Submitted by South Country Co-op
South Country Co-op is pleased to announce a cash and equity payback of $12.5 million to our memberowners.
Cheques were sent out on Friday, March 19 so check your mailboxes!
Our 2020 commodity allocations are:
Dyed Fuels 5.2% (approx. 3.5¢/L)
Pumps & Clear Fuels 4.1% (approx. 4.0¢/L)
Crop Services 1.5%
Oil & Grease 6.0%
Hardware & Ag Equipment 1.5%
Food & Confectionary 3.0%
Wine & Spirits 1.5%
We paid back $9 million in cash to our 63,000 members; we recognize you have a choice to choose where you shop and we’re grateful for your continued support. Becoming a member is easy and only costs $5 for a lifetime of benefits across all the goods and services we offer.
Board Chair Marcel VandenDungen: “Although this is a reduction [in patronage] from last year, it is a tremendous accomplishment considering the past year, and is a clear indication of the benefit of the coop business model and of membership in South Country Co-op in particular.”
South Country Co-op CEO, Paul Haynes elaborated on the obstacles South Country Co-op faced last year: “2020 was the most challenging year in our retail sector to date. We began the year dealing with the CRC labour dispute that put incredible pressure on our Teams. We also had to pivot quickly in the face of a global pandemic that caused one of our most profitable business arms to crumble from the lack of demand for fuel products, the reduction in global oil pricing, consumer good shortages that continue to this day, and operational challenges related to the pandemic.
“Despite COVID-19, we donated well over $152,000 to supporting local teams, clubs, businesses and community initiatives as this is one of our Core Values we will continue to uphold. Our commitment to staying local is underscored by a new Federated Co-operatives Limited campaign, “We Are Co-op”, that focuses on LOCAL, CANADIAN-MADE, and PEOPLE.”
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