The provincial government says Saskatchewan’s Crown sector saw another strong fiscal year.
The CIC saw net earnings of $540.6-million, an increase of $37.6-million from last year, and provided a 25 percent increase of dividends to the government.
“Across Canada, Saskatchewan’s Crown sector has no equal and these strong financial results are proof this model works,” Crown Investments Minister Joe Hargrave said in a news release. “The Crowns deliver not just financially, but also with excellent customer service, providing affordable and safe utilities, cost-effective insurance programs, support for innovative technology start-ups and first-class entertainment opportunities,” Hargrave also said.
Over the past five years, earnings of $1.9-billion were reported while providing $1.2-billion in dividends.
Investment in capital renewal and expansion totaled $1.4-billion in 2018-19 with a further $1.7-billion investment forecast annually over the next five years, the province says this is to ensure Saskatchewan people have safe, reliable and affordable utilities and services.
This is also the final annual report for STC. The wind-up is complete with the company’s dissolution on March 31, 2019.
The 2018-19 annual reports for Crown Investments Corporation (CIC) and Saskatchewan Transportation Company (STC) are available online at www.cicorp.sk.ca.
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