Pioneer Co-op announces equity allocation of $11.2 million

The Pioneer Co-op Board of Directors is pleased to announce that 2019 was another year of strong earnings for the organization with sales of $309.8 million. Given this financial success, the Board has authorized an equity allocation of over $11 million from the 2019 earnings. This represents 1.5% on Food, 5% on Agro, 6.25% on Farm Fuel, 5.25% on Service Station, 1% on Fertilizer, and 3.5% on Pharmacy. Pioneer Co-op has allocated $61 Million in equity over the past five years and $62.4 Million has been paid directly to members in cash.

The Board of Directors has approved a general repayment of equity to 50 per cent of the 2019 allocation, which will be mailed to members at the beginning of June, while the remainder of the funds will be deposited to members’ equity accounts. Equity Days events will not be held this year, given the physical distancing measures that are in effect due to the COVID-19 pandemic.

“We continue to invest in upgrades to our locations, our product offerings and service delivery options,” stated Larry Kozun, Pioneer Co-op CEO. “Some of the major projects undertaken in 2019 include a new Liquor Store in the Wheatland Mall, the upgrade of the service counter in the Wheatland Mall, LED Lighting upgrades in Swift Current, Maple

Creek, and Stewart Valley, the decommissioning of the bulk fuel plants in Kyle and Swift Current, Cardlock construction in Eastend, Cardlock installation in Bracken, and a new building for the Swift Current Tire Shop.”

“I would like to thank our members/customers and employees for their tremendous support, throughout 2019 and now, as we work our way through the COVID19 pandemic” added Kozun.