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84 BCBUSINESS.CA JULY/AUGUST 2023 DISCLAIMER BCBusiness prepares the Top 100 list using various sources, but it makes no representation regarding the completeness, accuracy or timeliness of any information presented. c=converted from USD at 1.3013 (2022) and 1.2535 (2021) Revenue is by fiscal year c=converted from USD at 1.3013 (2022) and 1.2535 (2021) Revenue is by fiscal year R E T A I L M A R K E T C A P RANK COMPANY REVENUE 2022 ($000) REVENUE 2021 ($000) 1 Lululemon Athletica 10,554,217 c 7,842,669 c 2 Georgia Main Food Group 6,150,000 e 5,700,000 e 3 Best Buy Canada 5,089,384 c 4,512,600 c 4 BC Liquor Distribution Branch 4,355,056 4,134,673 5 London Drugs 3,050,000 e 2,950,000 e 6 Ritchie Bros. Auctioneers 2,256,204 c 1,776,173 c 7 Kal Tire 1,900,000 1,600,000 8 OpenRoad Auto Group 1,872,428 1,817,305 9 Aritzia 1,494,630 857,323 10 The Oppenheimer Group 1,251,000 1,108,318 RANK COMPANY TICKER MARKET CAPITALIZATION (C$ MILLIONS) 1 Lulemon Athletica NASDAQ:LULU 66,289 c 2 Telus Corp. TSX:T 40,750 3 Teck Resources TSX:TECK 32,090 4 Wheaton Precious Metals TSX:WPM 30,020 5 First Quantum Minerals TSX:FM 23,500 6 Ritchie Bros. Auctioneers TSX:RBA 14,070 7 Pan American Silver TSX:PAAS 8,730 8 West Fraser Timber Co. TSX:WFG 7,950 9 B2Gold Corp. TSX:BTO 6,920 10 Finning International TSX:FTT 5,300 acquisitions. Last year we included the results of just Paper Excellence Canada, which was established in 2007, backed by private investors from Indonesia. But those operations are now augmented by acqui- sitions, including Domtar and Resolute Forest Products in Eastern Canada and the U.S., cellulose producer Eldorado Brasil and two French pulp mills, all overseen from the Paper Excellence Group headquarters on Lysander Lane in Richmond. So this year we included the entire group, which has disclosed total revenues of US$10.9 billion for 2022. That equates to the C$14.2 billion listed in the table. The company is the subject of ongoing media, regulatory and political scrutiny around its opaque beneficial ownership, environmental record and use of govern- ment green grants that we won't go into here. The fact remains that the privately held operation is now the largest forest- products company headquar- tered in Canada. Other big gainers in 2022 included drug developer Zymeworks, which, thanks to a licensing deal reached with Jazz Pharmaceuticals PLC last fall, boosted its revenue by an eye-popping 1,505 percent. BC Lottery Corp. more than doubled its revenues as casinos were able to reopen. Ivanhoe Mines leapt into the ranks of the Top 100 on the back of a 150-percent revenue jump, as did Well Health with an 88-percent gain. The biggest loser, ahead of those listed on page 97, was Trevali Mining Corp., which, after landing in the 97th spot last year, entered into creditor protection in 2022. S O L O N G , G O O D T O K N O W Y O U This is likely the last time we'll see a few long- time listees among the Top 100. After four decades, HSBC Canada is in the process of being absorbed by new owner Royal Bank of Canada. Another financial institution, Canac- cord Genuity, is attempting to go private via a management buyout; if the regulatory issues are ironed out, future disclosure of its finan- cial information will be unlikely. California- based Semtech Corp. closed its takeover of Richmond's Sierra Wireless early in 2023, meaning we had only nine months of 2022 financial results to go on. (The internet-of- things company still managed to improve on its 2021 revenue total, which included all four quarters.) And Toronto's Hudbay Minerals is swallowing Copper Mountain Mining. We can expect to see some new names, though, in the near future. There is the aforementioned Elk Valley Resources, if all goes as Teck plans. A couple of thus-far exploration companies based in Vancouver, Sigma Lithium Corp. and Lithium Americas Corp., are scheduled to begin production at scale in South America this year. Closer to home, mining junior Artemis Gold is start- ing commercial operations at its Blackwater gold mine in the Cariboo. If you're unfamiliar with the name Aden- tra (#31), that is the new appellation of the Langley-based building-supply company formerly known as Hardwoods Distribution. So yes, like any community, the Top 100 experiences its share of churn. That only reflects the reallocation of capital to where it's most needed—the basis, we hope, of a sustainably prosperous future. n