South Country Co-op dividend payout is $16.7 million for 2022, cheques on the way

By MEDICINE HAT NEWS on March 30, 2023.

https://www.medicinehatnews.com@MedicineHatNews

Cheques are in the mail for 63,000 South Country Co-op members in southern Alberta, with the total dividend payout reaching $16.7 million in cash from the co-operative retailer.

The group’s annual general meeting was held March 27 where members heard sales income rose by nearly 25 per cent to $645 million in 2022 as pandemic conditions lifted compared to 2021, but profit margins fell by 12 per cent as costs rose.

“Our diverse portfolio enabled us to withstand the external headwinds from 2022 and have a strong financial year,” stated a message by Paul Haynes, CEO of the retailer that serves Medicine Hat, Taber, Vauxhall, Brooks and other locations south of Calgary.

The total allocation for 2022 is $22 million, with the difference between that and the payout added to members’ individual equity.

Specific distribution is based on purchases by members, calculated at 4.7 per cent on consumer fuel (about 7.0 cents per litre), 4 per cent on groceries, 7 per cent on pharmacy purchases and 3.5 per cent on crop services, among other amounts.

Two vacant board positions were filled by former directors Simon Neigum and Jeff Unrau. A board meeting scheduled next week will determine the chair, vice-chair and secretary treasurer positions.

In the past year, South Country has advanced a $3-million renovation of its 13th Avenue food store in Medicine Hat.

In 2023 South Country plans to open a new cardlock fuel location in Bassano at a cost of $4.5 million.