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February 24, 2021QUARTERLY FINANCIAL STATISTICS FOR ENTERPRISES, Q4 2020 In Q4 2020, Canadian enterprise net income before taxes (seasonally adjusted) increased 7.9% compared to the previous quarter. The increase of $6.1 billion elevated corporate net income before taxes to $82.5 billion. Operating revenue rose 1.8% to $1,080.4 billion for the quarter. Net income before taxes in the non-financial sector increased by 12.8% (+$6.0 billion) to $53.2 billion.
Net income before taxes in oil and gas extraction and support activities increased 56.5% (+$3.7 billion) on higher oil prices and volumes. Despite these improvements, the industry reported a fourth consecutive quarterly loss of $2.9 billion. Other notable gains in the non-financial sector in Q4 include transportation and warehousing (+$4.1 billion) and Arts, entertainment and recreation, and accommodation and food services (+871 million), both of which switched from a loss in Q3 to a profit in Q4.
Net income before taxes in the retail trade sector decreased 17.8% (-$776 million) to $3.6 billion, led by declines in the food and beverage stores industry. Other non-financial sectors down compared to the previous quarter include wholesale trade (-15.2%, -$1.8 billion) at $10.2 billion in net income before taxes in Q4 2020, and Information and Cultural (-21.5%, -684 million) at $2.5 billion.
Net income before taxes in the manufacturing industry was down 0.9% (-$120 million) to $12.6 billion in the fourth quarter, led by declines in petroleum and coal manufacturing. Declines in manufacturing net income were largely offset by gains in wood and paper manufacturing, which rose by $711 million (+32.4%) on higher demand and prices.
Net income before taxes for financial corporations increased 0.1% to $29.4 billion in the fourth quarter. Banking and other depository credit intermediation was up 4.1% (+$419 million), while securities, commodity contracts, other financial investments decreased 5.6% (-673 million) compared to Q3 2020.
Source: Quarterly financial statistics for enterprises, fourth quarter 2020
Statistics Canada. Table 33-10-0226-01 Quarterly balance sheet and income statement, by industry, seasonally adjusted (x 1,000,000)
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