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.
The society was also planning to commence banking services at Kadaba, Kundapur, and B.C. Road.
Retired employees B. Kashinath and Jagadish Devadiga were felicitated on the occasion.
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