The Weyburn Inland Terminal is posting both record profits and record dividends in their year-end report, released by the board of directors on Tuesday.

Claude Carles, President of the Terminal, announced the company had record after-tax earnings of $4,067,000 in Fiscal 2006, generated by handling 479,000 tonnes of grain and crop input sales of $14,705,000.

"Two consecutive years of good quality crop in our area, combined with the efficiencies built into the Terminal and the continuing strong support of our customers have allowed Weyburn Inland Terminal to be a profitable, farmer owned and directed company," said Carles.

"Sound investments made over the years, and no long-term debt, are paying off today. WIT also has the lowest filed tariffs in the industry. We have not increased cleaning and handling fees to farmers for the third year in a row, providing customers with a strong competitive force in our market area," said Carles.

Carles also reported working capital at the end of 2006 totalling $15,222,000, an increase of $3,473,000, even though the company paid record dividends of $1,542,000 to shareholders in the calendar year 2006. Shareholder equity increased $2,635,000 to $28,034,000, on gross revenues of $48,864,000, an increase of $3,364,000 over 2005.

WIT also announced that the board of directors has approved a semi-annual dividend of $1.60 per common share, while Preferred A shareholders will also receive $1.60 per share. The dividend is to be paid on or before March 30 to shareholders of record on Mar. 16, 2007.

The dividend in March 2006 was $0.60 per common share. "Most of our shareholders are also our customers, and we depend on their support," said Carles. "This record semi-annual dividend payout of approximately $1,542,000, equal to total dividends paid last year, is a way to pay them back for their continuing support."

"Consistent grain quality produced by our customers, a focus on increasing our oilseed program, our commitment to forward shipping schedules, excellent pull from the demand side, and our ability to execute these sales plans resulted in a consistent grain shipping program," noted CEO Rob Davies. "This grain volume drives our profitability, and regular movement helps to ensure that deliver opportunity is available for our customers."

The company received solid contributions from Crop Inputs, Pro-Pellet Feed and Vigro Seed and Supply businesses in 2006 as well. "Our diversification efforts have reduced our dependence on grain handling; but we continue to be in a position to provide excellent service to our grain customers with free drying programs, the ability to blend grains of different quality to the farmer's benefit when possible, and low, net weight tariffs," said Davies.

"We are looking to the expected improvements in commodity prices to continue to improve the profitability of our customers in 2007," said Davies. WIT continues to work toward a positive future in agriculture, and supports both customers, and local communities and organizations in southeast Saskatchewan. Donations to these various groups totaled over $95,000 in 2006.