With a mission to inform, empower, celebrate and advocate for British Columbia's current and aspiring business leaders, BCBusiness go behind the headlines and bring readers face to face with the key issues and people driving business in B.C.
Issue link: http://digital.canadawide.com/i/1388249
JULY/AUGUST 2021 BCBUSINESS 99 ISTOCK Mining companies and e-commerce innovators led the way in revenue growth for 2020, which saw them thrive despite—and because of—the pandemic b y P a l l a v i R a o Winners + Losers Great Panther Mining REVENUE CHANGE: 2,947.1% NET INCOME: $448,000 (CONVERTED FROM USD) NET INCOME CHANGE: NA The Vancouver-headquartered mining company tops the list of gainers with a whopping 2,947-percent increase in revenue for 2020. Great Panther, which owns operations in Mexico and Brazil, focuses on gold, silver, lead and zinc. Brazil's Tucano mine, acquired in 2019, yielded most of its gold production and contributed $300 million, or 85 percent of total revenue. Equinox Gold Corp. REVENUE CHANGE: 202.4% NET INCOME: $27.8 MILLION (CONVERTED FROM USD) NET INCOME CHANGE: NA Equinox had a stellar year, nearly dou- bling its gold production and revenue. Its acquisition of fellow Vancouver miner Lea- gold Mining Corp. was a major contributor to growth, bringing in four mines, a devel- opment project and an expansion project to the company's portfolio. Equinox is also on track to buy a 60-percent stake in Ontario's Hardrock Mine Project. To reach its goal of producing 600,000 gold ounces in 2021, the company plans to grow through exploration and acquisitions. Its long-term target: a million ounces a year. Cymax Group Technologies REVENUE CHANGE: 84.1% NET INCOME: $18 MILLION (CONVERTED FROM USD) NET INCOME CHANGE: 1,780% In the restriction-ridden pandemic world of 2020, revenue surged for e-commerce giant Cymax Group, landing it in the Top 100. Burnaby-based Cymax's logistics subsidiary, Freight Club, saw a 300-percent jump in sales during the first quarter as COVID-19 forced businesses to pivot to online delivery. Channel Gate, its marketplace arm, reportedly helped its venders grow sevenfold. The company is now looking to expand its leadership team, and spirits seem high, given reports of an initial public offering. TradeMango Solutions (Article) REVENUE CHANGE: 71.1% NET INCOME: NP NET INCOME CHANGE: NA Another Top 100 newcomer, furniture retailer Article enjoyed a big boost from COVID, too, as people took on refurnish- ing projects at home. Also working in the Vancouver company's favour, according to senior VP Cristian Chavez: few supply chain disruptions compared to its rivals. Chavez credited Article's e-commerce- only model and strong, direct relation- ships with manufacturers in China, India, Indonesia and Vietnam for its agility during the pandemic. CAN YOU DIG IT? Gold prices rose almost 30 percent in 2020, creating a bonanza for B.C. miners