Despite a challenging local economy in 2016, it was another strong year for Discovery Co-op.
Still, some of the overall numbers reported Tuesday at their annual general meeting at Territorial Place Co-op were a little lower than those reported the previous year, although sales figures were up.
In its annual report, Discovery Co-op announced it would be returning approximately $1,436,528 million to its members. That compares to a $1.65 million allocation the year before.
Based on purchases, the allocation for fiscal year 2016 (up to Jan. 31) was as follows: one percent on bins and augers and chemical and seed purchases, three per cent on fuel purchases, one per cent on food and harmacy purchases, .5 per cent on consumer purchases, one per cent on fertilizer, five per cent on oil and grease, four per cent on propane and 1.5 per cent on farm hardware and feed purchases.
In 2016, Discovery Co-op achieved sales of $111 million, a six per cent growth compared to the year before.
For 2016, there was $1,208,308 (down from $1,856,947 in 2015) in equity paid back to members who had moved, reached age 70, or reached their equity cap of $17,250, to estates and toward their general cash repayment amounting to $420,000.
The Co-op also welcomed 1,142 new members in 2016.
Approximately $156,907 was donated towards supporting clubs and activities in the trading area.
With respect to investments in facilities in 2016, these fixed assets and major repairs amounted to $7.6 million.
According to Discovery Co-op's five-year plan, capital and property upgrades, along with asset purchases, will continue to take place. Asset purchasing totalling $1.5 million is planned for 2017, with the main upgrade for 2017 being to the Cut Knife Cardlock facility.
Last year saw upgrades to several locations, including the Battlefords Cardlock which had its grand-reopening last year, as well as at the Home Centre.
On the human resources side, the company reported the lowest employee turnover rate in company history, dropping by nine percent.
Also of note: the board has bid farewell to two of its leaders over the past number years.
Randy Graham is retiring from the board after a tenure that included several years as president. Also retiring from the board is Rob Squair, who served as president over the past year after Graham stepped down to serve on the board of Federated Cooperatives Ltd.
Not far from the minds of people attending was the challenging economic environment, particularly for the energy sector.
General manager Mike Nord acknowledged "we are definitely facing some tougher economic conditions in Saskatchewan."
“Having said that, we spent a fair amount of money the last few years making sure that our assets are relevant so we can move forward in the future and be here and be a part of this community, and other communities we are in, for years to come.”
He credited Co-op's strong performance to the fact that “we’re very diverse” – their divisions being agriculture, petroleum, convenience store/gas bars and food stores – and “that helps us weather those storms.”
Nord also credited the board of directors for “looking always not just about next year but they look at 10 years down the road. There’s a lot of planning that happens and has happened for a long time and I think that’s really the key to success.”
