CHS Inc. on Sept. 12 announced it intends to return $730 million in cash patronage and equity redemptions to its owners in calendar year 2024 based on business done by CHS in fiscal year 2023, which ended on Aug. 31, 2023. Of the amount, $365 million will be cash patronage and $365 million as equity redemptions.
Final financial results for fiscal year 2023 are expected to be announced in November 2023. Additional patronage-related details will be available at that time, including the amount of fiscal year 2023 patronage equity certificates that will be issued to CHS members.
The $730 million patronage was down from the prior year’s $1 billion, which included $500 million each as cash equity and equity redemptions. However, 2022 was a record-breaking year for the cooperative. Net income was $1.68 billion on revenues of $47.8 billion for the year ending Aug. 31, 2022, exceeding previous records (GM Nov. 4, 2022). CHS saw a significant uptick in pretax earnings for all three major segments – Ag, Nitrogen Production, and Energy.
In total, CHS said it will have returned some $3.2 billion to its owners over the past 10 years.