(CKOM News file photo)

By paNOW Staff

leading businesses

Co-ops dominate Top 100 business list

Mar 4, 2021 | 4:30 PM

Co-op stores have claimed 26 spots in SaskBusiness Magazine’s 2020 ranking of the Top 100 companies in Saskatchewan by revenue. Nine Co-ops across north central Saskatchewan are on the list including three in our wider region that appear in the top fifty. The list is based on 2019 sales, so is pre-pandemic.

Federated Co-operatives Limited (FCL) maintained its second position, and 25 local Co-ops are on the list with Prince Albert’s Lake Country Co-operative Association at number 22, Lloydminster and District Co-operative Association at 43, and Discovery Co-operative Association in North Battleford at 46.

Other entries include Prairie North Co-operative Association Limited in Melfort ranked at 51, and Meadow Lake Co-operative Association at 64.

The sales of FCL and local Co-ops reached a combined total of almost $12.1 billion in 2019.

“Reflecting on the last year, I think we can truly appreciate the value of the Co-operative Retailing System on multiple levels,” said Federated Co-operatives Limited CEO Scott Banda in a media release.

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“FCL and local Co-ops in Saskatchewan work together to safely deliver products and services in a number of areas on the frontlines of this pandemic. While the economy has been significantly impacted, we continue to be here for our communities, continuing our commitments to give back through donations, capital investments and profit sharing with our members.”

Earlier this week, Federated Co-op, which is owned by roughly 190 co-ops in Western Canada, reported a sharp decline in net profits due to the pandemic hitting businesses in the final eight months of 2020, according to its annual report.

Net profits finished at $177 million for 2020, down from $959 million in 2019. Annual sales came in at $7.9 billion, down from $9.2 billion.

With files from CKOM.

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panews@jpbg.ca

On Twitter: @princealbertNOW