The Royal Canadian Mint has found early success with its new corporate strategy, according to the Crown corporation’s third-quarter (Q3) 2021 report.
“The Mint continues to demonstrate that its business strategy and operations are aligning well with the needs of its customers and building a strong foundation for the future,” said Mintmaster Marie Lemay, who has served as the Mint’s president and CEO since 2018. “The work of our teams in implementing our customer-centric strategy and delivering operational efficiencies with a clear focus on our precious metal and circulation businesses has been instrumental to our healthy results.”
The Mint’s profit before income tax and other items for the 13 and 39 weeks ended Oct. 2 increased $8.3 million and $51.2 million, respectively, compared to the same periods in 2020.
The Q3 report shows “tangible results of the success of the new strategy and the impact of returning to full production capacity compared to modified production in the first 26 weeks of 2020 due to the pandemic,” according to a statement issued by the Mint in November.
The quarterly profit increase was primarily driven by higher revenue from the foreign circulation business, which jumped 139 per cent in Q3 due to higher volumes.
The Mint also reported a 46 per cent revenue increase year to date in its precious metal businesses owing to the continued global market demand for gold and silver bullion products and the “increased focus” on gold numismatic products.
To read the full Q3 report, visit bit.ly/3nKgYoh.