Red River Co-op has announced a $38.1 million equity return to its members for the 2022 fiscal year. The Co-op’s board of directors approved an allocation to its membership of 6.24% on fuel purchases or 10 cents per litre, 2.0% on food purchased, and 4.0% on the full price of pharmacy prescriptions purchased.
The local co-operative has over 319,000 members and are sending out cheques totaling more than $34.1 million in cash to its membership in Winnipeg and surrounding communities. The remainder of equity earned stays in members’ equity accounts with Red River Co-op.
“The 2022 operating year for Red River Co-op was very positive. As a result, the board and management are pleased to reward our loyal members with this significant allocation for supporting us this past year,” said Doug Wiebe, CEO of Red River Co-op. “Red River Co-op is a different kind of business, and this year’s equity return and the sharing of our profits with our members is just another way we differentiate ourselves from the competition.”
It’s been another year of growth for the co-operative with the acquisition of thirteen Husky gas bars in Winnipeg and northwestern Ontario, which will begin their conversion to the Co-op brand this spring. Red River Co-op opened their much-anticipated Lagimodiere gas bar in September and the revitalization project at their Selkirk gas bar was completed with their first multi-bay wand wash facility. Their energy division also introduced four electric vehicle charging stations in the Winnipeg area. In the food division, Red River Co-op is currently completing the modernization project at their Selkirk food store. This includes the introduction of a brand-new pharmacy for the community.
Giving back to communities is another pillar that makes Red River Co-op a different kind of business. In 2022, Red River Co-op contributed $1,640,218 in cash and in-kind donations to the communities they operate in. This includes $51,480 to Klinic Community Health with proceeds from Fuel Good Day, and $30,000 to Norwest Co-op Community Health for their urban community farm through from the Co-op Community Spaces grant program. This past year Red River Co-op donated funds to over 80 non-profits and charities doing great work in the communities their members live through their Community Investment program.
