Despite challenging circumstances, Federated Co-operatives Limited (FCL) reported strong financial results for its fiscal year ending October 31, 2021. FCL recorded close to $9.1 billion in revenue and $495 million in earnings, up from $7.9 billion in revenue and $177 million in earnings for 2020.
“There’s been a lot of change and uncertainty impacting our work and our lives in the last year, including the pandemic, global supply chain issues and distressing weather conditions across the Prairies,” said FCL CEO Scott Banda. “It’s remarkable how the Co-operative Retailing System continues adapting to ever-evolving circumstances to remain steadfast supporters of Western Canadian communities that Co-op members can depend on.”
FCL experienced a record year for sales in its fertilizer, crop protection, seed, and home and building solutions business lines, with strong performances in food and energy. Inflation was a factor across all business lines and FCL benefitted from improved market conditions in the energy sector in the second half of the year, which bolstered earnings.
Throughout 2021, FCL continued to make investments across Western Canada, including expanding its fertilizer terminal in Brandon, Man., forming a joint venture with Blair’s Family of companies and acquiring True North Renewable Fuels. FCL launched the new Western Nations brand for Indigenous-owned and operated gas bars, with the first location opening in Prince Albert, Sask., as a partnership between Lake Country Co-op and Sturgeon Lake First Nation.
In the past five years, FCL has been able to return a total of more than $2.3 billion to local Co-ops across Western Canada.