Fastest Growing Canadian Companies
The year 2020 presented several challenges for companies struggling to survive amidst the global pandemic. However, some business have been able to weather the storm despite one of the steepest drops in Canada’s real GDP on record.
In 2019, the country reported a real GDP of roughly $1.64 Trillion (T). In 2020, that figure dropped to $1.57 T, a difference of more than $70 Billion. While Canadians continue to work at regaining those losses, some businesses have managed to prosper throughout the pandemic-induced instability.
According to Canada’s Top Growing Companies 2021 Report published by The Globe and Mail, 448 business make this year’s list, compared to 400 in the previous year. While there is no single absolute formula for producing exceptional growth, the Report highlights Canada’s best performers on the basis of a three-year revenue growth of 50% or more.
This year, the top spot goes to Toronto-based company, The Good Fat Co. Ltd. They specialize in low-carb, low-sugar snacks made with good fats and fibre that nourish the mind, body and spirit. Perhaps a wise alternative for those looking to switch to healthier snack options.
The company, which employs 25 people, spread out to supply American shelves with their products in the beginning of 2019. The enterprise has experienced a three-year revenue growth of 19,263% and reported a 2020 revenue in the range of $25-$50 million (M) CAD.
Ranked number two on the list is Mistplay, a Montreal-based company which operates a loyalty rewards program for mobile gamers. One of the by-products of pandemic-induced lockdowns was an increase in user screen time creating more opportunities for companies in this category.
With a team of 65 employees and more than 3 million members, the company has experienced a revenue growth of 13,154% in the last 3-years. Revenues for 2020 land in the $30M-$60M range.
Solar Panda, with corporate headquarters located in Toronto, ranks number three on the list. In a world focused on green energy, the innovative company has harnessed the power of the sun and has been providing home solar systems to rural African communities.
The pay-as-you-go model enables millions of families to have access to affordable electricity for less than the daily cost of kerosene and charging a mobile phone. With a workforce of 223 employees, the company has registered a 3-year revenue growth of 10,465%. Their 2020 revenue stream falls in the range of $10M-$25M.
Another top performing company is The Canadian Shield, with over 10,000% revenue growth in the last three years. The company, with 93 employees, designs and manufactures medical equipment and PPE. In 2020, the enterprise reported revenues in the range of $50M-$75M.
In addition to the number of companies related to health care, other businesses among this year’s Report include six insurance brokers, five apparel designers (one of which caters to canines), four breweries and one company that makes robots.
Owning and operating a business is no easy feat. It is impressive for these and many others to grow in an unpredictable economic environment during a global pandemic.