Partnerships and Collaboration Produce Strong 2018-19 Crown Sector Results
Saskatchewan’s Crown sector posted another successful year in 2018-19. Working towards Crown sector and government priorities with a focus on partnerships and collaboration, the sector recorded earnings of just over half-a-billion dollars and provided a 25 per cent increase in dividends to the province.
“Across Canada, Saskatchewan’s Crown sector has no equal and these strong financial results are proof this model works,” Crown Investments Minister Joe Hargrave said. “The Crowns deliver not just financially, but also with excellent customer service, providing affordable and safe utilities, cost-effective insurance programs, support for innovative technology start-ups and first-class entertainment opportunities.”
In 2018-19, the Crowns recorded net earnings of $540.6 million, an increase of $37.6 million over the previous year. CIC delivered $256 million in dividends to the General Revenue Fund (GRF), an increase of $51 million over 2017-18.
Over the past five years, earnings of $1.9 billion were reported while providing $1.2 billion in dividends. Investment in capital renewal and expansion totalled $1.4 billion in 2018-19 with a further $1.7 billion investment forecast annually over the next five years to ensure Saskatchewan people have safe, reliable and affordable utilities and services.
The Crowns continue to contribute to the high quality of life in Saskatchewan. Collaboration efforts include participating in initiatives like the framework for Prairie Resilience: A Made-in-Saskatchewan Climate Change Strategy, ongoing implementation of the rural wireless initiative, exploring partnership opportunities with rural municipalities on water infrastructure projects, and working with Saskatchewan business to help develop a globally competitive private sector.
The 2018-19 annual reports for Crown Investments Corporation (CIC) and Saskatchewan Transportation Company (STC) are available online at www.cicorp.sk.ca. This is the final annual report for STC. The wind-up is complete with the company's dissolution on March 31, 2019.