July 13, 2018

Crown Investments Corporation Tables 2017-18 Annual Report with Consolidated Crown Results and STC 2017-18 Annual Report

Saskatchewan’s Crown corporations posted solid financial results in 2017-18.  The Crown sector recorded net earnings of $503 million for the fiscal year ended March 31, 2018, an increase of $104 million from the previous year.

“Crown profitability was challenged through increased competition, environmental regulations, economic fluctuations, and the need for infrastructure investment,” Crown Investments Corporation Minister Joe Hargrave said.  “The sector met those challenges, and remains dedicated to providing safe and affordable utilities, excellent customer service, and technological advancements to Saskatchewan people, now and in the years ahead.”

Crown Investments Corporation delivered $205 million in dividends to the General Revenue Fund (GRF) in 2017-18 on behalf of the Crown sector, surpassing the budgeted goal of $180 million.  Over the past five years, the sector has contributed $1.3 billion in dividends to the GRF.

The Crowns continued to address infrastructure renewal and improvement in 2017-18, investing $1.6 billion in capital projects, and have forecast an average $1.4 billion per year over the next five years to meet the province’s demand for safety, growth and renewal.

The Saskatchewan Transportation Company (STC) also tabled its 2017-18 annual report.  The report reflects the final period of vehicular operations and the results of wind-up activities for the period ended March 31, 2018.

Total net proceeds from the sale of vehicles, equipment, land and buildings up to March 31, 2018 were $27.6 million, resulting in a dividend payment of $22 million.  Negotiations on one final property sale are ongoing.  The balance of net proceeds will be provided as a dividend upon dissolution.

“With the wind-up of STC nearing completion, we are confident that the government and taxpayers of Saskatchewan have received the best value possible from the sale process,” Hargrave said.

The 2017-18 Crown Investments Corporation Annual Report is available online at www.cicorp.sk.ca.  The 2017-18 Saskatchewan Transportation Company Annual Report is available online at www.stcbus.com.