Media Releases


CROWN CORPORATIONS PERFORMING WELL

September 10, 2002

The financial performance of Saskatchewan’s Crown corporations returned to normal levels in the first half of 2002 following a difficult year in 2001. Results to the end of June were released today in the Crown Investments Corporation Semi-Annual Report.

“Our publicly-owned utility corporations had a strong financial performance in the first half of this year while continuing to provide good service throughout Saskatchewan at rates that are among the lowest in Canada,” Crown Investments Corporation Minister Maynard Sonntag said. “CIC is on target to provide a dividend of $300 million to the General Revenue Fund for 2002. That is $300 million that we would not have for services like health and education if the Crowns were privatized and dividends went outside the province.”

Revenues and earnings were up substantially from the first half of 2001:

  • Earnings were up over $200 million, from $38.5 million to $241.4 million. The increase was accounted for by a gain on the sale of Cameco shares and improved Crown performance, particularly at SaskPower.
  • Revenues rose by more than $26 million from $1,726.2 million to $1,752.4 million.
  • An equity repayment of $181.3 million was made to the General Revenue Fund with proceeds from the sale of Cameco shares.

“The public enterprise sector is an important part of our province’s economy,” Sonntag said. “Our Crowns employ over 9000 people and support 12,000 Saskatchewan businesses through their policies of buying goods and services from local suppliers. I am confident that Crowns will continue to contribute to the growth of our province in the remainder of 2002 and for many years to come.”

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For more information, contact:

Ted Boyle
Crown Investments Corporation
Regina
Phone: (306) 787-9039