GRAND FORKS, N.D. — North Dakota Mill & Elevator, the only U.S. milling company owned by a state, posted a slightly better year-over-year profit in fiscal 2017.
Net income in the year ended June 30 totaled $9.7 million, up from $9.3 million in fiscal 2016 but still well behind the record of $16.7 million set in fiscal 2015.
Sales fell 5.2% during fiscal 2017, but total shipments established a new record of 14.3 million cwts, led by spring wheat shipments, which accounted for more than 91% of the shipments, according to North Dakota Mill.
Results at North Dakota Mill benefitted from a significant expansion that reached an apex in late 2016 with the completion of the G mill, the facility’s eighth milling unit.
Built at a cost of $38.7 million and equipped principally by Ocrim S.p.A., Cremona, Italy, the G mill has daily capacity of 11,500 cwts and is one of the largest single milling units ever built in the United States. With the addition, the North Dakota Mill took a quantum jump extending its lead as the largest flour mill in the United States, at 49,500 cwts. The second and third largest U.S. mills have daily capacity of 31,000 cwts and 28,000 cwts, respectively.Currently, 5% of North Dakota Mill’s annual profit is dedicated to supporting the state’s ag products utilization fund. The fund provides seed capital for start-ups and new ideas for existing companies related to agriculture. Half of the remaining dollars go to the state’s general fund, leaving 47.5% of profits as retained earnings to be reinvested in the North Dakota Mill.