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IW Business Bulletin – November 4, 2022

BHP Jansen
BHP Jansen. Photo provided by BHP.

BHP completes shafts at Jansen

BHP announced the completion of the excavation and lining of the two 1000-metre deep shafts at its long-awaited Jansen mine project. The shafts are the largest of their kind in the province, and mark a major milestone in the mine’s construction.

“The team’s safety record and performance since January 2020 has exceeded our plan,” said Simon Thomas, BHP president, potash. “Our approach to safety, work planning discipline and continuous improvement – along with our collaborative and integrated team approach – really shone in the final stages of this project.”

Co-op and Wanuskewin launch new products

Co-op and Wanuskewin Heritage Park have collaborated on a new line of bison products launched this week in Co-op food stores across Western Canada. The line includes bison burgers, jerky, meat sticks and smokies sourced from Alberta bison and produced in Saskatchewan.The packaging features artwork by Linus Woods, an Ojibway-Dakota artist from Manitoba’s Long Plain First Nation, and a portion of the proceeds from sales will be used to support Wanuskewin

“Co-op and Wanuskewin have a tremendous relationship and this is the next exciting step in our journey together,” said Heather Ryan, CEO of Federated Co-operatives Limited. “We are always pleased to find unique and creative ways to give back to our communities. The programming these proceeds will support is essential to moving toward a better collective understanding of Indigenous history and culture, and supports our commitment to Truth and Reconciliation.”

Prairieland Park names new CEO

Saskatoon’s Prairieland Park has announced Dan Kemppainen will become the organization’s new CEO, effective Nov. 10. Kemppainen is Prairieland’s current CFO, and has been with Prairieland for 25 years. He will succeed retiring CEO Mark Regier, who will depart Prairieland at the end of 2022 after 31 years.

Nutrien releases Q3 2022 earnings

Nutrien released its Q3 2022 results on Nov. 2, reporting net earnings of $1.2 billion for the quarter, and record net earnings of $6.6 billion for the first nine months of the year.

“Nutrien has delivered record earnings in 2022 due to the strength of agriculture fundamentals, higher fertilizer prices and excellent Retail performance. During the third quarter, we saw a temporary reduction in potash purchasing in North America and Brazil, which has impacted our sales volumes and realized prices in the second half of the year. However, the underlying demand drivers remain strong and global fertilizer supply challenges still persist, creating a supportive environment for Nutrien as we look ahead to 2023 and beyond,” said Ken Seitz, Nutrien’s president and CEO. “We are focused on efficiently supplying our customers with the products and services they need to help sustainably feed a growing world. We continue to take a multi-year view of the market and remain confident that our additional low-cost potash and nitrogen production capability will be required to meet future demand.”

ISC reports Q3 2022 results

Information Services Corp. reported its Q3 2022 results on Nov 2. Revenue was $48.8 million, up 18 per cent from the same period last year. Net income was $7.8 million, down from $9.7 million in Q3 2021, and EBITDA was $15.8 million, down from $17.3 million in 2021. ISC attributes the drop to staffing and technology cost increases.

“The third quarter of 2022 performed largely as expected, and our business remains robust even in current economic conditions. In our Registry Operations business, as anticipated, we saw a return to normal, as Saskatchewan real estate levels stabilized from more normalized demand and higher interest rates. Our Services business continues to grow slightly faster than expected, driven by continued transaction and customer growth in our Corporate Solutions divisions. In Technology Solutions, we continue to complete active solution implementation projects and are focused on securing new clients from our pipeline of opportunities,” said Shawn Peters, ISC president and CEO. “In consideration of these factors, we are re-iterating our annual guidance for revenue to be between $188.0 million and $193.0 million, net income to be between $29.0 million and $33.0 million, and EBITDA to be between $59.0 million and $64.0 million in 2022 and anticipate that we will finish the year around the middle of these ranges. Overall, the third quarter was one of ongoing operational accomplishments and financial performance that was consistent with our expectations, and which continues to demonstrate the strength and stability of our business and the benefits of the diversification we have achieved.”

AutoCanada Inc. acquires Saskatoon’s Kavia Autobody

AutoCanada Inc. announced on Oct. 31 that it has acquired Kavia Autobody in Saskatoon. The long-time collision centre has served the Saskatoon area for nearly 40 years.

“The addition of this well-managed business continues the strategic expansion of our national collision presence in markets complementary to our existing dealerships,” said AutoCanada executive chairman, Paul Antony. “Our focus remains on supporting our customers and OEM partners through the entire vehicle ownership lifecycle—which includes repairing vehicles by following OEM recommended repair procedures and using the recommended OEM parts to ensure the integrity of repaired vehicles. Kavia Auto Body has built a reputation for excellence and quality in servicing both domestic and imported vehicles in the Saskatoon market and we look forward to continuing its legacy into the future.”

AutoCanada is a multi-location dealership group, with 81 franchised dealerships in eight provinces and one U.S. state. The company also operates three used dealerships in Canada, an auction service, a digital division with 11 locations, and seven stand-alone collision centres.

Next week: Ceres Global Ag  and The Mosaic Company report earnings on Nov 8, 2022.

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