Otter Co-op has posted another successful year, despite the global economic troubles and volatile commodities markets.

Co-op general manager Dean McKim told the 87th annual general meeting last month that total sales of over $115 million were “5.56 per cent better than budget and 17.43 per cent better than last year.”

McKim added that, “There was definitely an inflationary factor built in there, as we experienced extremely high petroleum pricing and high commodity costs for most of the year.”

However, “The good news is that our net savings ended the year at $6,081,987; this is 10 per cent below last year but 10 per cent better than budget.”

Otter Co-op has invested significantly in renovations and expansions over the year, including acquisitions and openings of new gas bars at Ladner, West Abbotsford and Gloucester Industrial Estates.

Despite this expenditure,Otter Co-op reports more than $115 millioin in sales Otter Co-op remains debt-free. Their assets total $48.8 million and member ownership stands at 73.9 per cent.

Kent Strobel, retiring president, also noted the merger with Consumers Co-op on the north shore of the Fraser has contributed to the local co-operative movement’s ongoing success.

“We are very excited with this venture,” said Strobel, “and look forward to expanding our trading area into the Maple Ridge-Pitt Meadows area.”

Sales were up significantly at the co-op’s gas bar, bulk petroleum, food, pharmacy and feed mill divisions. They were only marginally down, by half a percentage point, at the general merchandise division.

In the last five years, Otter Co-op has paid out $14.1 million to members in annual cash repayments, and this trend will continue in 2009, said McKim.

“This year, based on the recommended allocation of 4.75 per cent, our members will receive well over $2.7 million in cash repayments from Otter Co-op,” said McKim.