The 2022 Top 100: Winners + Losers

Resource companies came out mostly ahead in the year that was, while those that depended on people moving around the province—for entertainment or otherwise—had a tough time.

Credit: BBTV Holdings

Resource companies came out mostly ahead in the year that was, while those that depended on people moving around the province—for entertainment or otherwise—had a tough time

Winner: BBTV Holdings

Revenue change: 334.5%  
Net income: -33.1 million
Net income change: -331.2%

Usually, being at the top of this list is cause for celebration. But we’re not sure BroadbandTV Corp. and its CEO, Shahrzad Rafati, are breaking out the champagne and cheese. BBTV brought in some nice overall revenue numbers, hitting the Top 100 for the first time in the media company’s history. But its net income plunged, and so has its stock price. What gives? Well, some of the company’s investments, like those in Web3 and in YouTube Shorts content—the platform hasn’t monetized yet, but was worth about 20 percent of BBTV’s Q4 views—might just need some time.

Winner: West Fraser Timber Co.

Revenue change: 140.5%  
Net income: $2.95 billion
Net income change: 401.2%

West Fraser‘s record year started early with the finalizing of its acquisition of Toronto wood-based panels producer Norbord and its $1.7 billion or so in assets around the world. That deal and its geographical diversification helped offset transportation and mill disruptions in the face of unprecedented flooding in the province. Of course, increases in wood prices didn’t exactly hurt the industry—companies like Canfor and Doman Building Materials also had big years.

Winner: Fortuna Silver Mines

Revenue change: 100.9%  
Net income: $74.5 million (converted from USD)
Net income change: 157.5%

If you drew up a formula for a big year for Fortuna it would probably look something like silver prices hitting highs not seen in several years + massive increases in production. That’s exactly what happened for the Vancouver-based company. Fortuna’s Lindero Mine in Argentina saw its output quadruple after being closed for a portion of last year. And the Yaramoko Mine in Burkina Faso—which it picked up in its July acquisition of Toronto’s Roxgold—proved productive.

Winner: International Petroleum Corp.

Revenue change: 92.1%  
Net income: $183 million (converted from USD)
Net income change: NA

Not everyone is upset about skyrocketing gasoline prices. That may be a tad deductive, but the fluctuation in the cost of gas from the beginning of the pandemic (as you may recall, it hit record lows previously thought impossible) to shortages at the end of 2021 is about as stark as it gets. And yes, we’re still kicking ourselves for not filling up jerry cans when the going was good. IPC also increased its stake in Malaysia’s Betram field from 75 percent to 100 in April, and then enjoyed watching it have a banner year.

Winner: Hardwoods Distribution Inc.

Revenue change: 74.1%  
Net income: $129 million (converted from USD)
Net income change: 267.9%

The Langley wholesale distributor of architectural building products saw its stock hit record highs in 2021. It was a culmination of the last little while—HDI was about a quarter of its current size six years ago. The company has since expanded its product selection while completing numerous acquisitions, including its biggest ever last June—a US$303-million purchase of Michigan’s Novo Building Products. That deal brought in $670 million in pro forma annual sales to HDI and expanded its market to DIY and home builder sales.

Loser: BC Lottery Corp.

Revenue change: -61.8%  
Net income: $429.9 million
Net income change: 68.1%

Closing all of its gambling facilities for a large portion of the fiscal year had a predictable impact on BCLC‘s revenue. But the company was still net income positive, as record-breaking revenues in lottery and eGaming divisions softened the impact from the loss of brick-and-mortar gambling facility revenues. Last summer’s legalization of single-event betting in Canada should continue to grow BCLC’s revenues, though it also means an increase in competition.

Loser: Teekay Corporation/Teekay Tankers

Revenue change: -24.9%/-42.8%  
Net income: $24 million (converted from USD)/NP
Net income change: NA

This year marked something of a new era for the international crude oil shipper, and it faced some rocky waters as it made the transition. So while the numbers might not look great, Teekay, which has its Canadian base in Vancouver, likely isn’t sweating too hard after selling its LNG division to New York investment firm Stonepeak for a cool US$6.2 billion in the fall. The company also took steps to phase out its FPSO (floating production storage and offloading unit) division, mooring its Petrojarl Banff FPSO in Denmark to be recycled. Revenue also took a partial hit from a heavier-than-normal drydocking schedule (in which ships have to dock once every five years) in both its gas and tanker businesses.

Loser: South Coast B.C. Transportation Authority

Revenue change: -22.6%  
Net income: -$198.5 million
Net income change: NA

Thanks to government subsidies in 2020, this is the year the corporation known as TransLink pays the fare. It falls 23 points in our ranking this year after holding steady the last two years at number 24. Ridership has taken its time to come back to the government agency. In 2021, it hit about 48 percent of pre-COVID ridership levels. In May of 2022, it was getting better with a reported 70 percent, but there’s still a hill to climb. Major infrastructure projects like the Broadway subway will have a hand in the recovery.

Loser: Univar Canada

Revenue change: -21.8%  
Net income: NP
Net income change: NA

Though the Illinois-based multinational industrial chemical distributor had a banner year overall, its Canadian division—based in Richmond—lagged behind. The company credits its loss on this side of the border to the decision to exit the Canadian agriculture wholesale distribution business. That resulted in the closure of some of its Canadian operations. Better news likely awaits though—Univar plans to open a state-of-the-art facility in Abbotsford in 2023, which will help the company hit its long-term sustainability commitment of achieving net-zero emissions by 2050.

Loser: Lions Gate Entertainment 

Revenue change: -21.4%  
Net income: -$43.2 million (converted from USD)
Net income change: NA

It shouldn’t be a shock that the major hit in Vancouver-domiciled Lions Gate‘s revenues were taken in the motion picture division. While the company’s 2016 acquisition of Starz keeps paying off, last year was always going to be tough at the gate for theatrical releases, especially when played against the year prior, which saw Knives Out and John Wick: Chapter 3 hit the box office. The company is hoping for a Keanu-like resurgence in the years to come with franchise properties like John Wick: Chapter 4, a Hunger Games prequel and a movie based on the Monopoly board game set to hit screens.

NA=not applicable/available
NP=not provided

BCBusiness prepares the Top 100 list using various sources, but it makes no representation regarding the completeness, accuracy or timeliness of any information presented.