The Royal Canadian Mint is pleased to announce its financial results for 2021 that provide insight into our activities, the markets influencing our businesses and our expectations for the next 12 months.

“The Mint achieved a record year in terms of profits, paid a dividend of $78.9 million to the Government of Canada and excelled on many other fronts thanks to the exceptional collaboration of employees implementing our One Mint Strategy.  Though the pandemic continued to affect our business environment, our operations flexed with market trends, business teams seized new opportunities and supply chain challenges were overcome,” said Marie Lemay, President and CEO of the Royal Canadian Mint.  Our performance demonstrates the potential of our long-term strategic direction and creates a solid foundation for a future where the Mint continues to be a strong contributor to the Canadian economy, and to bring value to Canadians and stakeholders at home and abroad.”

The financial results should be read in conjunction with the Mint’s annual report available at www.mint.ca. All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.

 

Financial and Operational Highlights

• The Mint’s 2021 results reflect full production in 2021 versus 2020 which was impacted by modified production as a result of the COVID-19 pandemic.
• The Mint’s revenue increased by 40% in 2021 while profit for the year increased to $53.7 million (2020 – $37.7 million) and consolidated profit before income tax and other items was $82.1 million (2020 – $27.5 million) for the year. The Mint saw increases in revenue across both its Precious Metals and Circulation businesses. The increase was mainly due to higher bullion volumes sold in the year, which increased the Mint’s revenue and cost of sales proportionately.
• Consolidated revenue increased to $3,550.8 million in 2021 (2020 – $2,527.6 million). Revenue from Precious Metals businesses increased to $3,348.2 million in 2021 (2020 – $2,375.4 million):
  • Gold bullion volumes increased 50% year over year to 1,470.5 thousand ounces (2020 – 982.8 thousand ounces) while silver bullion volumes increased 28% to 37.7 million ounces (2020 – 29.5 million ounces).
  • Sales of numismatic products increased to $112.3 million in 2021 (2020 – $91.9 million) due to an increase in sales of gold and silver numismatic products.

Revenue from Circulation businesses increased to $202.6 million in 2021 (2020 – $152.2 million):

• • Revenue from the Foreign Circulation business increased 76% year over year with production and shipment of 1.2 billion foreign coins and blanks, compared to 838 million coins and blanks in 2020.
  • Revenue from Canadian coin circulation products and services increased 2% year over year mainly due to decreased supply of coins in the ecosystem resulting in an increased volume of coins sold to the Department of Finance in the second half of 2021.
• Overall, operating expenses increased 12% year over year to $110.8 million (2020 – $98.5 million) due mainly to planned consulting and contingent workforce costs related to the implementation of the Mint’s business transformation and security initiatives.
• Cash and cash equivalents increased to $69.3 million (December 31, 2020 – $67.3 million).

 

Consolidated results and financial performance

 

(in CAD $ millions)

As part of its business continuity plan, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects COVID-19 and emerging variants, as well as other external events around the globe, to continue to have an impact on its performance in 2022. The Mint continues to mitigate potential risks as they arise and prioritize the health and safety of its employees, adjusting its work protocols as required by the provinces and the local health authorities.

To read more of the Mint’s annual report for 2021, 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. 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.