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South Canara Agriculture Development Cooperative Society (SCADS) president Ravindra Kambali told the AGM in Mangaluru that the cooperative had earned a net profit of Rs 8.86 lakh in the 2019-20 fiscal and would pay 5% dividend to its members, reports Hindu.
Despite reduced demand from power tillers and tough competition from private players, the society carried out business worth Rs 6.6 crore, besides Rs 10.97 crore turnover in the banking section, said a press release issued by the society.
According to Kambali, the society won the ‘Best Cooperative’ Award” in the recently concluded Cooperative Week celebrations, the society will soon start banking services at Kadaba, Kundapur, and B.C. Road.
SCADS declares 5% dividend to members
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South Canara Agriculture Development Cooperative Society (SCADS) Ltd., Mangaluru, has declared 5% dividend to its members after posting a net profit of ₹8.86 lakh for 2019-20.
SCADS president Ravindra Kambali made this announcement at the annual general meeting of the society in Mangaluru recently, said a release.
He said the society has consistently maintained ‘A grade’ in cooperative audit. Despite less demand for power tillers and competition from private dealers, the society was able to do business worth ₹6.6 crore, besides ₹10.97 crore turnover in banking section.
Stating that the society was awarded the ‘Best Cooperative’ award during the recently concluded Cooperative Week celebrations, Mr. Kambali said the society gave a demonstration of arecanut separating machine in the agriculture workshop.