SASKATOON – Shareholders attending the annual meeting of Weyburn Inland Terminal Ltd. next month will get some good news.
The company had its second best year on record in 1995, handling 328,000 tonnes of grain and recording a net profit of $1.58 million. In addition, volumes are up significantly in the first three months of 1996.
The terminal plans to provide semi-annual dividend payments of $1.60 on Class A preferred shares, $1.50 on Class B preferred and $2 on common shares.
As well, company officials say they are well-placed to prosper as the rules governing the grain handling and transportation system are loosened.
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“We’re certainly poised to take advantage of any changes that might come,” said Garry Moss, vice-president of the terminal. “We think that if we can move closer to a system that will recognize efficiencies, as time goes on it will work for us.”
The company is in the midst of modernizing to substantially increase the annual handling capacity of the 20-year-old plant.
Expand with renovations
The most grain ever shipped through the terminal is 450,000 tonnes in a year. Moss declined to reveal how much grain the terminal will be able to handle once renovations are complete.
The $5.6 million upgrade includes a redesign of the receiving system and the installation of new conveying systems to speed grain movement within the terminal. Cleaning capacity will be increased with the addition of larger equipment, dust control will be improved and the latest in computer control systems will be installed.
The 1995 earnings represent a decline of 35 percent from the record $2.44 million in 1994. Earnings in 1993 were $1.12 million.
The company also reported paying out $1.06 million to producers during the year for deliveries made under the freight and dockage dividend program. Share dividend payments to shareholders totaled $285,326.
The book value of shares at year end was $85.99, more than double the value three years ago at $42.79.
Moss said if farmers switch from special crops back to more traditional cereal grains as expected, it could bode well for the company.
