FCL reports record profits

SASKATOON — Federated Co-operatives Ltd reported revenues of nearly $10.7 billion for the fiscal year, up 8% from $9.8 billion the previous year. From these revenues, FCL realized record earnings of almost $1.1 billion, up from $575 million in 2017. This surpasses the previous record of $879 million in 2013 and far outstrips the 10-year average of $689 million. This year, $789 million is being returned to the more than 170 independent retail co-operatives that are FCL’s members and owners. Over $630 million of this will be in cash, with the remainder being additional share capital in FCL.