BC Business
It's been a clear-cut disaster for forestry, and industry overlap between some of our winners and losers has miners and a finance firm in the hot seat
See the complete list: The 2024 Top 100: 1 to 50 and The 2024 Top 100: 51 to 100
It was a varied year in the winners’ circle: our list of the highest revenue gainers of 2023 represents a range of industries that includes real estate, fashion, finance, mining and construction. In terms of revenue fallers, one industry dominates this year’s list, making it pretty easy to see the forest for the trees.
Revenue change: 179.1% Net income: NP Net income change: NA
As Beedie, with its various arms and legs—Industrial, Living, Capital and so on—turns 70, it reflects on a successful year on the balance sheet. Because the real estate giant is a private company it’s difficult to identify the exact reasons for the increase, but it’s safe to say that completely selling out the first building in its Fraser Mills “master-planned community” in Coquitlam didn’t hurt. Real estate publication Storeys called Fraser Mills the B.C. real estate project of the year.
Revenue change: 139.6% Net income: NP Net income change: NA
The yo-yo-ing of WorkSafe continues again—it was this list’s bigger loser last year after seeing a hefty increase the year prior. Bill 41 required a one-time payment of more than a billion dollars in 2022, but with that behind it, the Richmond-based organization and its robust investment portfolio started seeing gains.
Revenue change: 112% Net income: $278 million Net income change: -36%
It’s been a year of change for the company formerly known as Ritchie Bros. Auctioneers. The name swap was brought on by the long-standing Burnaby company’s acquisition of American auto retailer IAA (which was worth some US$7.3 billion). Bringing the latter into the fold was no doubt a major reason for the increase in revenue. But that wasn’t the only change the newly named company saw. CEO Ann Fandozzi was replaced in August by COO Jim Kessler after disputes over compensation with the company’s board.
Revenue change: 63.4% Net income: $25.48 million Net income change: NA
What a difference a year makes. After a net loss of $69.6 million in 2022, Vancouver-based Central 1 is back comfortably in the black. The banking services provider cited a “mix of fee revenue, higher payments volumes and increased use of our digital products” on its annual report. Credit spreads narrowing was a key reason for the gain and helped the firm’s treasury department report a net income of $56.1 million, compared to a net loss of $49.2 million in 2022.
Revenue change: 60.7% Net income: -$141.58 million Net income change: NA
The Vancouver-based miner is another “big acquisition helps revenue, hurts net income” story with its US$4.8-billion purchase of Toronto-based Yamana Gold being the main explainer on both fronts. The deal added four mines to Pan American’s profile in Argentina, Chile and Brazil, and was a major reason the company saw record revenue this year, including record gold production.
Revenue change: 57.2% Net income: NP Net income change: NP
A subsidiary of global sportswear giant Amer Sports, North Vancouver-based Arc’teryx has seen a massive explosion in revenue the past few years, climbing to 73rd on the list last year after not ranking the year prior and then making the jump all the way to 40th this year. Key in the company’s rapid growth has been its global presence. Almost 50 percent of Arc’teryx’s revenue comes from China, according to the parent company. In the first nine months of 2023, the brand saw at least 50 percent revenue growth in all four of the regions in which it has retail stores (Europe, the Middle East and Africa; the Americas; Greater China and Asia Pacific).
Revenue change: 46.9% Net income: $187.58 million Net income change: 19.5%
Another local retailer hitting it big in 2023 was Vancouver’s Aritzia, which used U.S. expansion to spur growth even in a tough economy. Last year saw the opening of seven new boutiques stateside, in markets like Atlanta, Las Vegas and Miami, as the company’s net revenue in the U.S. grew to $1.1 billion, a 66-percent increase from last year. The country now accounts for more than half of Aritzia’s total net revenue. E-commerce revenue also grew for the brand, hitting $770 million and increasing 36 percent year-over-year. It appears that the company’s push on accessible luxury is staving off the poor economic conditions.
Revenue change: 44.5% Net income: $114.7 million Net income change: 103.5%
It was a record year of production for Vancouver-based, Americas-focused Calibre, which opened two mines and saw particularly good results at its Limon mine and mill in western Nicaragua. With its recent purchase of Marathon Gold and that company’s Valentine gold mining project in Newfoundland and Labrador, Calibre is poised to keep shining.
Revenue change: 36.2% Net income: $693.3 million Net income change: 132.6%
Vancouver-based crude oil marine transportation service provider Teekay saw great growth in its tankers division, to the tune of the highest annual adjusted net income in the company’s 50-year history. With high oil demand and low fleet growth expected, analysts like Teekay’s odds of sustaining strong spot rates in the midsize tanker market.
Revenue change: 36.1% Net income: $16.6 million Net income change: -10.9%
Vancouver-based digital health-care company Well’s growth was spurred by the pandemic, but things haven’t slowed down much since. Well posted record revenues this year, something the company attributes to a combination of acquisitions (like scooping up many of Ontario-based Healwell AI’s primary care clinics) and organic growth. Patient visits grew 22 percent in 2023 and Well projects growth in 2024.
Revenue change: -56.9% Net income: -$31 million Net income change: NA
On March 27, 2023, an overflow occurred at the Guolanggou Tailings Dam of China Gold’s Jiama Mine. Production was suspended until December, when it only partially resumed. As a result, the company obviously saw a huge revenue dip. Things have already picked up in 2024, as the Vancouver-based company’s stock hit a five-year high in May.
Revenue change: -42.7% Net income: NP Net income change: NA
GCT’s revenue for 2023 decreased year-over-year mainly due to the sale of its U.S. subsidiary that operated container terminals on the East Coast of the U.S. and a more challenging freight market driven in part by a cooling global economy and overstocked retailer inventories.
Revenue change: -30.1% Net income: -$225.4 million Net income change: NA
It probably says more about just what a titan of the forestry industry West Fraser is in this province that it could be down 30 percent in revenue and still rank in the top 10. In what’s going to become a trend through the rest of this winners and losers list, slowing markets brutalized the B.C. forest industry, which had seen a huge last couple of years. High inflation and mortgage rates especially dampened demand for new home construction as well as renovation and repair spending. The Vancouver-based company predicts that, over the medium and longer terms, an aging housing stock and stabilization of inflation and interest rates should stimulate renovation and repair spending.
Revenue change: -29% Net income: -$70.1 million Net income change: NA
More of the same here, as Vancouver-based Western Forest Products pointed squarely at macroeconomic conditions as the blame for its drop in both revenue and net income. Weaker demand and lower product prices were the name of the game for WFP, but the company remains “cautiously optimistic,” according to its annual report. It sees consumers adjusting to higher rates along with the potential for rate cuts in North America as factors in boosting construction activity.
Revenue change: -27.7% Net income: -$266.8 million Net income change: NA
Even though it was the Burnaby company’s third-highest revenue year on record, Interfor wasn’t immune from being decimated by the industry-wide slump and still posted a massive net income loss. The company shuttered operations at its sawmill in Philomath, Oregon, while also implementing temporary production cuts in British Columbia due to the impact of high log costs and challenging market conditions. Interfor isn’t optimistic on the sector’s outlook in the short term, but it does predict that the shortage of housing available in North America bodes well for the mid and long terms.
Revenue change: -26.9% Net income: -$348.5 million Net income change: NA
Yep, sorry. Another Metro Vancouver-headquartered lumber producer in the revenue fallers column. Affordability constraints and high global lumber inventory levels were the culprits for Canfor, which saw particular struggles with its B.C. operations. The company permanently closed both the pulp line at its Prince George facility and its Chetwynd sawmill while temporarily closing its Houston sawmill. “Our British Columbia operations continued to face ongoing challenges associated with a lack of economically viable fibre in B.C.,” said Canfor president and CEO Don Kayne in a release.
Revenue change: -26.2% Net income: -$55.47 million Net income change: NA
Financial services firm Canaccord had a tough year against the backdrop of geopolitical uncertainty, high inflation and rate increases. There was also an ugly failed takeover bid led by the company’s chair and chief executive in June that led to board members resigning. For now, the company and the management group have entered into an agreement that includes a two-year standstill. Turmoil is rare for one of Canada’s longest-standing private investment firms. Let’s see what the next two years hold.
Revenue change: -25.9% Net income: NP Net income change: NA
And we’re back with another forestry sector company! North Vancouver-based Olympic Industries is a full-service softwood lumber provider that’s been around since 1972. While Olympic is a private company, it’s safe to say that it’s been affected by the same market factors that the other lumber producers on the list are dealing with.
Revenue change: -23.4% Net income: -$61.3 million Net income change: NA
In the immortal words of DJ Khaled, “another one.” Taiga is a wholesale building materials supplier and as such has been subject to many of the same conditions as the forestry companies on the list. Indeed, the Burnaby company’s report plainly lists lower selling prices, lower commodity prices and decreased gross margins as the main catalysts for the revenue drop.
Revenue change: -22% Net income: $233.4 million Net income change: -46.9&
The Vancouver-based oil company saw a record level of production in 2023, but that still meant a loss of revenue because of 2022’s exceptionally high oil prices. IPC expects strong oil and gas demand to continue in 2024. It also sees potential market and transportation disruptions due to geopolitical tensions potentially playing in its favour.