For its 90th birthday, Federated Co-operatives Ltd. posted total sales of nearly $10.7 billion, an increase of eight per cent from the $9.8 billion of the previous year.
The record $1.1 billion in earnings is up from $575 million in 2017 and surpasses the previous record of $879 million in 2013, as well as the 10-year average of $689 million, reports The Western Producer.
The company’s announcement of the record profits added that an exceptionally strong energy market helped propel its profits beyond expectations. However for 2019 profits are expected to be lower because of new policies and repressed market conditions.
“These results are above and beyond anything we anticipated and we’re not expecting to see the same exceptional results in 2019 because new policies and market conditions are already affecting profitability in our energy business lines,” said FCL CEO Scott Banda.
Photo: Federated Co-op