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November 23, 2021QUARTERLY FINANCIAL STATISTICS FOR ENTERPRISES, Q3 2021 In Q3 2021, Canadian enterprise net income before taxes (seasonally adjusted) increased by $3.1 billion from the previous quarter to $114.9 billion. Net income before taxes was up $3.8 billion for non-financial corporations and was down $0.7 billion in finance and insurance corporations.
Compared with Q3 2020, net income before taxes increased by $38.4 billion: $28.0 billion for non-financial corporations and $10.4 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 $8.2 billion loss in Q3 2020 to a profit of $5.8 billion in Q3 2021. There was also a $2.2 billion improvement in net income before taxes in mining and quarrying (and related support). Construction net income remained relatively stable through 2020 and first three quarters of 2021.
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. For Q3 2021, net income was up in the most in Petroleum and coal product manufacturing, Primary metal and fabricated metal product and machinery manufacturing and Wood product and paper manufacturing when compared to the previous year. Motor vehicle and trailer manufactuing had the largest decline.
In service industries associated with distribution of goods (wholesale, retail, transportation/warehousing), net income before taxes was up notably compared to last year for pipelines, transportation/postal/couriers and machinery equipment wholesalers in Q3 2021.
Net income before taxes has increased for publishing/broadcasting/information services as well as telecommunications compared to Q2 2020. Net income for professional, scientific and technical services increased compared to last quarter (+$1.3 billion).
Real estate corporate net income was particularly high in Q1 2020 before it fell in Q2 2020. Net income for real estate corporations has continued to recovered in Q3 2021.
Net income for the arts, entertainment and recreation, and accommodation and food services sector have been particularly hard hit by the pandemic. These corporations continue to post negative net income before taxes in Q3 2021.
Among financial corporations, increasing net income is particularly concentrated in banking/depository credit intermediation as well as miscellaneous intermediation. In Q3 2021, both sectors have seen increases since Q2 2020 and exceed their Q1 2020 levels.
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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