Red River Co-op is pleased to announce a $41.1 million return to its members for the 2018 fiscal year.
The Red River Co-op’s Board of Directors approved an allocation to its membership of 8.18% on fuel purchased (9ยข/litre based on an average selling price of $1.10/litre in 2018), 2% on food purchased, and 5% on the full price of pharmacy prescriptions.
“Due to exceptional market conditions in the energy sector and positive sales growth in our food and pharmacy businesses in 2018, Red River Co-op is thrilled to return $41.1 million in profits to our members,” said Red River Co-op CEO, Doug Wiebe. “As a cooperative, we are proud to be a different kind of business that shares profits with our members, ensuring the money stays in the communities we serve and enriching those communities.”
The Winnipeg-based cooperative will be sending out over 233,000 cheques totaling $35.7 million in cash to its membership in Winnipeg and surrounding communities. Members can keep their eye on their mailboxes starting today for their cheque. The remainder of equity earned stays in members’ equity accounts with Red River Co-op.
Members over the age of 65 can apply to have 100% of their equity (less their initial membership fee of $5) repaid to them in cash. Once approved, they will receive their full annual allocation in cash each and every year.
Red River Co-op continued to evolve to serve members better in 2018 with upgrades at several gas bars and the addition of three new food stores in Lorette, Selkirk and Stonewall. The modernization project of the Red River Co-op Food Store in Grant Park began in July and, while still open for business through the renovations, Red River Co-op is excited to show its members and customers the finished product this spring.
Red River Co-op is a business with a social conscience. In addition to sharing profits with members, the cooperative gives back to local causes to make the communities they serve a better place to live, work and play. Red River Co-op’s community relations program supported 72 charities and non-profits with $125,000 cash and in-kind donations. Additional 2018 community support highlights include a $50,000 donation to Siloam Mission and $10,000 to Inclusion Selkirk through Red River Co-op’s Fuel Good Day in September, and a $15,898 donation to the Children’s Hospital Foundation of Manitoba from the sale of Winnipeg Blue Bomber collector cups.
