Here are some of the highlights of this year\u0027s edition
There are 17 newcomers to the FP500 this year, led by Waterloo, Ont.-based property insurer Definity Financial Corp. . Definity went public in November 2021 in a $1.6-billion IPO — the largest in Canada last year — but its roots date all the way back to 1871 when its founding brand, the Economical Mutual Fire Insurance Co., issued its first policy to protect Ismael Bowman’s barn and home. Economical is still one of its branded entities as is Sonnet, Petline Insurance Co. and Family Insurance.
Canada’s top technology company, once again, is Montreal-based systems integrator CGI Inc. , which doesn’t make anything, but it does put it all together. Its revenue dipped 0.3% last year, perhaps due to the lack of people in corporate offices who need new I.T. systems. Three spots further down is Bausch Health Cos. Inc., formerly known as Valeant Pharmaceuticals International, which in 2010 merged with Biovail Corp., founded by Eugene Melnyk, who died in March at the age of 62.
Looking for a champion, it’s probably Shopify Inc. . Although investors have been dumping the e-commerce enabler’s stock since the beginning of the year, with its share price falling roughly 75%, the company has steadily risen on the FP500 since its debt at No. 597 in 2016.Photo by David Kawai/BloombergBRP Inc. was spun off into a separate publicly traded entity from Bombardier Inc. in 2013 and it is now bigger than its former parent. BRP’s revenue grew 28.5% last year to $7.
However, others would have lost money except for some massive government funding. For example, the Toronto Transit Commission received $2.2 billion and managed to only eke out a $134.3-million profit as riders tried to stay away from the pandemic express. Similarly, Autorité régionale de transport métropolitain received $1.76 billion in government funding for a $91.3-million profit — at least on paper.Granite REIT missed the FP500 cutoff by less than $2.
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