The Royal Canadian Mint reported consolidated profits of $4.8 million for the second quarter (Q2) of 2019 – down from $5.9 million in the same period last year – in its latest financial report.
Specifically, the Crown corporation reported an increase in consolidated revenue to $278.4 million – up from $260.7 million in Q2 2018 – “as improved silver bullion global market demand led to higher bullion volumes,” according to the Mint’s report.
Silver volumes increased to 4.3 million ounces – up from 3.3 million in Q2 last year – while gold volumes were 84,600 ounces, down from 99,000 in the same period in 2018.
Sales of numismatic products, meanwhile, are ahead of 2018 “mainly due to custom silver product sales having increased to $32 million,” according to the Mint’s report, which listed last year’s Q2 custom silver sales at $28.8 million.
“I am encouraged by the solid results of all of the Mint’s businesses,” said President and CEO Marie Lemay. “From negotiating a successful joint coin program with the United States Mint, to efficiently meeting higher silver bullion demand in Europe and North America, the Mint continues to demonstrate its ability to seize opportunities that build sustainability and create value for Canadians.”
The Mint also announced it appointed Tom Froggatt as its first chief commercial officer. As part of the Crown corporation’s review of its numismatic strategy, Froggatt took over the merged positions of vice president of both marketing and sales beginning Aug. 12.