British Columbia’s largest Crown corporations reported a revenue drop in the current fiscal year following three consecutive years of growth, according to data on Business in Vancouver’s Biggest Crown Corporations in B.C. list (page 8).
Average revenue for the province’s 20 largest Crown corporations fell 5.4% to $1.07 billion in 2018 from $1.13 billion in 2017.
The decline follows a buoyant four-year period for the province’s largest Crown corporations in which their average revenue jumped 94.5% from $582.5 million in 2014.
Over the past year, however, the five largest Crown corporations, which include BC Hydro and the BC Liquor Distribution Branch, bucked the trend set by the rest of the list. The top five reported modest revenue growth in 2018: up 2.1% from 2017. ICBC was the only Crown corporation in the top five to post a decline. Its revenue fell 12% to $5.44 billion in 2018 from $6.18 billion in 2017.
When ICBC is excluded, revenue for B.C.’s five largest Crown corporations grew an average of 5.7% in 2018 compared with 2017.
Revenue for Crown corporations lower on BIV’s list increased significantly more than those higher on the list.
The median revenue of B.C.’s largest Crown corporations increased 142.7% to $103 million in 2018 from $42.4 million in 2014. During that same period, their average revenue increased 84.1%.
