2025 Top 100 Losers: B.C.’s biggest revenue decliners

Amid geopolitical uncertainty and skyrocketing demand from central banks, the record price of gold in 2024 translated to huge gains for B.C.-based mining companies. In fact, six of our top 10 biggest revenue gainers are gold mining firms headquartered here. But some other industries—including fashion and construction—managed to squeak onto the list too. On the flipside, B.C. utility providers saw a dip, as well as companies in the beleaguered forestry sector. Read on for our full list of losers in the Top 100.

Teck Resources

Revenue change: -39.6%

Net income: $283 million

Net income change: -88.3%

Vancouver-headquartered mining company Teck Resources had a tougher 2024, divesting its coal division (now Elk Valley Resources, #22 on our list) and downgrading its copper production forecasts. Said downgrade was driven, in part, by reported equipment-related headaches and geotechnical challenges at its Quebrada Blanca mine in northern Chile. Despite the growing pains, Teck expects performance to ramp back up in 2025.

Africa Oil Corp.

Revenue change: -31.6%

Net income: -$382.31 million

Net income change: NA

The Vancouver-based oil and gas exploration firm, with assets in deep-water offshore Nigeria, fell slightly to #74 on our Top 100 list this year (it was ranked at #70 last year). In June, its board announced it had struck a deal to reorganize and consolidate interest in an investee oil and gas company as it eyes expanding its offshore petroleum mining in 2025.

First Quantum Minerals

Revenue change: -24.5%

Net income: -$147.94 million

Net income change: NA

Vancouver-headquartered miner First Quantum Minerals saw a steep drop-off in income in 2024 as it dealt with the shutdown of its Ravensthorpe nickel operation in Western Australia due to higher operation costs coupled with a significant decrease in nickel prices. 2024 also saw the continued shutdown of its Cobre copper mine in Panama—one of First Quantum’s largest projects.

BC Hydro and  Power Authority

Revenue change: -15.9%

Net income: $323 million

Net income change: -10.3%

Although the Crown corp rose from ninth to 7th position for 2024, it saw lower trade revenues year-over-year (though this was partially offset by higher domestic revenues). That said, BC Hydro noted that a 2.3 percent bill increase that took effect in April 2024 resulted in higher revenue figures for the last quarter.

FortisBC Energy

Revenue change: -15.0%

Net income: $286 million

Net income change: -15.4%

Coming in at #43 on the Top 100 list (down from #42 in 2024), FortisBC Energy saw an almost identical revenue change to BC Hydro. The utility provider also had a rate increase for customers approved in 2024—the extra funds are earmarked for system improvements and upgrades across B.C.

Teekay Corporation

Revenue change: -15.5%

Net income: $183.24 million

Net income change: -9.8%

After being one of the biggest gainers on last year’s Top 100 list due to having its highest annual adjusted net income in the company’s 50-year history, Vancouver-based crude oil marine transportation service provider Teekay has slid into the revenue fallers list this year amid geopolitical and trade route uncertainty. Still, the company is optimistic about increasing its 2025 balance sheets, driven by global oil consumption growth.

Polygon Family of  Companies

Revenue change: -10.0%

Net income: NP

Net income change: NA

At #67 overall on our Top 100 list (keeping the same spot as last year), the Polygon Family of Companies, a major homebuilder in Metro Vancouver, landed on our faller’s list for recording a modest decline in revenue in 2024 amid market uncertainty. But with ongoing development projects spanning from Squamish to Vancouver and the surrounding suburbs (including one in Coquitlam that recently had buyers lined up pre-dawn to purchase!), 2025 is looking bright for this privately owned powerhouse.

Interfor Corp.

Revenue change: -8.8%

Net income: -$304.3 million

Net income change: NA

This is the second year in a row that the Burnaby-based forest products company has landed on our revenue fallers list, amid a larger (and quite persistent) downturn in B.C. forestry overall, with volatility linked to changing monetary policies, tariffs and geo-political uncertainty. Weak market conditions prompted temporary production decreases for Interfor in 2024, while the company also announced an agreement to sell two sawmills and a manufacturing plant in Quebec.

Olympic Industries ULC

Revenue change: -13.6%

Net income: NP

Net income change: NA

This North Vancouver-based softwood lumber distributor has also logged two consecutive years among our biggest revenue decliners—making it a double whammy for the forestry industry on this side of the list. Though it’s been around since 1972, Olympic Industries is not immune to the challenges that companies in B.C.’s forestry sector—including lumber producers and traders—have been hit with in recent years.