Weekly Community Newspaper Since 1899
Published at Treherne, Manitoba
Pembina Co-op Reports Another Year of Success
by Patti Hacault
Pembina Co-op (2000) Ltd. has reported another successful year. At the Annual General Meeting held in St. Leon on Wednesday, May 9th, the Co-op Directors, Kevin Cutting and Ernest Fraser, presented the Board of Directors Report.
“Pembina Co-op achieved another successful year in 2017. Sales increased by $6.61 million to $133.63 million. Pembina Co-op achieved a local savings
The Times Photo / Patti Hacault
Pembina Co-op held its annual meeting in St. Leon on May 9th, chaired by the Co-op’s President, Marc Grenier.
of $2.67 million, an increase of $408,000 over last year. The patronage refund from FCL was $4.90 million, which was $531,000 higher than last year. The net savings before income taxes were $7.57 million compared to $6.63 million in 2016. These savings represent a return of 12.9% on members’ equity and reserves.
Members’ equity, reserves and retained savings total $62.16 million. This represents 67.1% of the total assets compared to 75.4% last year. Our equity ratio continues to be influenced by the large volume of members prepaying their spring crop input requirements and taking earlier delivery of seed and fertilizer,” reported Cutting.
This year, the Pembina Co-op Board has approved a patronage allocation of $4.42 million. The individual members’ allocation is based on 3.75% of crop input purchases, 3.75% of fertilizer purchases, 1.0% of general merchandise purchases, 1.0% of project purchases, 4.25% on clear petroleum purchases and 5.0% on dyed fuel purchases made during the 2017 fiscal year. Due to losses sustained on their food operations, there was no patronage allocation made on food purchases. The remainder of the savings will be allocated to the Co-op’s reserves and to pay income taxes.
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Copyright 2018 The Times, Treherne, Manitoba, Canada