While many businesses reported dramatic declines in revenue in the second quarter (Q2) of this year, the Royal Canadian Mint managed to turn a profit.
Despite reporting lower revenue for its numismatic, Canadian circulation and foreign circulation businesses, the Mint saw a 137 per cent increase in revenue for bullion products and services during Q2.
“Over the last several months, the Mint has continued to respond to unprecedented global bullion market conditions resulting in exceptional financial results from our bullion products and services business,” said Mintmaster Marie Lemay, president and CEO of the Crown corporation.
While last year’s Q2 revenue hit $278.4 billion, this quarter’s results – $529.5 billion – saw a 90 per cent increase.
Compared to the same period in 2019, numismatic sales dropped by $19.8 million (62 per cent) in Q2 “due mainly to the modified production as a result of COVID-19 and a planned smaller, more resonant product portfolio in 2020,” according to an Aug. 20 statement from the Mint.
Twelve million pieces of Canadian circulation coins were sold to the Department of Finance in Q2 (down from 114 million pieces in 2019) while foreign circulation revenue decreased 41 per cent, quarter over quarter, with the production and shipment of 192 million foreign coins (compared to 286 million coins in 2019).
Gold volumes reached 196,500 ounces (compared to 84,600 in 2019) while silver volumes hit 7.2 million ounces (up from 4.3 million in 2019).
Lastly, overall operating expenses decreased three per cent, quarter over quarter, to $23.5 million.
To read the full Q2 report, visit bit.ly/2YPLtw9.