As announced at their 102nd Annual General Meeting, Otter Co-op reported total sales of $530 million and a bottom line of $1.2 million for the 2023 fiscal year.

CEO Jack Nicholson stated, “In the past year, Otter has navigated a particularly challenging economic landscape. With the global economy facing significant downturns and several of our business lines experiencing unprecedented disruptions, we've encountered a notable decline in bottom line profits. A year of wars, wildfires, avian flu and economic turmoil severely hampered our profitability. Supply chain issues and heightened competition further strained our operations”.

In accordance with the BC Co-op Act, 43.1% of purchases were from members, and the maximum 43.1% of profits ($508,000) have been allocated to patronage in the form of equity and cashback.

The $508,000 will be allocated based on 1.1% of feed purchases and cheques will be mailed out by the end of the summer. The decision for the allocation was based on the profitability of the feed division, which has remained successful despite the challenges presented by the Avian Flu.

Last year Otter invested over $60 million into upgrading existing facilities, as well as 18 new Co-op locations throughout the trading area to serve members and guests including food, gas bar/convenience, cardlock and liquor facilities. With these investments and the economic challenges experienced last year, we were unable to allocate patronage to any other division.

“We continued to invest in new member owned locations to serve our guests for our long term viability. Our Co-op was able to donate over $403,000 in cash and in-kind services to local organizations, and Otter Co-op provides employment opportunities for over 1,000 British Columbians” Nicholson added.

Looking ahead, Nicholson expressed cautious optimism, stating, "We remain committed to navigating these turbulent times with a focus on sustainability and diversification of profitable business lines. We deeply appreciate the support and dedication of our team and membership. We are confident that our collective efforts and investments will lead us to a stronger position in the coming years." The Co-op remains committed to keeping prices competitive and supporting the communities it serves, while also planning member-exclusive programs and promotions to ensure members continue to receive value for their support of the organization.