Federated Co-operatives Limited (FCL) continues to climb up the ranking of Canada’s 500 largest corporations and sits as the only Saskatchewan-based organization in the top 50.
READ: Financial Post 500 rankings [link: http://www.financialpost.com/news/fp500/2014/index.html]
In the 50th edition of the Financial Post Magazine’s rankings, FCL moves up three spots to 45th place with 2013 revenue of $9.4 billion, an increase of 7.4 per cent. FCL ranks 16th for its return on assets (14.3 per cent) and 36th for its return on equity (22 per cent).
“We must create long-term sustainable value for our members,” said FCL CEO Scott Banda. “We’re accomplishing this by growing strategically, investing in our communities, telling our story and coming together in what we call the Co-operative Retailing System.”
In the 2013 fiscal year that the ranking was based on, FCL acquired 17 agricultural chemical supply centres from Viterra. FCL transferred the ownership and operations of 15 sites to local retail co-ops.
FCL also completed the $2.7 billion expansion and revamp project at the Co-op Refinery Complex in 2013, a wholly-owned subsidiary, which was self-financed by FCL and retail co-ops and generated $5 billion in economic activity in Saskatchewan. The expansion will meet the growing petroleum product requirements of the Co-operative Retailing System (CRS).
The CRS is comprised of FCL and 225 independent retail co-operatives that serve 1.6 million active individual members and many more non-members. It helps build, feed and fuel individuals, families and communities through 2,500 retail locations in more than 500 communities from Vancouver Island to northwestern Ontario. The CRS has a total workforce of more than 24,000 employees.
FCL has two subsidiaries, the Co-op Refinery Complex and The Grocery People. It ranks as the largest non-financial co-operative in Canada and the 58th largest co-operative in the world according to the World Co-operative Monitor.