Capricorn has reported another year of business growth, saying it returned $82.8 million in value during the 2023 financial year to its more-than-26,000 members across Australia and New Zealand.
This included the distribution of more than $50 million in Capricorn Rewards Points earned by members from purchases of almost $3.4 billion from Capricorn Preferred Suppliers. According to Capricorn, the result represented an increase of 16 per cent compared to member purchases made in 2022.
A trade rebate of $17 million was paid to members in the form of Capricorn Bonus Rewards Points for trade account purchases made throughout the year. Capricorn said member shareholders also benefitted in its 2023 financial year profit by receiving a seven per cent dividend payment, which was fully franked in Australia.
Total distributions paid from Capricorn sales generated in 2023 are the highest return that Capricorn has provided to its members in the company’s almost five decades of co-operative structured automotive aftermarket-based operations. According to Capricorn, these results show the benefit of using specifically tailored risk protection and financial services options.
In addition to significant growth in automotive parts and business essentials product sales through Capricorn trade accounts in the past 12 months, Capricorn Mutual Limited wrote $121.9 million in gross written protection, while Capricorn Insurance Services wrote $20.6 million in gross written protection.
“2023 was a truly outstanding year of growth for Capricorn and all of our members. We have managed to generate significant business growth both for our members and for our highly valued Preferred Suppliers,” said David Fraser, Capricorn Group CEO.
“As an organisation that is committed to the long-term success of our members, we also continued to grow our business support, financial and risk protection offerings over the past 12 months. This is an ongoing process of constant development across all of our operations.”