Calgary, Alberta, March 24, 2022 (GLOBE NEWSWIRE) -- This year’s Annual General Meeting for United Farmers of Alberta Co-operative Ltd. (“UFA”) was extra special. Not only were the Board and Delegates of UFA able to gather in person, they approved a historic patronage dividend of $18 million back in the hands of members! This marks the fifth consecutive year of increased patronage and a 27 per cent increase over last year. And the good news doesn’t stop there, UFA has unveiled that patronage will continue in 2023 for purchases made this year!
Patronage is certainly a plus and with expanded categories, it means that members can plan their purchases knowing the best way to maximize their patronage rewards. “More products our members use every day on their farm, ranch, or business will now earn them patronage rewards. Simply put, they are getting more. More ways to earn patronage and more money in their pocket,” says Scott Bolton, President and CEO. Patronage will be paid on Ag Diesel (4.5 cents a litre), Ag Gas (1 cent a litre), and 2.5% back on all 2021 purchases with a minimum $5,000 annual purchase; excluding Micro Beef, crop nutrition (i.e. bulk fertilizer and micro-nutrients) and non-ag fuel.
“We believe good business is rooted in investing in good relationships,” adds Bolton. “Rewarding our membership with a patronage dividend of this magnitude and announcing patronage for next year equates to a very good investment. There are so many pluses to being a UFA member and patronage is no exception. We are honoured to demonstrate our commitment to giving back when and where it counts.”
The Co-operative achieved a strong balance sheet and the numbers demonstrate it. In addition to the $18 million patronage dividend, UFA is proud to report $1.6 billion in financial revenues as $74 million in earnings before interest, taxes, depreciation and amortization (EBITDA).
During the year, UFA also continued to invest in its core businesses. UFA continued to expand its Dieselex Gold® offering and acquired Williams Petroleum, a complementary downstream maintenance and construction service provider headquartered in Prince George, B.C. UFA demonstrated its commitment to streamlining the overall customer experience with enhancements to its e-Commerce site and health and safety remained a top priority.
“Spring is just around the corner and with that comes renewed optimism. We will continue to grow and invest in the Co-operative to provide our members with the service and support they need to get the job done, and we will consistently grow and expand our patronage dividend for the benefit of our members,” says Kevin Hoppins, Board Chair. “We are stronger together and we are proud to reward our members who stand shoulder to shoulder with us.”
Attachment
