Despite the challenges of the pandemic, Saskatchewan’s Crown corporations were still able to report positive financial results, while also providing $639 million in programming and economic supports.
In 2020-21, the Crowns recorded net earnings of $585.4 million and provided $150 million to the General Revenue Fund.
Additionally, Saskatchewan's Crown corporations invested $1.2 billion in upgrading technology and infrastructure.
Pandemic supports included $285 million for Auto Fund Rebates, $262 million for a 10 per cent rebate on SaskPower bills, $74 million in deferred payments through the Crown Utility Interest Waiver Program, $8.4 million in oilfield relief through SaskPower, and $8.7 million for SaskTel credits and waived data overage charges.
"While the financial results of the Crown sector are important, equally as important are the economic and social initiatives and programs the Crowns provide," Crown Investments Corporation Minister Don Morgan said. "To help residents and businesses cope through the pandemic, the Crowns implemented programs that included a utility interest waiver and deferral program and waived numerous fees and charges for residents such as data overage charges to support remote work and learning."
Some highlights include:
- SaskPower reported net earnings of $160.2 million, a decrease of $45.6 million from the previous year.
- SaskTel’s earning were $130.8 million, up $11 million from the 2019-20.
- SaskEnergy’s earnings were $58.5 million, a drop of $7.6 million from the previous year.
- SaskWater’s had earnings of $8.3 million, compared to $8.4 the year before.
- SGI reported net earnings of $172.1 million, compared to $49.9 million the previous year.
- SaskGaming had a net loss of $13.4 million, compared to $20.1 million in earnings in 2019-20.
The 2020-21 Annual Reports for Crown Investments Corporation (CIC) are available online at www.cicorp.sk.ca.
