(Montreal) The Société des alcools du Québec posted fourth-quarter net income on Tuesday, up 12.9% compared to the same period last year, as its revenues rose 6.7%.
Posted at 5:26 p.m.
The SAQ’s net income amounted to 232.6 million during the last quarter of the 2021-2022 fiscal year, which ended on March 26. In comparison, it had been 206.0 million during the same period last year.
Quarterly sales reached 740.0 million, up from 693.5 million last year. During this same period, the public corporation’s expenses rose slightly to 146.1 million, after having been 145.1 million a year earlier.
For the entire 2021-2022 fiscal year, the SAQ posted net income of $1.35 billion, up 10.7% from the previous fiscal year. This result, which reached at least $1 billion for a tenth consecutive year, is paid to the Government of Quebec in the form of a dividend.
Annual sales for their part recorded an increase of 7.4% to reach 3.85 billion.
The SAQ attributed the increase in sales in particular to the easing of health measures that began in the second quarter, which continued until the end of December. In addition, the maintenance of certain restrictions related to travel outside Quebec contributed to a positive tourist balance, continued the company, while Quebecers remained more in the province.
The gradual reopening of the restaurant and bar sector during the fiscal year contributed to an increase in sales of 200.9 million to this clientele, explained the SAQ in a press release.
Consumers have also started to revert to their pre-pandemic habits, the company observed. They visited branches more often, but made lower value purchases there each time they visited. The value of the average basket of consumer purchases fell by 9.3%, from $76.05 to $68.94.
Online sales totaled 106.4 million during the fiscal year, up 9.8% from the prior year. They represented 3.5% of purchases made by consumers, compared to 3.3% a year earlier.
The SAQ last month increased the prices of 2,550 of its products by an average of 3.7%, a decision it attributed to higher shipping costs and supply chain disruptions, as well as than by an increase in production costs for suppliers.