This year's Annual General Meeting was extra special. Not only were the Board and Delegates of UFA able to gather in person, they announced 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 pre-announced that patronage will be paid in 2023 for purchases made this year!
"We believe good business is rooted in investing in good relationships," says Scott Bolton, President and CEO. "Rewarding our membership with a patronage dividend of this magnitude and announcing patronage for next year equates to a very good investment. Knowing the 2023 patronage allocation right now, and what products qualify, means our members can plan their purchases knowing the best way for them to maximize their patronage rewards. They get more, so they can do more. We are honoured to demonstrate our commitment to giving back when and where it counts."
Patronage is a plus and UFA has also expanded the program to reward members by paying on additional purchases. "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," adds Bolton.
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. The Co-operative 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 and customers 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 membership," says Kevin Hoppins, Board Chair, UFA. "We are stronger together and we are proud to reward our members who stand shoulder to shoulder with us."
