Qikiqtaaluk Corp. reports satisfying year
”The company performed well against the strategy”
The Qikiqtaaluk Corp. is satisfied with the performance of its group of companies, QC President Harry Flaherty told delegates at the Qikiqtani Inuit Association’s annual general meeting Oct. 1 in Iqaluit’s Anglican Parish Hall.
QC owns a handful of subsidiaries, including Qikiqtaaluk Properties Inc., Qikiqtaaluk Logistics and Baffin Gas Ltd.
The corporation is the majority owner in joint ventures Qikiqtaaluk Fisheries and the newer Qikiqtani First Aviation Ltd., with First Air.
QC wants to continue to support mining and resource development such as Baffinland Iron Mine Corp.’s Mary River project while “increasing collaboration and support to the communities.”
And in 2011-12 the company “performed well against the strategy” Flaherty said of the birthright organization.
QC continues to hold contracts with the Department of National Defense, although it sold its shares from Nunavut Eastern Shipping Inc., he said.
But overall, the year has been profitable, Flaherty said.
In 2011-12 QC had a net consolidated income of $3 million. The corporation paid $11.9 million in salaries and wages and recorded consolidated revenues of $84.3 million.
Shareholders equity stands at about $3.7 million.
In the world markets, QC was down by some points but was still “able to hold its own.”
The Qikiqtaaluk Information Technology Corp, another subsidiary of the QC, showed an improvement in earnings when compared to the previous year, but there is still work to be done on it, delegates heard.
Delegates also heard that QC’s $11-million Iqaluit office building is in its final construction phase.
“We had a celebration in June of this year,” Flaherty said, referring to a grand opening ceremony that Nunavut MP Leona Aglukkaq attended.
Qikiqtaaluk Properties Inc. has already rented space in the building to the Canadian Northern Economic Development Agency, the Nunavut Wildlife Management Board and the Public Health Agency of Canada.
Given the increased need for accommodation once large mining developments start up, QC is doing feasibility studies for the construction of an Iqaluit hotel that would be located behind the Hotel Arctic.
However, designs for the hotel were not brought to the meeting.
The corporation also had a refit done of its fishing vessel, the MV Saputi, which ups its cargo capacity by 1,700 square metres.
Two new appointments were made to the QC board of directors: chair Levi Barnabas and director Moses Appaqaq.
Training and employment for Inuit remains a priority for the company, Flaherty said.
In Dec. 2011, QC conducted a “human resources tour” in Clyde River, Pond Inlet, Arctic Bay and Hall Beach and interviewed 477 people interested in working in future projects.
QC plans to visit other communities on similar missions to develop a long-term training and employment strategy for Inuit.
Past Qikiqtaaluk Corp. annual reports are available here.
During the four-day AGM delegates will receive an update on the Inuit Impact and Benefits Agreement and land lease negotiations with Baffinland, with a presentation on the Mary River project set for Oct. 2 at 1:15 p.m.