With the exception of health care, weighed down by the poor performance of cannabis companies, every sector in Canada is booking more sales and EBITDA than in prepandemic times. A majority of industries are recording higher net income as well, with the overall 40 per cent gain in net income bringing the total for the 230 companies to a little less than $175-billion in the first nine months of 2022.
At the three major grocers – Loblaw Cos. Ltd., Empire Co. Ltd. and Metro Inc. – gross profit margins increased by 0.4 percentage points to 2.7 percentage points in the first nine months of 2022, versus 2019. That may not sound like much, but with billions of dollars in sales, small increases in margins can yield big increases in profits.
The financial sector has received the most attention from the federal government, which has targeted what it believes to be excess profits by increasing the corporate tax rate and introducing a special fee – a “Canada recovery dividend” – on all larger banks and insurance companies. The profit gains came despite the fact the banks began to prep in 2022 for a downturn in 2023; they recorded extra provisions for potential future loan losses – an expense – which lowered net income.
Two of the biggest winners were what are called, broadly, resource industries: the materials and energy sectors. WTI crude oil, priced at US$45 to US$60 per barrel for most of 2019, traded between US$80 and US$120 for much of the first half of 2022.
Keep talking about how Covid is waning, and ignore all the people it's killing.
Moderna and Pfizer are the top dogs. The jokes on us
“COVID-19 wanes and recession lurks, corporate profits boom” theJagmeetSingh JustinTrudeau better star reining profiteering in or we will see a Conservative government after the next election. STOP ignoring corporate greed and tax pandemic profits.
The name COVID-19 & the world government narrative will never 'wane' from my mind so long as I live. Same as words or phrases like recession, or climate change, or mandates, lockdowns, 'build back better' 'we're in this together' etc. etc... I put my faith in Jesus Christ alone.
Recession started couple years ago, they just altered the criteria.
Inequality continues to increase unabated. Increase corporate taxes. Introduce Wealth taxes on millionaires and billionaires
So the narrative is a pandemic happened, governments united spent a ton of stimulus money which created inflation, making basic life unaffordable to live, ergo- we need to implement communism so we can eat and have shelter. I get it.