On August 20, the Mint published a financial report for the second quarter of this year.
Here is what Mary Limay, president and chief executive officer of the enterprise, said about the report: "We recorded a high amount of profit and revenue, which indicates fidelity to the long-term strategy of the mint. This strategy allows us to better respond to different economic conditions and customer needs, benefiting from any opportunities. The professionalism and dedication of our employees in the implementation of the new Mint strategy allows us to focus our talents and resources in those areas of our activities that are most important for our customers and our shareholder. "
All amounts listed below are in Canadian dollars unless otherwise specified.
Financial and operational indicators
The figures for the second quarter of 2021 are the result of the mint functioning at full capacity, unlike the same period last year with a modified schedule and working conditions due to the pandemic.
The mint in the second quarter of 2021 increased revenue by 80%, and consolidated profit before tax amounted to $25.2 million (in 2020 - $1.7 million). The company recorded an increase in revenues due to sales of investment products and exchange currency. The growth is mainly due to an increase in sales of precious metals products, due to which there was a proportional increase in income and cost of sales. Net profit grew by 2.3% year on year, mainly due to high sales of numismatic products and exchange coins for other countries. The indicator of consolidated income increased to $953.5 million in 2021 (in 2020 - $529.5 million).
Revenue from sales of precious metals products increased to $905.5 million in 2021 (in 2020 - $500.4 million).
Sales of gold investment products increased by more than 128% in quarterly terms, reaching 448.7 thousand ounces (in 2020 - 196.5 million ounces), and silver products - by 24% and amounted to 9 million ounces (in 2020 - 7.2 million ounces).
Sales of numismatic products increased to $24.8 million in 2021 (in 2020 - $12.2 million) as a result of an increase in sales of gold products this year and a temporary suspension of their production in 2020 due to the coronavirus pandemic.
The volume of exchange currency production increased to 48.1 million ounces in 2021 (in 2020 - 29.1 million ounces).
The indicator of income from the sale of foreign exchange currency increased by 209% compared to the second quarter of 2020:298 million coins and blanks for other states were produced and transported compared to 192 million ounces in the second quarter of 2020.
The indicator of income from the production of Canadian exchange coins remained at almost the same level as last year. Exchange coins were sold to the Ministry of Finance for a reserve of 121 million copies for the quarter (in 2020 - 2 million copies).
In general, the volume of operating expenses increased by 12% compared to the second quarter of 2020, reaching 26.2 million ounces (in 2020 - 23.5 million ounces) mainly due to the planned costs of training staff in connection with the implementation of Mint initiatives to transform the business structure. The volume of cash and cash equivalents increased to $84.6 million (as of December 31, 2020 - $67.3 million).