Cenex Inc. Profits From Record Sales

Cenex Inc., a giant agricultural cooperative with operations in Spokane County, Thursday reported a $66.8 million profit on record sales of $2.24 billion for fiscal 1995 which ended Sept. 30.

The St. Paul, Minn.-based cooperative said that based on those results it will return $30 million in cash to its 320,000 members nationwide during the coming year. The organization returned $37 million to members last year.

The 1995 earnings were the third best in history for Cenex and compared with 1994 net income of $82.2 million on sales of $2.18 billion.

Cenex posted record sales this year of gasoline and diesel and near-record sales for fertilizers.

Cenex’ private subsidiary, Cenex Supply & Marketing Inc., last year bought the Rockford Grain Growers Inc. south of Spokane.

To secure long-term supplies of Canadian crude oil to its refinery at Laurel, Mont., Cenex began construction in August 1995 on a $72 million, 302-mile crude oil pipeline. The pipeline extends from near Cut Bank, Mont., to the Cenex refinery. It is expected to begin operation in January 1996. , DataTimes