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May 25, 2021QUARTERLY FINANCIAL STATISTICS FOR ENTERPRISES, Q1 2021 In Q1 2021, Canadian enterprise net income before taxes (seasonally adjusted) increased by $15.4 billion to $100.7 billion. Net income before taxes was up $11.5 billion for non-financial corporations and was up $3.9 billion in finance and insurance corporations.
Compared with Q1 2020, net income before taxes increased by $53.5 billion: $40.4 billion for non-financial corporations and $13.0 billion for finance and insurance corporations.
Oil and gas extraction (and related support activities) reported the largest improvements in net income before taxes, narrowing a $25.5 billion loss in Q1 2020 to a loss of $2.1 billion in Q1 2021. There was also a $3.8 billion improvement in net income before taxes in mining and quarrying (and related support). Construction net income remained relatively stable through the first three quarters of 2020, but declined in the last quarter. In Q1 2021, net income of construction corporations recovered partially to $7.3 billion.
Across many manufacturing industries, there was substantial erosion in net income in Q2 2020. Since then, net income before taxes has recovered fully or partially for many manufacturing industries. There has been a notable increase in net income before taxes among corporations in food manufacturing, forest products, petroleum products and primary/fabricated metals.
In service industries associated with distribution of goods (wholesale, retail, transporation/warehousing), net income before taxes was up notably for building material wholesalers, machinery equipment wholesalers, motor vehicle/parts retailers (recovering from losses in Q2 2020), food/beverage stores and transportation/postal/couriers.
Net income before taxes has increased for publishing/broadcasting/information services as well as telecommunications.
Real estate corporate net income was particularly high in Q1 2020 before it fell in Q2 2020. Net income for real estate corporations has partially recovered since then.
Net income for arts/recreation and accommodation/food services have been particularly hard hit by the pandemic. These corporations continue to post negative net income before taxes.
Among financial corporations, increasing net income is particularly concentrated in banking/depository credit intermediation as well as miscellaneous intermediation.
Source: Statistics Canada. Table 33-10-0226-01 Quarterly balance sheet and income statement, by industry, seasonally adjusted (x 1,000,000)
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