Nunatsiaq Online
NEWS: Nunavik April 11, 2014 - 10:23 am

Nunavik’s co-ops celebrate profitable year

Member co-ops brought in revenues of almost $100 million in 2013

NUNATSIAQ NEWS
FCNQ executives Aliva Tulugak and Charlie Tukkiapik hand the award for best performance to Inukjuak co-op members Adamie Inukpuk, Louisa Ningiuk and FCNQ president Eli Elijassiapik in Kangirsuk April 4. (PHOTO COURTESY OF THE FCNQ)
FCNQ executives Aliva Tulugak and Charlie Tukkiapik hand the award for best performance to Inukjuak co-op members Adamie Inukpuk, Louisa Ningiuk and FCNQ president Eli Elijassiapik in Kangirsuk April 4. (PHOTO COURTESY OF THE FCNQ)

Nunavik’s co-operative network, La Fédération des coopératives du Nouveau-Québec, says it enjoyed a successful year in 2013, when its 14 member co-ops brought in combined revenues of $89 million.

That’s an increase of 3.5 per cent over last year.

At the FCNQ’s annual assembly held in Kangirsuk April 1 to April 4, its board of directors unanimously approved a return of $9.8 million to co-operative members.

The co-op’s subsidiaries, which include Nunavik Petro Inc., FCNQ Construction Inc., Taqramut Transport Inc. and Voyages FCNQ, also reported a good year, with a total revenue of $231 million for the last financial year.

That’s up $15 million from 2013.

Ilagiisaq, as the FCNQ is known in Inuktitut, elects its executive committee each year at its annual assembly.

Last week, the committee’s president Eli Elijassiapik of Inukjuak saw his mandate renewed.

“Our co-operative associations have a vital role in our communities as contributors to the social economy,” Elijassiapik said in an April 9 news release. “The support that the Ilagiisaq brings to the cooperatives gives all the cooperatives an equal chance to grow, and in supporting each other they also grow stronger.”

Alongside Elijassiapik, Aliva Tulugak of Puvirnituq was acclaimed as vice-president for the Hudson coast, while Charlie Tukkiapik of Quaqtaq was re-elected as vice-president for Ungava.

Executive member Raymond Mikpegak was re-elected to the committee, which gained one new member, Elijah Grey.

As a tradition, the FCNQ’s annual assembly present trophies for the best performing co-op and the most improved, based on criteria such as inventory turnovers and store gross profit.

The winner for the best performance in 2013 was the Inukjuak Co-operative Association, while Quaqtaq picked up an award for being most improved.

The FCNQ, owned by its 14 member co-ops, considers itself the largest non-government employer in Nunavik, with more than 260 full-time and 50 seasonal employees in the region and another 120 full-time employees in Montreal.

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