Released on July 21, 2016
Saskatchewan’s Crown corporations had consolidated net earnings of $342 million for the fifteen months ended March 31, 2016, up by $179 million from 2014.Crown Investments Corporation’s (CIC) 2015-16 Annual Report identifies an increased customer base, efficiency measures undertaken by Crown corporations and an additional three months of earnings as factors contributing to the increased net earnings in 2015-16.
“Weather, commodity prices, and infrastructure renewal are all factors that affect the Crowns and their profitability,” Crown Investments Minister Don McMorris said. “The Crowns were successful in managing these factors during 2015-16 while continuing to provide excellent customer service.”
CIC paid a $297 million dividend to the General Revenue Fund in 2015-16.
During 2015-16, $1.8 billion was spent on capital projects. A significant level of capital spending will continue into 2016-17 in order to meet the demands of growth and infrastructure renewal in the province.
“With strong leadership and a focus on strategic priorities, efficiency and collaboration, the Crown corporations will remain competitive and help build and maintain a strong Saskatchewan,” McMorris said.
The 2015-16 annual report includes the fifteen month period ending March 31, 2016. Future reports will see a return to the twelve month reporting period. The fiscal year end was changed to March 31 in order to align the Crown corporations with Executive Government planning and reporting.
The 2015-16 CIC Annual Report is available online at www.cicorp.sk.ca.
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For more information, contact:
Cole Goertz
Crown Investments Corporation
Regina
Phone: 306-787-5889
Email: cgoertz@cicorp.sk.ca