scheduled repayments on the JMMB Bank and Development Bank of Jamaica loan facilities, partially offset by a new $100 million promissory note payable to Lasco Manufacturing Limited at a fixed rate of 7.5% per annum.

Shareholders’ equity increased to $2.413 billion (2025: $2.331 billion), representing a book value per share of $1.88 (2025: $1.82).

LASF noted, “Our capacity to adapt has been critical in navigating each challenge and positioning the Company for future growth. We believe that our focus in the areas of efficiency and innovation will drive increased market share, enable us to capitalize on emerging opportunities, and deliver value to our shareholders. This confidence is reinforced by the performance of LFSL, the standalone company, which recorded a net profit before taxation of $173.3 million, despite the adverse effects of the hurricane on both our operations and those of our stakeholders.”

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