FCL posts 2017 fiscal year revenue of $9.8 billion
December 21, 2017
With increased revenues in 2017, Federated Co-operatives Limited (FCL) will return $408 million to retail co-operatives across Western Canada.
For the fiscal year ending Oct. 31, 2017, FCL recorded revenues of $9.8 billion from its energy, food, home and building and agro businesses, up from $8.4 billion the previous year — a 17 per cent increase.
“While the past year brought many challenges, FCL is a diverse organization and we continue to see positive results by operating efficiently and effectively while strengthening our commitment to local retail co-operatives and communities throughout Western Canada,” said FCL CEO Scott Banda.
“Across all of our business lines, we’re taking steps to support local retail co-operatives in new and meaningful ways, ensuring they have the resources they need to compete in today’s marketplace and deliver important products and services to Western Canadians. Together, we are supporting local businesses, creating opportunities at home and helping to build strong communities.”
Profits shared with local co-ops
From net earnings of $575 million, FCL will return $408 million in patronage allocations — which includes share redemptions in cash — to its member-owners, the more than 190 independent retail co-operatives that form the Co-operative Retailing System (CRS) in Western Canada.
Over the past 10 years, FCL has provided nearly $4.5 billion in patronage returns to these 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 almost 600 Western Canadian communities.