It was a banner year for Federated Co-operatives Limited, with a record $12.5 billion in overall sales for 2022, which was a 38 per cent increase from $9.1 billion in 2021. However, CEO Heather Ryan told members at the annual meeting today (Mon) that a lot of the increase is because of inflation, so costs were also up. Net earnings were $411 million, meaning a $348 million patronage allocation to local Co-ops.
She explains that FCL is a Western Canadian organization, but they are not immune to the global markets. Ryan points to Russia’s war on Ukraine, the energy market, other areas including fertilizer and food. “Even though we are a Western Canadian organization, we are not immune to those global risks and global crises.”
FCL’s CEO also highlighted finalizing the acquisition of 171 Husky retail sites in her address, as well as making investments in renewable fuels, agriculture and carbon capture to prepare for a 40 per cent reduction of emissions by 2030 and net zero by 2050. Ryan pointed to two carbon sequestration projects, with an ethanol complex in Belle Plaine and the other at the Refinery Complex in Regina. As well, there is the joint venture with AGT Foods and Ingredients on a canola crush facility, with AGT using the protein meal and FCL using the oil for renewable diesel.
This was Ryan’s first time addressing members as CEO, taking over from Scott Banda, who retired last spring.