The Royal Canadian Mint’s numismatic sales increased to $26 million in the third quarter (Q3) of 2019 (compared to $24.5 million in 2018) “mainly due to custom silver product sales,” according to the Q3 financial report.
“The Mint continues to demonstrate its ability to remain agile while planning for a profitable future,” said Marie Lemay, Mint president and CEO.
Overall, consolidated profit was $9.5 million in Q3 (compared to $2.8 million in 2018). Canadian circulation coin production was 123 million pieces in Q3 (compared to 102 million in 2018).
Silver bullion volumes were 6.6 million ounces (compared to 4.7 million in 2018) while gold bullion volumes were 96,300 ounces (compared to 156,100 in 2018).
Foreign circulation revenue increased six per cent quarter over quarter with production and shipments “returning to more normal levels” at 350 million foreign coins and blanks (compared to 346 million in 2018).
Operating expenses increased $1.1 million to $22.2 million Q3 (compared to $21.1 million in 2018) while employee costs also increased owing to higher information-technology and consulting costs “primarily to support the repositioning of the numismatic business,” according to the Q3 report. Marketing distribution costs, meanwhile, were lower compared to 2018.
Cash and cash equivalents increased to $103.1 million as of Sept. 28 (compared to $66.4 million on Dec. 31, 2018). The Mint is expected to pay a dividend to Canada in the fourth quarter of this year from excess cash above what’s required to support the Crown corporation’s ongoing operations.