Top grossing Alaska companies see drop in revenue after year of slumped oil prices
Even Alaska's top grossing companies are seeing an impact from the drop in oil production and prices.
At the Alaska Business Monthly top 49ers luncheon, where companies are ranked and awarded based on the previous year's gross incomes, there was a shake up at the top.
Bristol Bay Native Corporation has held onto the number two rank for years but saw a nearly 13 percent drop in gross income in 2015. Because of that, the company was ranked 3rd for 2016.
"BBNC has taken a hit as have other companies," says BBNC President and CEO Jason Metrokin. "But our other companies such as government contracting, tourism, construction those are some of the areas we're doing well in and so it helps to be diversified."
Metrokin says the corporation is not only diversified in the type of business it does but also where, citing the many companies it owns outside of Alaska.
"Facing a challenged economy in Alaska means we're [going to] be looking for more business opportunity outside but we've been doing that for quite a number of years but still very much focused on Alaska as well," Metrokin said.
NANA Regional Corporation held onto it's gross income at $1.6 Billion for both 2015 and 2014. That steady income allowed it move up to the number 2 rank. A NANA spokesperson was not immediately available to comment on the company's performance.
Arctic Slope Regional Corporation has held onto the number one spot for 22 years. The 2015 gross income of ASRC did however drop about 5 percent down to $2.5 billion.
Locally owned airliner PenAir showed an increase in gross income for the fifth year in a row. Penair CEO Danny Seybert said the airliner's success is, in large part, due to the seafood industry.
"The seafood industry is healthy," Seybert said. "We are very confident in the economy and infrastructure that the seafood brings to the state."