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By Chris Brown

Co-op paying back $13.4M to members

Mar 29, 2022 | 11:14 AM

MEDICINE HAT, AB – The cheques are in the mail.

South Country Co-op says it paid back $13.4 million in cash to 63,000 members for 2021, sending out the cheques on March 25.

Board chair Marcel VandenDungen says 2021 was a bounceback year for South Country Co-op and FCL, which South Country owns along with about 160 other retail co-ops in western Canada.

“Both FCL and South Country Co-op experienced a rebound in sales from the previous year, which had a corresponding positive impact on the bottom line. We once again had a positive local net savings at South Country, totaling almost $1.9 million, again doubling the previous year,” he says in a release.

Paul Haynes, South Country Co-op CEO, says total margins for the year were $1.1 million, 1.9 per cent below budget, and expenses were reduced by $2.6 million, or 4.7 per cent. That improved local savings by $3.69 million over budget and $955,000 over last year, he adds in the release.

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He says the company is proud of these results despite the continued costs and challenges due to COVID-19 and public health measures.

“During the pandemic, South Country Co-op has managed to keep our retails clean, safe and open,” he says. “Our proactive practices have provided our guests with the confidence to continue shopping with us, as well build a larger customer base who sees the value in our practices.”

South Country Co-op also donated more than $100,000 to local teams, clubs, businesses and community initiatives in 2021.

The overall cash and equity payback for members-owners last year is $17.9 million.

2021 commodity allocations are:

• Dyed Fuels – 6 per cent (approx. 5.5¢/L)
• Pumps & Clear Fuels – 5 per cent (approx. 6.0¢/L)
• Crop Services – 3 per cent
• Fertilizer – 1 per cent
• Oil & Grease – 8 per cent
• Hardware & Ag Equipment – 3 per cent
• Tires – 3 per cent
• Propane – 8 per cent
• Food & Confectionary – 4 per cent
• Pharmacy – 7 per cent
• Wine & Spirits – 1.5 per cent