FCL reports $7.9 billion in annual revenue

Federated Co-operatives Limited says it "persevered" this year in the face of COVID-19 and a "global downturn in energy demands."

The Saskatoon-based company, which is collectively owned by more than 160 independent retail co-operatives across Western Canada, recorded $7.9 billion in revenue and earnings of $177 million for the financial year that ended Oct. 31, 2020. From those earnings, FCL said it returned $117.5 million to local co-ops.

“I’m proud that FCL and our local Co-ops have confronted this year’s challenges head-on and we have continued to meet the needs of Western Canadians,” said FCL CEO Scott Banda, in a press release.

“Co-ops have shown new levels of co-operative spirit during the COVID-19 pandemic, tackling problems together while meaningfully contributing to local communities as demonstrated by our ongoing investment in the West,” Banda added.

In total, FCL invested $8.1 million in community projects throughout the year, including a campaign that saw 2,500 gift cards distributed to those in need.