After a historic loss in 2022-2023, Investissement Québec (IQ) returned to profitability last year by posting a profit of 123 million. The administrative costs of the financial arm of the Quebec government also continued to increase.
The recovery of its portfolio of investments in companies, with a performance of 128 million, allowed it to post a return of 2.6% at the end of the financial year which ended on March 31.
Over five years, IQ’s return stands at 5.1%.
During its most recent financial year, the state-owned company said it carried out more than 3,000 financial interventions totaling $4 billion.
” While [les entreprises] “As we face many challenges, we must remain agile and capitalize on the opportunities presented by the current economic context, despite its constraints,” says IQ President and CEO Bicha Ngo.
This performance contrasts sharply with the net loss of $234 million recorded in 2022-2023, when market performance was disappointing. However, the Crown corporation’s profits are lower than the expectations of the Legault government, which anticipated a net profit of $216 million.
The IQ annual report is usually released before the start of summer. Exceptionally this year, the former Minister of Economy, Innovation and Energy Pierre Fitzgibbon had postponed its publication.
IQ continued to grow in size last year, with its workforce reaching nearly 1,300 at the end of March, a 6.2% annual increase.
Its administrative costs showed a more marked growth (12.4%), reaching 263 million.
In terms of their overall compensation, which takes into account base salary, bonuses and other benefits, the five top IQ executives were entitled to a salary of 4.5 million.
This amount is lower than the 5.9 million for the 2022-2023 financial year.
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- 7.5 billion
- Size of the Investissement Québec portfolio as of March 31.
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