FCL sees record ag sales as 90th anniversary approaches
March 5, 2018
Federated Co-operatives Limited (FCL) is preparing for the future by investing and diversifying in Western Canada, CEO Scott Banda told delegates at the organization’s Annual Meeting in Saskatoon.
In 2017, FCL recorded combined revenue of $9.8 billion. Notably, sales of crop supplies, which include revenue from two new fertilizer terminals, topped $1 billion for the first time.
“Compared to recent years, we saw improvements in 2017 with increased petroleum sales at the retail level and strong performance in our ag business,” said Banda.
“As we mark our 90th anniversary in 2018, we continue to build on the diversity of our organization through targeted investments and balanced growth. Working together as a federation, the Co-operative Retailing System will find ways to develop our business and face competition while focusing on investments that make our communities more sustainable over the long-term.”
In 2017, FCL opened fertilizer terminals at Hanley, Sask., and Brandon, Man., opened a propane distribution facility in Dryden, Ont., and began utilizing a new petroleum distribution hub in Ashcroft, B.C. These facilities are now all delivering products to retail co-operatives and Co-op members and customers. Other highlights from the year include:
- 436 active new construction and renovation projects worked on for retail co-operatives.
- 76.1 million kilometres travelled to deliver over 580,000 tons of product and 3.8 billion litres of fuel.
- $9.8 million donated to charitable and non-profit organizations across Western Canada.
Profits shared with communities across Western Canada
For the fiscal year ending Oct. 31, 2017, FCL’s revenue from its energy, food, home and building and agro businesses was up 17 per cent from $8.4 billion the previous year to $9.8 billion in 2017.
From net earnings of $575 million, FCL returned $410 million in patronage allocations to its retail co-op members. These allocations are essential to these local co-operatives’ re-investment in their members and communities.
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.
Complete highlights from 2017 are included in FCL’s 2017 Annual Report available online at www.fcl.crs/annual-report.