Released on July 21, 2017
Saskatchewan’s Crown corporations once again posted successful results in 2016-17, despite the fiscal and market challenges that faced Saskatchewan.The Crown sector recorded net earnings of $399 million for the fiscal year ending March 31, 2017, an increase of $225 million from the twelve month period ending March 31, 2016.
“Increased competitive pressures, environmental impacts, fluctuating resource markets, and demands for infrastructure renewal impact the Crowns and challenge their profitability,” Crown Investments Minister Joe Hargrave said. “The Crown sector successfully managed these challenges in 2016-17 through strong fiscal management and meeting them head on.”
Crown Investments Corporation, on behalf of the Crown sector, paid a $219 million dividend to the General Revenue Fund (GRF) in 2016-17, surpassing the budgeted goal of $204 million. Over the past five years, the sector has contributed $1.4 billion in dividends to the GRF. During 2016-17, the Crowns invested $1.4 billion in capital projects. A significant level of capital spending will continue in the coming years, averaging $1.9 billion per year, to meet the needs of infrastructure renewal and the demands for growth in the province.
“The Crowns are dedicated to keeping Saskatchewan strong by contributing to the province’s efforts to return to a balanced budget,” Hargrave said. “They will meet these challenges by continuing to provide excellent customer products and services, technological and environmental innovation, and strong leadership. The sector is entering an era of transformational change that will strengthen their efforts to remain competitive.”
The 2016-17 Crown Investments Corporation Annual Report is available online at www.cicorp.sk.ca.
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For more information, contact:
Joanne Johnson
Crown Investments Corporation
Regina
Phone: 306-787-5889
Email: jjohnson@cicorp.sk.ca
Cell: 306-533-5519