The Crown Investments Corporation says Crown earnings were strong in 2020-21 despite the negative impacts of the pandemic resulting in an increase from the previous year. Consolidated earnings increased as a result of increases at SGI CANADA, mainly due to positive investment market returns as the market rebounded from lows in March 2020.
In 2020-21, the Crowns recorded net earnings of $585.4 million and provided $150 million to the General Revenue Fund. Saskatchewan’s Crown corporations invested $1.2 billion in utility systems, and to upgrade technology and enhance infrastructure in the province.
CIC, which is the holding company for the commercial Crown sector, says Crown earnings were challenged by: Responding to the economic impact of the pandemic; infrastructure renewal and expansion at SaskPower, SaskEnergy, and SaskTel; and increasing competition for SaskTel and SGI CANADA.
CIC says these challenges are ongoing and are expected to continue into 2021-22.
CIC says Saskatchewan’s Crown corporations delivered strong financial results while providing $639 million in programming and economic supports to help ease the impact of COVID-19 on Saskatchewan residents and businesses.
We are also told that Crown debt has slightly decreased as Crowns were able to pay down debt. Crowns have continued to invest in revenue earning infrastructure.
Capital investments of an average $1.5 billion annually are planned over the next five years.
