The Société québécoise du cannabis (SQDC) presents net income of $104.1 million for its 2023-2024 financial year, up 9.7% compared to that of 2022-2023.
Net income 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, after being $20.02 million a year earlier, and sales increased 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.