Released on April 27, 2006
Saskatchewan's Crown corporation sector recorded strong revenue and profits in 2005, while continuing to provide Saskatchewan residents with safe, reliable services and the lowest-cost bundle of basic utility rates in the country.The results were made public today when the 2005 Annual Report for Crown Investments Corporation of Saskatchewan (CIC) was tabled in the Legislative Assembly. CIC is the financial holding company for Saskatchewan's commercial Crown corporations and publicly owned investments.
"CIC and its subsidiaries had consolidated earnings of $306.7 million on revenue of $4.3 billion in 2005," CIC Minister Maynard Sonntag said. "These strong financial results allowed the Crown sector to pay a dividend of $221 million to the province's General Revenue Fund (GRF) to support such things as health care, education, infrastructure and agriculture.
"This is a significant contribution to programs and services that are priorities for Saskatchewan people. Since 1995 the Crown sector has provided more than $2.3 billion to the GRF in dividends and equity repayments."
Government introduced the Saskatchewan Energy Share in 2005 to provide relief from sharply rising home heating costs and to encourage greater energy conservation. Subsidization of natural gas rates for November and December helped government meet its commitment to provide Saskatchewan families with the lowest-cost bundle of basic residential utility rates in Canada.
"We are very pleased that we were again able to keep this important commitment to Saskatchewan families," Sonntag said. "In 2004 we met the commitment by providing a utility rebate to all households. In 2005 the Saskatchewan Energy Share and good management of electricity, natural gas, phone and auto insurance rates by the four major Crowns combined to provide us with the lowest overall bundle cost in the country."
In 2005, government also kept its commitment to encourage the development and growth of entrepreneurship and small businesses in the province. CIC played a leading role in establishing the Entrepreneurial Foundation of Saskatchewan and the Saskatchewan Entrepreneurial Fund. The Foundation will provide business advice, mentorship and support services, while the Fund will provide financing of up to $1 million for each approved project.
CIC also announced several programs aimed at hiring more young people, and more First Nations and Métis people, in Saskatchewan's Crown corporations. Gradworks is one of the programs which is already proving to be successful. The Crowns have provided 100 internships for recent post-secondary graduates, and close to half of those interns have found permanent jobs in the Crowns or with other companies.
"We are very proud of the early success of Gradworks and the other programs under this initiative," Sonntag said. "We are providing our young people, and our First Nations and Métis people, with career opportunities that will ensure a bright future for them right here at home."
CIC's 2005 Annual Report is available online at www.cicorp.sk.ca.
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For More Information, Contact:
| Karen Schmidt CIC Regina Phone: (306) 787-5889 |