Sollio Reports Record $270M Net Surplus
Sollio Cooperative Group, Canada’s largest agricultural cooperative, reported impressive results for 2023–2024, marking one of its strongest performances in a decade, despite challenges in the agriculture division.
For the fiscal year ending October 26, 2024, the cooperative achieved a net surplus of $270.7 million, a 135% increase from 2023’s $115.4 million. Operating EBITDA also saw a notable rise, reaching $418.4 million, compared to $361.6 million in 2023.
Although consolidated sales dropped to $7.8 billion from $8.3 billion in the previous year, largely due to falling grain prices, feed selling prices, and farm input prices, the cooperative still demonstrated robust financial growth.
At its Annual General Meeting, Sollio Cooperative Group announced $25 million in patronage refunds and dividends for its members. Additionally, $30 million in shares will be redeemed as part of a cash return to support the cooperative's growth.
“The effects of our recovery plan are accelerating,” said Pascal Houle, CEO of Sollio Cooperative Group. “We’ve strengthened our financial position, boosted our operational performance, and improved our profitability. We can be pleased with our progress, but we can’t let our guard down. We need to be laser-focused on financial stability as the key to sustainable, long-term growth.”
The cooperative’s results were driven by the efforts of its three divisions: Sollio Food, Sollio Retail, and Sollio Agriculture. While Sollio Agriculture posted a net loss of $3.9 million—down significantly from $59 million in 2023—it achieved strong performance in livestock production and repositioned its grain sector to boost operating income. Despite the decline in crop production, the results were better than expected.
Olymel, part of Sollio Food, had a record year with net earnings of $196.9 million, driven by lower grain prices and enhanced operational performance in pork production. Poultry also performed well in 2024.
BMR Group faced a tough year, with low housing starts due to high interest rates and household debt. However, a recovery in the latter months allowed the group to post a net surplus of $30.5 million, slightly down from the previous year.
Sollio Cooperative Group remains focused on overcoming challenges and ensuring continued success for its members.
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