Released on July 10, 2020
Saskatchewan’s Crown sector delivered strong financial results in 2019-20 despite significant challenges.
The sector continued to provide excellent customer service, high-quality products and services, and improved infrastructure during a year that included volatile markets affecting investment returns, reduced customer demand due to low commodity prices, and an economic shut down as a result of the COVID-19 pandemic.
“The Crown sector met the challenges of 2019-20 and still returned $350 million to the General Revenue Fund in 2019-20,” Crown Investments Corporation Minister Joe Hargrave said. “Crown corporations have consistently provided safe, reliable and affordable utilities to the people of Saskatchewan, and are up to the challenge for years to come.”
In 2019-20, the Crowns recorded net earnings of $435.4 million. Crown investment in capital renewal and expansion totaled $1.3 billion with a further $1.6 billion forecast annually over the next five years. Continued capital investments will contribute to re-opening Saskatchewan and help stimulate the province’s economic recovery.
The Crown sector provided support to Saskatchewan people with their pandemic challenges as well. To help customers weather the financial impact of COVID-19, support initiatives were implemented by a number of Crowns for customers, as well as providing support for community charitable organizations.
The Crown Utility Interest Waiver Program, providing a payment deferral/interest waiver program and repayment plan; no data overage charges for people who were working, schooling, and entertaining children from home during the shut-down; and deferral of fees were provided.
The 2019-20 Annual Reports for Crown Investments Corporation (CIC) are available online at www.cicorp.sk.ca.
For more information, contact:
Crown Investments Corporation