The co-op recorded a before-tax profit of more than $820,000, hit a new membership record and distributed $72,721 to community organisations over the past year.

The society's annual meeting heard the $821,835 profit and annual turnover of $29 million were second only to the 2020-21 results which were influenced by COVID-19 lockdowns.

Members also benefited from the success, accruing $286,513 in rewards during the year while the co-op's total assets grew to almost $12.5 million.

Chairman Geoff Barby said the co-op had worked hard to retain the business and customers gained during COVID-19 travel restrictions and lockdowns.

"We set bold targets and our results were far better than we could have imagined," he said. "As we shrug off the final effects of COVID-19, we can certainly look forward to greater success across the co-op."

Mr Barby said the IGA Supermarket continued to thrive on the back of a refurbishment and topped off the year with winning the State IGA Awards of Retail Excellence for the Best Grocery and General Merchandise Department.

The hardware businesses continue to go from strength to strength, with Terang Mitre 10 being a finalist in Hardware Australia Store of the Year and Camperdown taking out the award for small format Mitre 10 Store of the Year for Victoria and Tasmania.

Mr Barby said the before-tax profit of $821,835 was a great testament to the hard work of staff.

"Our co-op is only ever as strong as the support we are given from our members and community and we welcomed 189 new members during the year."

Membership now stands at a record 3239.

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"We continue to look towards ensuring a sustainable future for our members and our co-op communities," Mr Barby said.

Chief Kevin Ford said the turnover of $29 million was a great result and the co-op captured more gross profit with better controls in place.

The co-op exceeded its pre-COVID 2019-20-year turnover by 18 per cent.

The growth was built off strong IGA and liquor sales and consistent sales performance from both Mitre 10 businesses.

"This is certainly a result for all to celebrate and to be exceptionally proud of," Mr Ford said. "We are very proud of what we have been able to deliver to our community in the last couple of years.

"Not only do we have a great supermarket, a great trade and retail home improvement store, we have an engaging and exciting community co-op."

Mr Ford said the co-op continued its sponsorship and donations program.

"In 2021-22, when many organisations were hampered from their normal activities throughout the year, we are pleased and proud to be able to assist the community in such times of need.

Mr Ford said the Co-op was putting considerable focus on improving its business and information systems and planned to develop a total integration of systems.

"The Co-op will evolve and change in an ongoing process of continual business improvement into the future," he said.

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