Major rebound in profitability
MONTRÉAL, Feb. 29, 2024 /CNW/ – Sollio Cooperative Group closed out the fiscal year on October 28, 2023 with a net surplus of $115.4 million, a remarkable turnaround compared with the net loss of $336.9 million recorded the previous year. Consolidated sales were $8.3 billion, down slightly over the previous year’s sales ($8.4 billion). The organization’s financial position was bolstered by cutting long-term debt by more than half, which was $571.5 million at the end of fiscal year 2023, the lowest it has been in the past five years. At its Annual General Meeting, Sollio Cooperative Group also announced the repurchase of $28 million in shares.
“We are pleased with and proud of these results,” said Pascal Houle, Chief Executive Officer of Sollio Cooperative Group. “Not only have we restored profitability, but the trend we see for the coming years is encouraging. We’ve spent the past few years implementing an ambitious, necessary and realistic recovery plan, and it’s paying off. The plan has been instrumental in significantly reducing our debt and solidifying our financial footing, while limiting the impact on our marketing tools and services to members, which are at the heart of our mission.”
While the optimization plan is progressing well, challenges remain. “The volatility of commodity prices, …
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