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Inuvialuit Announce Record Pre-tax Earnings Of $83 Million For 2017 From Business Operations And Market Returns
Inuvialuit Regional Corporation (IRC) – including Inuvialuit Development Corporation (IDC), Inuvialuit Investment Corporation (IIC), Inuvialuit Land Corporation, and Inuvialuit Petroleum Corporation – is pleased to announce record pre-tax earnings of $83 million and a profit of $69.3 million for the year ended December 31, 2017. These returns are primarily from the business operations of IDC and supplemented from the investment returns of IIC.
“IDC is proud of its accomplishments over the past year and especially wishes to thank both Canadian North Airlines and Weldco-Beales Manufacturing, who returned a combined $27 million to IDC,” said Patrick Gruben, Chair of IDC. “All of our companies continue to thrive and their records for safety and quality allow them to remain in their market-leading position.”
“IDC plans to use these profits to further reduce beneficiary fares on key Inuvialuit routes throughout the Canadian North network,” Gruben added.
IRC returns a portion of its earnings each year to beneficiaries in accordance with its Distribution Policy – having made over $39 million in distribution payments to date.
“IRC is pleased to announce a 2018 distribution payment of $536.60 to the 4,590 enrolled beneficiaries of the Inuvialuit Trust,” said Duane Ningaqsiq Smith, Chair and CEO of IRC. “We continue to focus on our long-term goals and strategic plan, which have both strengthened the Corporation and aligned its subsidiaries to ensure increased value flows to all beneficiaries.”
IRC was created in 1984 to represent Inuvialuit, the Inuit of the western Arctic, and was the first comprehensive land claim organization north of 60 in Canada. IDC, a subsidiary of IRC, is a diversified holding company with interests in aviation, consumer goods, manufacturing, gas services, construction, and national defence.
For more information, please contact:
Beneficiary and Enrolment