FCL posts 2016 fiscal year revenue of $8.4 billion
December 22, 2016
Federated Co-operatives Limited (FCL), the country’s largest non-financial co-operative, will return $364 million to its retail co-operative members across Western Canada this year.
For the fiscal year ending Oct. 31, 2016, FCL saw revenues of $8.4 billion from its energy, food, home and building and agro businesses, down from $9.1 billion the previous year.
The results show the continued effects of the energy sector downturn on western Canadian communities, which were compounded this fall when weather conditions delayed harvest operations throughout much of the Prairies.
“Even though the past year has been challenging, our performance demonstrates the strength of both FCL and the entire Co-operative Retailing System (CRS), which continues to deliver important services in communities big and small,” said FCL CEO Scott Banda.
“We expect to face difficult waters again in 2017, but we’re positioned to weather these conditions. Across Western Canada, FCL and local retail co-ops are making long-term investments on behalf of Co-op members and their communities that will help us respond to challenges posed by market conditions and competitors.”
Supporting local co-ops
From net earnings of $515 million, FCL will return $364 million in patronage allocations to its member-owners, the 200 independent retail co-ops that form the CRS.
Over the past 10 years, FCL has provided more than $4.5 billion in patronage returns to local retail co-ops. This money is reinvested into their operations to address the needs of 1.8 million Co-op members — and many more customers — in more than 500 western Canadian communities.