AGRIS Co-operative reports record financial year, pays out $1.1 million of its profits to owners

CHATHAM, Ontario, Jan. 15, 2019 (GLOBE NEWSWIRE) -- AGRIS Co-operative board President John Nooyen announced at the co-operative’s annual meeting last week, that through patronage and interest, $1.6 million was returned to its farmer-owners and investors.

The combined sales in 2018 for AGRIS Co-operative totaled more than $220 million and $2.44 million has been put into retained earnings to support the co-operative operations. The AGRIS Co-operative board of directors has declared that the patronage of $1.1 million will be issued as 40 per cent cash and 60 per cent stock. This will bring AGRIS Co-operative’s total retained earnings to more than $24.5 million.

In his written year-end report to owners, AGRIS Co-operative general manager Jim Campbell wrote, “I can confidently report that your co-operative is in good financial position, ready to capitalize on the opportunities or withstand the challenges that will present themselves into the future.” In his report, AGRIS Co-operative chief financial officer Paul Emerick, recapped for owners the positive year AGRIS experienced on the balance sheet, including owners’ equity which now exceeds $30 million. “We thank our owners and customers for their business this past year and will focus our efforts in strengthening the training and development of all staff to serve the needs of our customers,” says Emerick. AGRIS will also continue its leadership in implementing the 4R Stewardship program. “We will be working closely with our customers to increase soil sampling and variable rate applications of P and K, especially in fall applications,” added Emerick.   

John Nooyen on behalf of AGRIS Co-operative, presented a cheque for $100,000 to Ken McEwan, campus director for the University of Guelph, Ridgetown Campus in support of the construction of a new “Ontario Sustainable Crop Research and Innovation Centre.”

The election of six directors to serve on the board for the co-operative was held. Elected by owners to a three-year term are Jim Anderson from Kent Bridge, Maurice Chauvin from Stoney Point, Neal Huber from Harrow, Larry Pajot from River Canard and Mike Zink from Chatham and for a one-year term Jim Maw from Mooretown. Immediately following the annual meeting, the directors met and re-elected John Nooyen as board president, elected Peter Dieleman as board vice-president and re-elected Patrick Vanheule as secretary for 2019.

Guest speaker Kelly Daynard, executive director of Farm and Food Care Ontario, gave an informative perspective on the misconception’s consumers have between agriculture and farmers, providing specific action farmers can take to help bridge the knowledge gap between each other. Co-operative Young Leader participants Matthew Yates, Jill Yates, John Nooyen Jr., Tristan Snip, Caleb Vink, Duncan and Carrie McDonald who were sponsored by AGRIS Co-operative this past year, made presentations about their experiences while attending the youth leadership program.

AGRIS Co-operative Ltd. is a 100 per-cent farmer-owned grain marketing and farm-input supply company that serves more than 1,000 farmer owners in 14 locations in Essex, Kent, Elgin, Middlesex and Lambton Counties. It is a leader in precision farming technology, seed, agronomy and petroleum services. The co-operative is a partner of Great Lakes Grain, a grain merchandising company. AGRIS Co-operative is a member-owner of GROWMARK, Inc. and markets products and services under the FS banner.

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Jim Campbell                                                         Paul Emerick
General Manager                                                   Chief Financial Officer
AGRIS Co-operative Ltd.                                       AGRIS Co-operative Ltd.
519-380-2371                                                        519-380-2373
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