Crown Investments Corporation had net earnings of $578.3 million and contributed $152 million to Saskatchewan's General Revenue Fund in dividends, the CIC announced Thursday.CIC's 2023-24 annual report revealed the commercial Crowns made record levels of capital investment across the province and delivered some of the most affordable utility costs in Canada to families, communities, businesses and industry.Saskatchewan's crown corporations, many of which were founded by Premier Tommy Douglas and his Cooperative Commonwealth Federation after forming government in 1944, serve the province well today, said Crown Investments Corporation Minister Dustin Duncan.“Saskatchewan’s Crown corporations are key contributors to our province’s success, delivering quality services and finding innovative ways to enhance a high standard of living for Saskatchewan families,” Duncan said in a press release.“The sector’s accomplishments in 2023-24 helped Saskatchewan advance its Growth Plan goals to ensure our province continues to have a strong economy and bright future.”CIC dividends accounted for all but $30 million of the province's 182 million budgetary surplus.The Crown corporations invested a record $1.883 billion in infrastructure in 2023-24 to enhance cellular and fibre optic connectivity across Saskatchewan, advance the Great Plains and Aspen Power Station projects and support system expansions for natural gas distribution and non-potable water supplies. These projects will help meet the demand forecast due to the province's future growth and entice private-sector investments.The sector also delivered additional value for its customers and Saskatchewan communities, investing in indigenous education and employment opportunities, energy efficiency programs, initiatives for newcomers and individuals with housing insecurity, support for many non-profit organizations including the lifesaving work of STARS Air Ambulance, and more.The consolidated debt ratio of CIC sits at 63.7%, which the province calls a "healthy financial capacity." It has risen each year since 2020-21 when it sat at 59.5%. The consolidated return on equity was 9.2%.
Crown Investments Corporation had net earnings of $578.3 million and contributed $152 million to Saskatchewan's General Revenue Fund in dividends, the CIC announced Thursday.CIC's 2023-24 annual report revealed the commercial Crowns made record levels of capital investment across the province and delivered some of the most affordable utility costs in Canada to families, communities, businesses and industry.Saskatchewan's crown corporations, many of which were founded by Premier Tommy Douglas and his Cooperative Commonwealth Federation after forming government in 1944, serve the province well today, said Crown Investments Corporation Minister Dustin Duncan.“Saskatchewan’s Crown corporations are key contributors to our province’s success, delivering quality services and finding innovative ways to enhance a high standard of living for Saskatchewan families,” Duncan said in a press release.“The sector’s accomplishments in 2023-24 helped Saskatchewan advance its Growth Plan goals to ensure our province continues to have a strong economy and bright future.”CIC dividends accounted for all but $30 million of the province's 182 million budgetary surplus.The Crown corporations invested a record $1.883 billion in infrastructure in 2023-24 to enhance cellular and fibre optic connectivity across Saskatchewan, advance the Great Plains and Aspen Power Station projects and support system expansions for natural gas distribution and non-potable water supplies. These projects will help meet the demand forecast due to the province's future growth and entice private-sector investments.The sector also delivered additional value for its customers and Saskatchewan communities, investing in indigenous education and employment opportunities, energy efficiency programs, initiatives for newcomers and individuals with housing insecurity, support for many non-profit organizations including the lifesaving work of STARS Air Ambulance, and more.The consolidated debt ratio of CIC sits at 63.7%, which the province calls a "healthy financial capacity." It has risen each year since 2020-21 when it sat at 59.5%. The consolidated return on equity was 9.2%.
