Sasktel Annual Report Shows Decline in Net Income |

Sasktel released its 130-page 2021-22 annual report, showing the company’s financial results.

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For the fiscal year, Sasktel had a 20.2% decrease in net income, generating $104.4 million.

The report said this was impacted by higher depreciation and amortization of $18.9 million and lower revenue.

That was partially offset by reduced goods and services, and reduced wages, salaries and net benefits.

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Sasktel’s revenue was $1.3 million for this fiscal year, which was a decrease compared to last year of $16.8 million.

The report says this reflects a continued decline in legacy wireline services and a decline in customer equipment due to an increase in demand last year related to the pandemic.

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Sasktel said those declines were offset by a growing fixed broadband and data subscriber base, growing demand for higher internet speeds and higher wireless revenue.

The organization raised its debt ratio by 4.2% to 54.6%, saying the funds are being used for expansion.

“The main uses of cash in 2022/23 will be expenses for property, plant and equipment and intangible assets, growth initiatives and dividend payments,” the report reads.

In 2021-22, $456.1 million was invested in capex for initiatives such as network growth, fiber expansion, 5G networks and spectrum.

“This investment demonstrates SaskTel’s continued commitment to not only deliver the best customer experience today, but also creates additional opportunities for future capabilities and network enhancements,” said Don Morgan, Minister Responsible for Sasktel.

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Ultra-high-speed Internet access has reached 24 communities around Saskatchewan, including places like Prince Albert, Moose Jaw, Swift Current and Tisdale.

Advanced broadband expanded to rural communities like Elbow, Peepeekisis First Nation, and Last Mountain Lake, and faster Internet service expanded to northern communities like Black Point, Michel Village, and Timber Bay.

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Sasktel said this is a provincial expansion of coverage from 85% to 86%.

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