Royal Canadian Mint Reports Lower Sales and Profit for 2023

The Royal Canadian Mint (RCM) saw revenues for year ending December 2023 fall by 34% to C$2.162 billion and profit by 52% to C$16.6 million. Profit before income tax and other items was C$24.1 million – 46% lower than in 2022, resulting in a profit margin of 1.1%, compared with 1.4% in 2022. The return on capital employed fell from 15% in 2022 to 8% in 2023. 

The main reason for the decline in revenue and profit was a sudden and significant decline in global bullion demand in the second half of 2023, combined with a planned higher level of operating expenses to support the RCM’s on-going operations.

Revenue by business and programme 

Revenue from the Canadian Circulation programme fell by $7.3 million to $88.3 million, compared with $95.6 million in 2022, mainly due to lower volumes of circulation coins sold to the Department of Finance – less coins being required to replenish inventories and to ensure an adequate supply due to an increase in deposits with the financial institutions, as well as an increase in recycled coins from the coin recycling programmes.