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/1501233
Ivanhoe Mines REVENUE CHANGE: 149.5% NET INCOME: $563 MILLION C NET INCOME CHANGE: 2,521.6% In 2022, the Kamoa-Kakula complex—a joint venture that Vancouver-based Ivanhoe Mines shares with Zijin Mining Group, Crystal River Global Limited and the government of the Demo- cratic Republic of Congo—went boom. The project, which started production in 2021, was ready to hit the bank last year and did so in a massive way. Its output became one for the his- tory books as the company sold 323,733 tonnes of copper from the mine and recognized record revenue of $2.15 billion. BC Lottery Corp. REVENUE CHANGE: 144.5% NET INCOME: $1.3 BILLION NET INCOME CHANGE: 205.6% This shouldn't be a huge surprise. Last year was the first in which BC Lottery Corp. was able to bask in the full glow of the federal government giving the province power to regulate single-game betting. The result? A net income growth of over 200 percent. As sports gambling becomes more and more integrated with everyday life, there might be no slowing down for the BCLC. Teekay Tankers REVENUE CHANGE: 98.9% NET INCOME: $298 MILLION C NET INCOME CHANGE: N/A Last year, when Teekay appeared in the losers column, we remarked that the marine energy transporter—which has its Canadian base in Vancouver— probably wasn't sweating the results too hard as there were a few one-time factors that had anchored the company. The shipping industry, as Teekay notes in its year-end financials, has always been cyclical and in 2022 the company beat analyst estimates. The cycle is clearly on an upswing as Teekay's 2023 first-quarter results were even more impressive than its 2022 numbers. International Petroleum Corp. REVENUE CHANGE: 92.1% NET INCOME: $439 MILLION C NET INCOME CHANGE: 140.1% The folks at the helm of IPC must be wondering if everything that goes up really does have to come down. The Vancouver-based oil and gas producer is the only company to make the winners list two years in a row (it came in at No. 4 last time around). And yes, once again, the easy explanation is that gas prices were very high. It didn't hurt that production also hit a record high for the company. The stock ( TSX: IPCO) has recently hit a small dip, but some analysts are still advising a buy. Well Health Technologies Corp. REVENUE CHANGE: 88.3% NET INCOME: $18.6 MILLION NET INCOME CHANGE: N/A The pandemic has been a huge boon for Well Health's bottom line. The Vancouver- based health-tech firm supplies software, tools and solutions to help clinics and doc- tors keep up with a digitizing industry. It may have taken physicians some time to come around, but, as CEO Hamed Shah- bazi noted to BCBusiness last year, "What we saw during the pandemic was that they needed us. And they were very apprecia- tive of the work that we did for them." Vancouver International Airport Authority REVENUE CHANGE: 85.5% NET INCOME: –$25.9 MILLION NET INCOME CHANGE: N/A It doesn't take a rocket scientist to piece together why YVR revenue saw a boost in 2022 as compared to 2021, when the pandemic was still very much a factor in limiting travel. But it hasn't all been sunny skies for CEO Tamara Vrooman, as the airport still saw a loss in net income and took major heat over cancelled flights and long waits thanks to December storms. YVR has since promised improvements, so it'll be worth keeping an eye on the sky. Aritzia REVENUE CHANGE: 74.3% NET INCOME: $156.9 MILLION NET INCOME CHANGE: 716.1% It's hard to explain exactly why Aritzia's fo- cus on the U.S. retail market—which is large- ly dying—is working so well. In November of last year, the Toronto Star asked whether the strategy was crazy enough to succeed. So far, the answer has been a resounding yes. The Star quoted Aritzia founder and executive director Brian Hill as saying the company's core demographic—women aged 15 to 35—are the least affected by the econo- my. That 66-percent growth rate in the U.S. would seem to agree. BCLC JULY/AUGUST 2023 BCBUSINESS.CA 91 GETTING LUCKY As soon as the government's light on single-game betting turned green, the BCLC stepped on the accelerator. Income soared and should continue to rise as sports gambling gains popularity