SaskTel net income hits $119.8 million for 2019-20

All those SaskTel phone, internet and television bills you paid over the last year has led to some very good news for the crown corporation.

SaskTel released their financial information on Wednesday, recording a net income of $119.8 million over the 2019-20 fiscal year, revenue growth of $5.8 million and operating revenues of $1.28 billion.

That revenue largely came through their wireless network services and equipment revenue (44.9 per cent), maxTV service, internet and data (29.4 per cent), and local access, enhanced services, and long distance (15.2 per cent).

“SaskTel’s strategic priorities place their customers at the centre of everything they do with a goal of making it easier for customers to do business with the company and for employees to serve customers,” Minister Responsible for SaskTel Don Morgan said. “Throughout the year, SaskTel invested approximately $263 million in capital improvements across the province to continue to prepare its networks for future demand and to deliver a quality user experience for the people of Saskatchewan.”

The windfall saw SaskTel pay dividends of $107.2 million to the Crown Investment Corporation, an increase of $9.1 million from last year and increasing the total dividend payout the last five years to $373.4 million.

With things as positive as they are, SaskTel continues to make improvements to its internet bandwith and network infrastructure. That includes investing $262.9 million to improve coverage, capacity, reliability, and speed of its networks. A total of $228.4 million was spent on property and equipment, including wireless networks, Access Demand, and other network improvements while the remaining $34.5 million (2018-19 – $28.9 million) was spent on assets such as customer self-serve systems, accounting reporting systems and the wireless spectrum.

That’s all led to a wireline network that offers internet services in 459 communities, with 319 of those having speeds of 50 Mbps or faster. SaskTel has also expanded it’s fibre network, connecting 16,000 customers to its infiNET service, a 57 per cent increase over the original target for the past year.

“As we enter a new decade, we find ourselves on the cusp of monumental change in our industry as digital, web-based, and emerging technologies continue to reshape the way we operate and interact with our customers, vendors and other partners,” SaskTel President and CEO Doug Burnett said.

“We recognize that we must evolve our business to support customers’ shifting expectations and to continue providing exceptional service in a digital world. Digital transformation continues to be the main driver reshaping customer and employee experiences across our business.”

The corporation also continued its philanthropic ventures, contributing $2,850,827 to 957 non-profit and charitable organizations, community associations, venues, events, and partnerships in more than 233 communities. The SaskTel Pioneers contributed $206,273 in financial donations, $983,700 in-kind donations, and more than 42,000 hours. SaskTel employees raised over $165,000 through SaskTel TelCare and along with SaskTel’s commitment to match 50 per cent of each donation, the total reached nearly $248,000.