Record fiscal year profits at North Dakota Mill and Elevator

(KNOX) – The North Dakota Mill reports record profits of $20.7 million for fiscal year 2024, an increase of 20.6% over profits reported for fiscal year 2023.

“The state’s capital investments into two new milling units have resulted in record shipment volume of 17.5 million hundredweights of North Dakota Mill product,” said members of the Industrial Commission in a joint statement. “We are grateful for the hard work of the outstanding team at the mill that resulted in new records in grain purchases, gross sales, product shipments and profits, all achieved with an exceptional safety record.”

“North Dakota farmers again provided high-quality spring wheat and durum to the mill this year, and we also saw a 10% increase in shipment volumes. Our dedicated employees stayed focused on providing consistent quality products delivered with a high level of customer service,” said mill president and chief executive Vance Taylor.

The mill has transferred 52.5% of the profits–$9,877,704—to the state’s general fund and $1,039,758 to the agricultural product utilization fund. The remaining profits are used for mill operations.

The North Dakota Mill, officially the North Dakota Mill and Elevator Association, was established in 1922 and is overseen by the Industrial Commission of North Dakota, consisting of Governor Doug Burgum, Attorney General Drew Wrigley and Agriculture Commissioner Doug Goehring.