Federated Co-operatives Ltd. is 90, and it recently gave itself a $1 billion birthday present.
For the year ending Oct. 31, FCL had revenues of nearly $10.7 billion, which is an increase of eight percent from $9.8 billion the previous year.
The record $1.1 billion in earnings is up from $575 million in 2017 and surpasses the previous record of $879 million in 2013, as well as the 10-year average of $689 million.
In a news release, company officials said exceptionally strong market conditions in the energy sector drove up the profits to a degree they did not anticipate.
Read Also

Farming Smarter receives financial boost from Alberta government for potato research
Farming Smarter near Lethbridge got a boost to its research equipment, thanks to the Alberta government’s increase in funding for research associations.
However, they expect 2019 profits will be lower because of new policies and repressed market conditions.
This year, $789 million is being returned to the more than 170 independent retail co-operatives that are FCL’s members and owners.
More than $630 million of this will be in cash, with the remainder being additional share capital in FCL.
FCL has provided more than $4.7 billion in returns to local retail co-ops over the past 10 years.
It will also be conducting a $140 million project to reduce the amount of sulfur in gasoline produced at the Co-op Refinery Complex.
Future plans regarding carbon regulations are also being prepared.
More information is available at www.fcl.crs.