Corporation achieves another record-setting year with revenues exceeding $3 billion and $48 million in pre-tax profits in 2013
OTTAWA, May 1, 2014 /CNW/ - Once again, the Royal Canadian Mint is celebrating the achievements of another remarkable year with $3.4 billion in revenues and pre-tax profits of $48 million in 2013, the Corporation's highest revenue in its history. The year was marked by diversification in all business lines, and success in new markets and new areas of growth.
"In 2013, the execution of our strategies to innovate and diversify contributed to the Mint's success, while our relentless drive to keep abreast of new technologies and continued commitment to our customers allowed for another outstanding year," said Ian E. Bennett, President and CEO of the Royal Canadian Mint. "We posted market-leading sales in gold and silver bullion, returned our foreign circulation business to a position of profitability which created momentum for ongoing growth all while our employees surpassed customer expectations and contributed to our vision to be the best mint in the world."
Demand for numismatic coins climbed to a historic high with the Mint issuing more than 200 numismatic coins during 2013, selling out 70 by year end. The most popular themes in 2013 included the War of 1812; the O Canada series; coins from the Birds of Canada series and the 75th Anniversary of Superman™. In addition, four "20 for 20" coins were produced, selling out mintages of 250,000 each.
The Mint's Bullion, Refinery and ETR Business Line maintained a leading market share of the global investment bullion coin market. Sales of bullion exceeded the historic records established in 2011. Sales of Gold Maple Leaf (GMLs) coins increased 47.7% to over 1.14 million ounces while sales of Silver Maple Leaf (SMLs) coins increased 55.8% to 28.2 million ounces.
Other notable achievements for the Royal Canadian Mint in 2013 included:
- A dividend payment of $10 million to its shareholder, the Government of Canada;
- The Mint produced and shipped 2.6 billion coins and blanks to 17 countries;
- The Mint secured 12 contracts with a contract value of $90.3 million to produce circulation and numismatic coins for 11 countries;
- Sales of numismatic coins also set a record for the second consecutive year; more than 200 new coins were issued, pushing revenue up 15.1% to $167.0 million;
- The volume of precious metals stored at the Mint increased significantly, partially due to the success of the ETR programs supplemented by growing demand from domestic and foreign nonbank institutions, private trusts and high net worth individuals;
- The Mint's R&D expertise was recognized with an award for innovation. The International Association of Currency Affairs (IACA) awarded the Mint with the Best New Coin Innovation for the suite of advanced visible and covert security features on the multi-ply plated steel $1 and $2 circulation coins released in 2012.
The Royal Canadian Mint, a thoroughly modern Corporation, continues to seek new business opportunities in the fast-changing global minting environment. It strives to meet its vision to be the best mint in the world by continuing to invest in research and development, new technologies and equipment across all divisions of its business, as well as in ongoing efforts to engage Canadians and customers around the world through relevant coin themes.
To read more from the Mint's 2013 Annual Report, entitled "Global Leadership", please visit www.mint.ca.
About the Royal Canadian Mint
The Royal Canadian Mint is the Crown Corporation responsible for the minting and distribution of Canada's circulation coins. An ISO 9001-2008 certified company, the Mint is recognized as one of the largest and most versatile mints in the world, offering a wide range of specialized, high quality coinage products and related services on an international scale. For more information on the Mint, its products and services, visit www.mint.ca.
SOURCE: Royal Canadian Mint
For further information: Alex Reeves, Senior Manager, Communications, Tel: (613) 949-5777, email@example.com