AGRIS Co-operative reports record financial year

CHATHAM, Ontario, Jan. 30, 2020 (GLOBE NEWSWIRE) -- AGRIS Co-operative board announced at its annual meeting Jan. 15, patronage and interest of $1 million will be returned to its farmer-owners and investors.

Sales in 2019 for AGRIS Co-operative totaled more than $220 million, with $2.44 million allocated to support the co-operative operations. Patronage rebates will be issued as 40 per cent cash and 60 per cent stock. Total retained earnings for the co-operative in 2019 amounted to almost $27 million.

After a challenging crop year due to weather, John Nooyen, AGRIS co-operative president, provided the members with this uplifting statement. “The future is bright, and we have a lot to be thankful for. Next year we look forward to AGRIS Co-operative’s 100-year anniversary. Trust, knowledge and technology will take us through the next 100 years, and we should be proud of all that we have accomplished.”

In his year-end report to owners, AGRIS Co-operative general manager Jim Campbell said, “I can confidently report that the co-operative is ready to capitalize on the opportunities or withstand challenges that may present themselves into the future and is in a good financial position. Even with the highest DON levels in corn ever recorded and poor winter wheat planting conditions, we had very strong grain intake combined with basis gains at year-end offsetting weaker plant food and fuel results.” Campbell reiterated for owners the positive year AGRIS experienced on the balance sheet, including owners’ equity which now exceeds $30 million.

Pat Vanheule and Bill McDonald from Thamesville, Jim Maw from Mooretown and Scott McGeachy from Chatham, were all elected to a three-year term on the board.

Immediately following the annual meeting, the directors met and re-elected John Nooyen as board president, Scott McGeachy as board vice-president and re-elected Patrick Vanheule as secretary.

Each year AGRIS Co-operative sponsors young leader(s) to attend the Co-operative Young Leaders program. This year’s participant, Tristan Snip, spoke during the annual meeting about his experience and encouraged others to attend the 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 brand.

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Media contact:
Jim Campbell
General Manager
AGRIS Co-operative Ltd.
Phone: 519-380-2371