The Royal Canadian Mint’s first-quarter profits have remained consistent with the same period in 2021 as lower sales costs were met with reductions in revenue across both the precious metals and circulation businesses.
The results follow annual the Mint’s latest annual financial report, which highlighted last year’s record profits (“RCM reports ‘record year’ for profits in 2021,” CCN Vol. 60 #6, June 21, 2022). The first quarter of this year – for the 13 weeks ended April 2 – brought four per cent less revenue while profit remained at about $14 million.
“The results of the first quarter of 2022 demonstrate that we have built a strong foundation from which we are able to respond to the changing needs of our customers and take advantage of new opportunities,” said Mint Master Marie Lemay, the Crown corporation’s president and CEO since 2019. “We are confident that our long-term strategy gives us the resilience to continue to generate good value for Canada and Canadians.”
Numismatic revenue decreased by four per cent; Canadian circulation revenue increased by four per cent while the foreign business line decreased by 40 per cent; and precious metals revenue decreased by three per cent. Silver bullion volumes decreased by 11 per cent to 8.9 million ounces while gold bullion volumes increased by 12 per cent to 366,900 ounces.
To read the full report, visit mint.ca.