Golden Growers Cooperative reported a decrease in revenue for the fiscal year ending December 31, 2024, with total corn revenue of $61.998 million, down 29.6% from $88.019 million in 2023. This decline was primarily attributed to a decrease in the price of corn sold. The Cooperative's corn expense also fell to $62.033 million from $88.278 million, reflecting the same pricing trends. Despite the drop in revenue, the Cooperative's net income increased to $6.041 million, compared to $5.331 million in the previous year, largely due to a rise in income from its investment in ProGold LLC, which amounted to $6.240 million, a 2.6% increase from $6.084 million in 2023.
In terms of operational metrics, the Cooperative's members delivered approximately 15.5 million bushels of corn in both fiscal years 2023 and 2024. The delivery method breakdown showed that 4.123 million bushels were delivered using Method A and 11.367 million using Method B in 2024, compared to 4.262 million and 11.228 million, respectively, in 2023. The Cooperative's general and administrative expenses slightly decreased to $608,000 from $615,000, indicating a focus on cost management.
Strategically, the Cooperative is undergoing significant changes, including a planned liquidation and dissolution. In January 2025, the Board of Directors approved a resolution to submit a Plan of Liquidation and Dissolution to its members for approval at the upcoming Annual Member Meeting. This plan includes the sale of the Cooperative's 50% interest in ProGold to Cargill for $81 million, following the expiration of the current facility lease in December 2026. The Cooperative's working capital increased to $8.729 million in 2024 from $6.542 million in 2023, attributed to the timing of investment securities maturities.
The Cooperative's membership remains stable, with 1,462 members primarily from Minnesota, North Dakota, and South Dakota. As of December 31, 2024, the Cooperative had one full-time employee, Executive Vice President Scott Stofferahn. The outlook for the Cooperative includes fulfilling its contractual obligations to Cargill and ProGold through the end of 2026, after which it plans to distribute the proceeds from the sale of its interest in ProGold to its members. The Cooperative's management believes that its current non-cash working capital levels are appropriate and does not anticipate significant changes in the near term.
About Golden Growers Cooperative
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