The members of the Otter Co-op can look forward to another tidy dividend cheque this year.
The Aldergrove-based co-operative held its annual general meeting Wednesday and announced positive financial results across all its divisions.
Total sales this past year were a record $223.6 million, an increase of $17.5 million over the previous year. After taxes and expenses the bottom line is a total of $5.9 million to be paid out to members as dividends.
Otter Co-op CEO Jack Nicholson observed that this was “the eighth consecutive year of record sales” and because there were no new outlets opened by Otter Co-op during the past fiscal year it meant that the co-op is growing its customer base.
There has been consistent growth of memberships in the range of about 4,000 new members annually.
Nicholson gave credit to the staff and management for the positive results, adding that management will continue to “adapt so we remain relevant” to members and keep their loyalty.
Otter Co-op director of finance Eduardo Fuentes noted that the “great numbers” include almost $90 million in assets, which give the co-op a healthy base to weather any possible future disruptions that may come.
The co-op also provided more than $250,000 in community donations this past year to organizations such as the Canadian Red Cross, as well as sponsorship of the Otter Co-op Outdoor Experience at the Aldergrove Credit Union Community Centre, which opens to the public later this month.
