May 24, 2018 – The Royal Canadian Mint released its 2017 financial results, which provide insight into their activities, the markets influencing their businesses and their expectations for the year ahead.
“Profits were up and the Mint is on solid financial ground, thanks to our dedicated employees who carry out the Mint’s mandate and business strategy with enthusiasm. Strong results in our attractive and innovative collectible coins as well as our foreign business helped offset a softer global market for bullion in 2017,” said Sandra L. Hanington, President and CEO of the Royal Canadian Mint.
Ms. Hanington also noted the Mint paid a record $93.2 million in dividends to the federal government in 2017.
“Mint staff work hard to earn the business of investors and collectors with award-winning designs, sophisticated security features and unique enhancements. Our 2017 $2 coin was the world’s first glow-in-the-dark circulation coin and it was recently named the most innovative circulating coin by the international Mint Directors Conference. We are committed to continue building on these successes in 2018,” she added.
Financial and Operational Highlights
The consolidated profit for the period increased to $36.1 million for the year (2016: $24.5 million). The sales of numismatic products increased in 2017 on the success of the Canada 150 program, resulting in an increase in revenue of $25.7 million. The Canada 150 commemorative coin program, combined with reduced availability of recycled coins, resulted in increased Canadian circulation coin production of 560 million pieces, up from 533 million in 2016. In 2017, the Mint declared and paid dividends to the Government of Canada in the amount of $93.2 million. The payment of these dividends was the primary driver in the reduction of cash to $56.3 million at December 31, 2017, which is the level of cash required to support the Mint’s ongoing operations (from $114.2 million at December 31, 2016).
For more information on the Mint and their Annual Report for 2017, please visit their website
We also reported about Mint’s interest on Canada’s History and Natural Heritage.
With results like that, the two kilos gold missing from the Ottawa mint should not bother anybody.