United Farmers of Alberta Co-operative has approved a patronage dividend of $14.2 million to its membership at its virtual Annual General Meeting recently.
The patronage payment is for 2020 purchases in the following categories: Ag Gas (1.3%), Ag Diesel (6.6%), Canola and Corn Seed (1.6%), and the following lubricants: 18.9L pails of Spirax S4 TXM, Rotella T4 15W40 and Rotella T6 5W40 (5%).
In addition to the patronage dividend, the Alberta-based co-operative is proud to report $1.2 billion in financial revenues as $64 million in earnings before interest, taxes, depreciation and amortization (EBITDA).
“As a member-owned agricultural co-operative, it is our responsibility to support the members who continue to get the job done, even during a pandemic. The business of agriculture cannot stop,” says Scott Bolton, UFA President and Chief Executive Officer.
“Serving our members and customers is the driving force of UFA, and paying patronage to those who keep the agriculture industry moving has never been more important. We are honoured to demonstrate our commitment and gratitude with this year’s patronage return.”
During the year, UFA continued to invest in its core businesses. The co-operative continued to expand its Dieselex Gold® offering and partnered with GrainsConnect Canada to bring an exciting pilot program, offering growers the chance to maximize returns with a discount on seed and receive competitive pricing with a premium on their production contract. Bar W, a subsidiary of UFA, opened a new All Peace Petroleum site in Spruce Grove, enhancing the service offering to customers of the downstream maintenance and construction business, as well expanding its tank rentals and sales.
UFA demonstrated its commitment to streamlining the overall customer experience with a new point-of-sale system, introduced in early 2020; and in December, launched its e-commerce site. Implementing comprehensive measures to protect the health and safety of its teams, members.