By Erika Rolling

Agriculture

UFA paying members record patronage dividend

Mar 20, 2024 | 11:22 AM

Alberta based agricultural co-operative UFA is paying out members over $30 million in patronage dividends.

Members had to spend over a combined $5,000 in 2023 to get their share.

The payout is calculated on how much was spent on their products:

• 6.5 cents per litre for clear and dyed Dieselex Gold
• 5.5 cents per litre for clear and dyed diesel
• 1 cent per litre for clear and dyed gasoline
• 3 per cent on other purchases (excluding Micro Technologies Feedlot Solutions, crop nutrition (e.g., bulk fertilizer and micro-nutrients) and leased purchases)

In addition to the $30 million patronage dividend, the company also reported $2.1 billion in financial revenues and $141 million in earnings before interest, taxes, depreciation, and amortization.

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The co-op says it’s the largest payout in its 115-year history and its seventh consecutive year of increased patronage. This payout is a $2 million increase over 2022’s.

On top of a record dividend payout, UFA unveiled plans for two more sites as part of a network expansion in Saskatchewan in Melfort and Moose Jaw. These cities will be getting state-of-the-art petroleum locations. Construction for both sites will begin this year, with openings planned in early 2025.

With the new sites, UFA will have eight locations in their Saskatchewan network.