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
Capstone Copper Corp. REVENUE CHANGE: 69.3% NET INCOME: $177.1 MILLION C NET INCOME CHANGE: –44.1% The merger of Vancouver-based Capstone with Chilean miner Mantos Copper was officially integrated in early 2022. That, combined with progress at Capstone's Mantoverde mine in Chile, meant a huge boost in revenue. It's not over, either, as the company expects this to be just the beginning for Mantoverde. Anthem Group of Companies REVENUE CHANGE: 57.5% NET INCOME: NP NET INCOME CHANGE: NP The only real estate firm on our list of gain- ers, Anthem seems to have come out of the pandemic even stronger. The Vancouver- based company has an abundance of commercial and residential properties in Alberta, California and B.C., many of which are currently being leased—like the 379-home Wynwood Green in Coquitlam, the Maker and Envoy projects in Sacra- mento, and Calgary shopping centre High- street at Cornerstone. L O S E R S WorkSafeBC REVENUE CHANGE: –65.5% NET INCOME: –$2.6 BILLION NET INCOME CHANGE: N/A WorkSafeBC saw a 24-percent increase in revenue last year, only to come crashing back to earth this time around (we hope they're insured...). Legislative changes in the form of Bill 41—which brought "over- due" changes to the worker compensation system, according to provincial Labour Minister Harry Bains—required a one-time payment of more than a billion dollars, while the organization, which relied on a robust investment portfolio to hit large gains in previous years, likely took a loss with the stock market as well. Copper Mountain Mining Corp. REVENUE CHANGE: –47.9 PERCENT NET INCOME: $22.9 MILLION NET INCOME CHANGE: –84.5 PERCENT The Vancouver-based miner saw major dips in both its copper and silver production. CEO Gil Clausen, who acknowledged that 2022 was a challenging year, cited damage to mining crushers, quality problems with its supplier and a ransomware attack, among other issues that capped the company's potential. While Clausen was upbeat about the company's 2023 outlook in March, about a month later came the announcement that Toronto-based Hudbay is set to acquire Copper Mountain for US$439 million. That deal will go to a shareholder vote in June. Polygon Family of Companies REVENUE CHANGE: –42.9% NET INCOME: NP NET INCOME CHANGE: NP Our Polygon graph has taken on the habits of a yo-yo in recent years: the Vancouver ISTOCK JULY/AUGUST 2023 BCBUSINESS.CA 93 CRANE DRAIN It was an up-and-down year for real estate in the province. Firms like Anthem saw a boost while others, including Polygon, took hits