Saskatchewan’s Crown corporations delivered strong financial results in 2019-2020 despite significant economic challenges.
The Crowns recorded a net income of $435.4 million, contributing $350 million to the province’s General Revenue Fund.
Crown Investments Corporation Minister Joe Hargrave says that, for the Crowns to show positive numbers in a year like this, shows just how strong the Crowns are.
“These results have been accomplished in a year with unprecedented challenges,” said Hargrave. “Not only did the Crown sector successfully navigate these obstacles, they are and will continue to be, part of the solution in Saskatchewan.”
He adds that Crown investment in capital renewal and expansion totaled $1.3 billion with a further $1.6 billion forecast annually over the next five years.
During the last sitting of the Legislature, the NDP accused the government of having a hidden agenda to try and sell off crowns, which the government denies.
Hargrave says that you need only look at this year’s success to see why selling them off would be a bad idea.
“It just shows the resilience of Saskatchewan people, and the Saskatchewan Crowns,” said Hargrave. “Crowns are strong. People in Saskatchewan, we love our Crowns, I love our Crowns. The Premier has been pretty clear on the fact that the Crowns are not for sale. I’ll be very clear; the Crowns are not for sale.”
Provincial Crowns adopted several practices during the pandemic to help customers deal with the financial impacts, including Sasktel waiving data overage charges, and adopting the Crown Utility Interest Waiver Program.
The 2019-20 Annual Reports for Crown Investments Corporation (CIC) are available online at www.cicorp.sk.ca.
