Federated Co-operatives Limited (FCL) 2020 report shows revenues of $7.9 billion, down 13.5 per cent from the previous year ($9.2 billion).
FCL reported $177 million in net income, $117.5 million from which was returned to local co-ops and their communities in Western Canada.
“We faced signiﬁcant challenges and drew on the strengths of our co-operative and our Federation to address them. From our people who demonstrate such support for one another and for our communities to our ﬁnancial resources and our supply chains, together we beneﬁtted from the strength of our co-operative model,” says Sharon Alford, president and chair of the board of FCL.
“This year’s circumstances were extraordinary, requiring us to adapt and evolve, relying on one another and the unity of our Federation to manage through the disruption and uncertainty,” says Scott Banda, chief executive officer of FCL.