FCL earnings strong through challenging circumstances

Federated Co-op Ltd. recorded nearly $9.1 billion in revenue and $495 million in earnings for the financial year ending Oct. 31, up from $7.9 billion in revenue and $177 million in earnings in 2020.

From its earnings, FCL will return $353.5 million to local co-ops across Western Canada.

In a statement today, the company said it successfully navigated changing market conditions and challenges of the pandemic by focusing on its core business areas and through the efforts of local co-ops.

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, however improved market conditions in the energy sector in the second half of the year bolstered company earnings.

FCL expanded its fertilizer terminal in Brandon, forming a joint venture with Blair’s Family of Companies and acquiring True North Renewable Fuels.

It 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.

FCL said it is also committed to reducing greenhouse gas emissions by 40 percent below 2015 levels by 2030 and net-zero emissions by 2050. It plans to use carbon-capture technology and other major investments at the Co-op Refinery Complex and Co-op Ethanol Complex.

More information is available at www.fcl.crs and www.co-op.crs.