The Société québécoise du cannabis (SQDC) presents a net income of 104.1 million for its 2023-2024 financial year, up 9.7% compared to that of 2022-2023.
The net profit was 94.9 million last year.
The Crown corporation’s total sales also increased by 10% to 662.1 million, compared to 601.9 million in 2022-2023.
Online sales increased 14.7%, from 34.15 million to 40.02 million, and branch sales increased 9.6%, from 567.76 million to 622.05 million.
Net charges continued to eat up a large portion of the SQDC’s revenues. They amounted to 109.91 million, or 16.6% of sales.
The financial year ended on March 30, 2024 and exceptionally extended over 53 weeks.
The SQDC sold 122.48 tonnes of cannabis in 2023-2024, a jump of 15% compared to the previous year, when the sales volume was 106.6 tonnes.
A total of 16.1 million transactions were recorded in 2023-24, compared to 13.9 million in the previous financial year.
Both net profit and sales and sales volume increased in the fourth quarter of fiscal year 2023-2024 compared to the fourth quarter of the previous year.
Net income jumped 27.7% to 25.57 million, from 20.02 million a year earlier, and sales rose from 136.45 million to 166.20 million, a difference of 21. 8%.
The sales volume increased from 24.52 tonnes to 32.09 tonnes in the fourth quarter, a jump of 31%.
The SQDC reported increases in these indicators for a fourth consecutive quarter.