CALGARY – A financial turnaround for Alberta Wheat Pool has increased revenues, improved producer equity and straightened out its profit picture.
Alberta Pool has released its annual report for the year ending July 31, 1996, giving more detail on what was its best result in more than 10 years.
It had a net income of $28.2 million and total sales of $2.13 billion with about half of that coming from handling and marketing grain.
It had already reported that excellent results from its one-third ownership of Western Co-operative Fertilizers Ltd. nearly doubled the pool’s net income.
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But the annual report shows the core business of handling grain is still prominent on the pool’s ledger.
Handling grains designated for the Canadian Wheat Board was the source of $858 million in sales while non-board and Xcan marketing revenue was $876 million. Agri-business sales of farm supplies earned $394 million.
Overall, handling and marketing grain gave the pool a profit of $18.4 million compared to $11 million in the last fiscal year. Those earnings included handling and elevation tariffs, grain cleaning and storage revenue, selling grain and oilseeds as well as sales of screenings.
The 1995-96 annual report said grain shipments were down to 5.5 million tonnes compared to the previous year when the co-operative handled 6.3 million tonnes.
However, membership is up to 57,136 compared to 56,902 members in 1995.
The bean business, with plants in Bow Island and Taber, had an outstanding year as well. Gross revenue for beans was $19.2 million compared to the last crop year when they posted $14.9 million.
The certified seed business had equally good results with $19.3 million in sales, up from $12.8 million the year before.
Investment money
Another turnaround came when the pool raised $100 million through a term debt offering to support future growth. Money from the investment community helped replace short-term lines of credit and did not add to the pool’s overall debt, said the annual report.
The pool has also been offering new services.
Facilities have been upgraded through the pool’s Country Development Process. Programs like Mobiload, which was introduced last spring, can grade, weigh and purchase grain right on the farm. A commercial-sized truck can be loaded in half an hour.
New business opportunities were also launched.
In a partnership with the American company General Mills, Alberta Pool moved 21,000 tonnes of grain by truck to the port of Vancouver from a jointly owned facility at Sweetgrass, Mont.
The pool is also a partner in building a 32,000 tonne capacity elevator at Dodsland, Sask. which is scheduled to open in 1998.
