Sasktel released its 130 page 2021-22 annual report, showcasing the company’s financial results.
For the fiscal year, Sasktel had a 20.2% decrease in net income, bringing in $104.4 million.
The report said this was impacted by increased depreciation and amortization of $18.9 million, and decreased revenue.
That was partially offset by reduced goods and services, and reduced net salaries, wages and benefits.
Revenue for Sasktel was $1.3 billion for this fiscal year, which was a decrease compared to last year by $16.8 million.
The report said that this reflects an ongoing decline in legacy wireline services and a decline in customer equipment due to an increase in demand last year related to the pandemic.
Sasktel said that those declines were offset due to a growing subscriber base for fixed broadband and data, a growing demand for higher internet speeds, and increased wireless revenues.
The organization raised its debt ratio by 4.2% to 54.6%, noting that the funds are being used for expansion.
“The primary uses of cash in 2022/23 will be property, plant and equipment and intangible asset expenditures, growth initiatives, and dividend payments,” reads the report.
2021-22 saw $456.1 million invested in capital expenditures for initiatives such as network growth, fibre expansion, 5G networks, and spectrum.
“This investment demonstrates SaskTel’s ongoing commitment to not only provide the best customer experience today, but also creates additional opportunities for future network capabilities and enhancements,” said Don Morgan, minister responsible for Sasktel.
Ultra high speed internet access went to 24 communities around Saskatchewan, including places like Prince Albert, Moose Jaw, Swift Current, and Tisdale.
Advanced broadband was expanded to rural communities like Elbow, Peepeekisis First Nation and Last Mountain Lake, and faster internet service was expanded to northern communities like Black Point, Michel Village, and Timber Bay.
Sasktel said this is a provincial expansion of coverage from 85% to 86%.