Pembina Co-op 2024 Annual Report

Pembina Co-op held its Annual General Meeting on June 18, 2025 to review the results of the 2024 fiscal year (ending January 31, 2025). Members had the opportunity to hear updates from the Board of Directors, General Manager, and Controller on the past year’s performance, community impact, and future plans.

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Board of Directors Report

The Board of Directors met nine times during the 2024 fiscal year to provide governance, oversight, and long-term strategic planning. In addition, Board representatives attended events such as the Leadership Conference and the FCL AGM.

Sales & Earnings: Pembina Co-op achieved $203.3 million in sales, up slightly from $202.1 million in 2023. Pre-tax earnings were $8.7 million, compared to $10.3 million in 2023—results that were still stronger than anticipated after two years of record earnings.

Financial Position: Members’ equity, reserves, and retained savings increased to $91.4 million (up from $88.9 million). Total assets were $143.6 million.

Patronage Allocation: $4.8 million will be returned to members.

Cash Repayments: Nearly $5.1 million was returned to members in cash repayments.

Capital Investments: $4.5 million invested in 2024, including a new fertilizer shed in Cypress River, upgrades in Glenboro, and rolling stock. Planned 2025 projects total $2.5 million, including a chemical warehouse in Manitou, a fertilizer shed replacement in Mariapolis, and a cardlock upgrade in Pilot Mound.

Community Giving: Over $76,000 donated and nearly 1,100 employee volunteer hours contributed.

The Board also made the difficult decision to close the Manitou Hardware Store after years of financial losses, while ensuring affected employees were offered other opportunities

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General Managers Report

General Manager Curtis Lehouillier outlined the year’s progress under Pembina Co-op’s five corporate performance pillars.

Market:

Sales reached $203.3 million. The Agro Division grew by over 5%, while Energy volumes increased despite lower prices. Building Centres saw a system-wide decline, and Consumer Products (food, gas bar, farm hardware) dipped 2%. Membership growth was strong with 458 new members approved, up from 446 in 2023.

Operations:

Local earnings of $4.4 million (2.2% of sales) exceeded the 2% target. Inventory management improved, with GMROI rising to 48.4% (up from 44%) and inventory turns at 4.2 times. Pembina Co-op achieved Safety Certification with a 96% score.

Financial:

Over five years, $26.7M was allocated to members, with $25.5M paid in cash. Member equity grew to $34.6M and reserves to $56.8M. The Co-op plans to reinvest $21.1M into capital assets over the next five years.

Sustainability:

Initiatives included installing solar panels at the Administration Office, launching a Loop recycling program in Souris, and continuing the Sustainable Roots tree-planting program. Over $75,000 was donated, $500,000+ paid in property taxes, and $5.1M returned to members in cash back.

People:

Nine employees participated in training for leadership development, and more than half the team now has formal development plans. The Co-op also held its second annual Employee Appreciation Evening, recognizing long-service milestones and contributions.

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Auditor’s Report & Financial Statements

Controller Marina Piché presented the financial results for the year ending January 31, 2025

• Total Sales: $203.3 million (2023: $202.1 million)
• Gross Margin: $20.8 million, or 10.2% of sales
• Local Savings from Operations: $2.7 million (1.3% of sales)
• FCL Loyalty & Patronage: $1.7 million loyalty payment + $4.3 million patronage refund
• Net Savings: $7.44 million after taxes, distributed to retained savings, reserves, and as patronage allocation
• Cash Flow: Cash increased by $3.4 million, with an ending balance of $35.5 million

MNP LLP, Chartered Professional Accountants, issued a clean audit opinion stating the financial statements fairly present the Co-op’s position in accordance with Canadian accounting standards for private enterprises.

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Looking Ahead

For 2025, Pembina Co-op has capital projects totaling $2.5 million planned, including infrastructure upgrades and expansion of agro facilities. Management also highlighted a continued commitment to sustainability, community investment, and employee development to ensure long-term success.

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Thank You

Pembina Co-op thanks its members for their ongoing support. By shopping locally and supporting your Co-op, you not only share in the profits, but also keep dollars in your community, positively impacting where we live, work, and play.

📄For the full auditor's report, please see the attached below.