Arctic Co-op returns $7.4 million
Store records $140 million in sales in Nunavut last year, gives back to members
Karen K. Ho
Northern News Services
Monday, May 25, 2015
NUNAVUT
Arctic Co-operatives returned $7.4 million in dividends to its Nunavut locations in the territory in 2014.
Vice-president of corporate services, Mary Nirlungayuk told Nunavut News/North even though sales were down, this amount was higher than the year before. "And $5.7 million in cash was returned to members," she said, noting the company had 24 locations spread across five districts in the territory.
At the company's recent annual general meeting in Winnipeg, Arctic Co-ops recorded that it had $140 million in sales in Nunavut for 2014. Its total sales for 2014 were $182 million, an increase of 3.2 per cent from the previous year.
Nirlungayuk said the work of her company also had a greater economic benefit on the local communities where the co-ops were located. "It's a win-win for everybody in that area," she said.
During the annual general meeting, two representatives from the territory were also elected to Arctic Co-operatives board of directors. Lucassie Arragutainaq of the Mitiq Co-op in Sanikiluaq was elected as a director representing the district of South Baffin. Kono Tattuinee of the Padlei Co-op in Arviat was elected to his second term as president representing Nunavut at large. Prior to this role, Tattuinee had served as a second vice-president of the Arctic Co-op.
The company has 32 co-operatives in total across the three territories.
