May 14, 2026
VM Investments Limited (VMIL)
Unaudited financials for the three months ended March 31, 2026:
VM Investments Limited (VMIL) for the three months ended March 31, 2026, reported a 17% increase in total operating revenue (Net interest income and other operating revenue) totaling $740.20 million compared to $633.69 million in the corresponding quarter last year. The performance reflected a turnaround from the prior-year quarter, when the Company posted a net loss, despite a subdued investment market influenced by the economic fallout from Hurricane Melissa in late 2025 and the escalation of conflict in the Middle East.
Interest income for the quarter amounted to $465.25 million (2025: $428.29 million), a 9% increase, while interest expense rose by 34% to $449.92 million (2025: $336.55 million). As a result, net interest income declined sharply by 83% to $15.33 million compared to $91.74 million for the corresponding quarter of 2025.
Fees and commissions for the period amounted to $247.59 million, a 4% decrease relative to $258.98 million reported in 2025. Gains from investment activities increased by 69% to $469.95 million (2025: $278.67 million), accounting for approximately 173.7% of the overall variance in total revenue, according to management. Other operating revenue (inclusive of fees, investment gains, dividend income and other income) closed at $724.87 million, a 34% increase from $541.95 million in the comparable prior-year period.
Total operating expenses declined by 9% to $662.66 million (2025: $727.81 million), driven primarily by a 23% reduction in other operating costs to $226.85 million (2025: $295.63 million) and a 32% reduction in impairment on financial assets to $61.24 million (2025: $90.16 million). These savings were partially offset by a 10% increase in staff costs to $374.57 million (2025: $342.02 million), reflecting inflationary wage adjustments.
Net operating income for the three months ended March 31, 2026, amounted to $77.53 million, compared to a net operating loss of $94.12 million reported in 2025. Share of profit in associates was $25.51 million (2025: $43.86 million), a 42% decrease.
Profit before income tax totalled $103.04 million, relative to a loss before tax of $50.26 million for the corresponding period last year. Income tax for the quarter amounted to a charge of $32.90 million (2025: credit of $17.74 million).
Net profit attributable to shareholders for the three months ended March 31, 2026, amounted to $70.14 million, a strong turnaround from the net loss of $32.53 million reported in 2025.
Consequently, Earnings Per Share for the quarter amounted to $0.05 (2025: LPS: $0.02). The twelve-month trailing EPS was $0.18, and the weighted-average number of ordinary shares used in these calculations was 1,500,025,000.
Notably, VMIL’s stock price closed at $1.61 on May 13, 2026, with a corresponding P/E ratio of 8.99x.
Balance Sheet Highlights
The Company’s assets totalled $40.34 billion (March 2025: $31.90 billion; December 2025: $35.06 billion), representing a 26% growth year over year and a 15% increase from the December 2025 audited position. The $5.28 billion increase in total assets versus December 2025 was driven primarily by increases to the following during the period: Investment securities (+$3.97 billion), Cash and cash equivalents (+$706.31 million) and Investment property (+$388.75 million, representing a new addition).
Equity attributable to owners of the Company was $2.62 billion (March 2025: $3.05 billion; December 2025: $3.10 billion), representing a book value per share of $1.75 (2025: $2.04).
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