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Average profit spikes for B.C.’s top public firms

Revenue and asset holdings also increased for the largest publicly traded companies
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Things are starting to look up for B.C.’s largest public companies, with average net income increasing for the second year in a row after falling for three consecutive years leading up to 2020.

Average net income increased 280.3 per cent over the past year alone and 952.1 per cent over the past two years, skyrocketing to $209.6 million in 2021 from $19.9 million in 2019, according to data from BIV’s Top Public Companies list (pages 12, 14-15).

Average revenue also grew in 2021 but not nearly to the degree of average net income. Average revenue boasted its largest growth in at least five years, up 23.8 per cent to reach $1.24 billion in 2021 compared with $1 billion in 2020. Annual revenue had grown by 8.2 per cent in 2018 and by 1.5 per cent in 2019, but subsequently declined by 1.5 per cent in 2019.

Along with the revenue climb and net income spike, asset holdings of B.C.’s top 100 public companies also grew. After reporting a decline of 5.3 per cent in 2018, asset values have increased ever since. 

Average asset value had its largest growth in at least five years, up 12.4 per cent to reach $3.77 billion in 2021 compared with $3.36 billion in 2020. Between 2018 and 2020, annual asset growth was roughly a quarter of what it was in 2021, growing about four per cent each year.

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Median revenue followed a different trend. It declined 24.4 per cent to $176 million in 2021 compared with $232.8 million in 2020. This suggests that some outliers may have pulled the average revenue higher.

No. 25 Equinox Gold Corp. (TSX:EQX) had the largest movement up BIV’s list, jumping 73 spots from 98 in 2018. This jump was in part caused by its 6,653.9 per cent growth in revenue to reach $1.35 billion in 2021 compared with $20 million in 2017. That massive spike in revenue allowed the company to move from a $22.6 million net loss in 2017 to reach $695.6 million in net income in 2021. Its asset portfolio also grew 687.5 per cent to reach $5 billion in 2021 compared with $631.5 million in 2017. •