Farmers Cooperative Moves Ahead
Waidalice Chilling Center Milk Suppliers Investment Cooperative Ltd this year (from January to September) made a total income of $478,882.
This was an increase of 95 per cent compared to $245,292 last year. This was announced at the company’s annual general meeting at Tailevu Hotel in Korovou yesterday. Chairman Hirday Lakhan said the achievements demonstrated the role they play in the farming community focusing more on customers. Mr Lakhan highlighted that there was a 66 per cent increase in their profit after tax of $30,554 compared to $18,442 last year.
The company also declared a dividend payout of $8,824.
Mr Lakhan said the dividends will be re-invested as there are needs for more finances to take up new business opportunities.
“The board has also decided to introduce a bonus payment for the current financial year and the payment will be based on regular share contribution and volume of business activity taken with the company,” he said.
Filimoni Naicavu, a member and farmer in Tailevu said: “The dividend will help encourage farmers that we are moving forward; it’s a good scope to take more challenges and work harder.”
New Asset
The board has also invested into a new truck which will be used for delivery of the products from the warehouse.
Mr Lakhan said their shareholders and other customers face high delivery charges of carting feed from the warehouse to their farms. “WCC Farmers cooperative is very mindful of these high delivery costs and has taken bold decision to purchase a delivery vehicle to assist all customers.
“The new truck will help us a lot, we all need to cooperate and support each other.”
The new vehicle is expected to start the delivery services before the end of this month.
New name and logo
Waidalice Chilling Centre Milk Suppliers Investment Cooperative Ltd has been re-named to Northland Farmers Cooperative Ltd. Mr Lakhan said they wanted to re-name the cooperative to promote the development of the co-operative and try to work together to see the organisation prosper.
“As an accepted practice, we continue to acknowledge the works and the far sightedness of our 19 pioneer members who established this growing cooperative in 2006.” More members joined the organisation during the last financial year bringing the total membership up to 67, the highest ever registered. “Our cooperative started with very little to no money and assets in our hands, however we are blessed with the effort of our 19 pioneer members to reach at this stage today,” said Mr Lakhan.
Future plans
Expand on general goods and services required by all members and the Northland Tailevu population at large.
To develop a strategic plan that should include vision, mission and values held by the cooperative. Plans are to hold a member training programme.
To germinate its own seeds and sell seedlings, seeds, grown cuttings and also sell the same produce. Full utilise the nursery and improve the car wash business. Fully fledged farmers shop and a meeting centre in Korovou in one to three years.
Have the cooperative become Rural Transformation Centre in three to five years period.