FCL has a record year | Country 600 CJWW

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Federated Co-operatives Limited had a record year in 2021 for sales in its Fertilizers, Crop Protection, Seeds and Home & Building Solutions business segments, with strong performance also in the food and energy.

Co-op members learned from FCL’s CEO at the Annual General Meeting that despite a pandemic and severe weather, including a prairie drought, the co-op has experienced significant financial turnaround.

Banda cites nearly $9.1 billion in revenue, down from $7.9 billion in 2020, and $495 million in revenue for the fiscal year ended Oct. 31, down from $177 million a year earlier. FCL will donate $353 million to local co-ops in Western Canada.

He said one of the highlights of the past year was the finalization of the company’s energy roadmap, which includes three carbon capture, utilization and storage projects, the acquisition of Husky and the Integrated Agricultural Complex which includes a renewable diesel plant and a canola crushing plant.

Banda says this roadmap took years to develop. The CEO told members that FCL now has a “seed to tank” strategy that will work in tandem with its “farm to fork” strategy. Banda officially retires on May 6. He was named CEO in 2010.

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