Doing What a Cooperative Should
by: Kevin Jones, President / CEO
Because the first half of our fiscal year historically determines the profitability of our business, we have a pretty good idea how 2023 will end. Our fiscal year ends August 31, and with one month to go, it appears we will again meet or exceed our financial objectives and budgets in all divisions. As a cooperative, we have three primary objectives:
- To serve you, our member-owners, while continuing to be profitable.
- To use that profit to pay patronage and invest your equity back into the company.
- To return that equity to you within a reasonable timeframe.
We believe we are accomplishing all three. Let’s focus on the second objective. Over the past year and on your behalf, we’ve made major investments across our energy, retail and agronomy divisions. Below are some, but not all, of our investments.
We’re significantly upgrading our rail facility at Welcome, MN, by adding another 90,000-gallon tank. We continue to expand and update our fleet of propane delivery trucks.
We’ve finished installing a new 12,000-gallon tank (partitioned for both diesel and gasoline) andpumps at Elmore, MN. This fueling site will serve both Elmore and Frost, and its ability to take all major credit cards will attract more gallons from Highway 169.
Soon, you’ll be able to pick up liquid fertilizer (and someday bulk crop protection products) at a 24-hour unmanned terminal located at Welcome. We’re also upgrading and rearranging our NH3 storage at our Ormsby, MN location.
Consistent performance allows us to invest in the company you own and to make it even more valuable. We continue to work towards returning your equity on a timely basis. One reason for our consistent success is our Best Oil partnership that continues to perform profitably, supporting our core company objectives. This investment in the wholesale petroleum business allows us to be very competitive AND to afford the people and equipment necessary to provide you with a high level of service. As always, please contact me with any questions on NuWay-K&H Cooperative’s 2023 fiscal year or any other matter. My door is always open.