North Dakota Mill & Elevator Association, Grand Forks, ND, reported a slightly lower quarter-over-quarter profit of $ 1.577 million on sales of $ 73.644 million in fiscal fourth quarter 2017, which ended June 30, compared to a profit of $ 2.674 million on sales of $ 67.390 million in fiscal fourth quarter 2016.
For the end of fiscal years 2017 and 2016, North Dakota Mill reported a profit of $ 9.719 million on total sales of $ 287.98 million and a profit of $ 9.336 million on total of sales of approximately $ 303 million, respectively, which represents a slight profit increase but a decrease of 5.2% in sales.
However, despite the slight decline in sales during fiscal 2017, total shipments hit a record high of 14.36 million cwts. compared to last year’s record of 12.99 million cwts.
Spring wheat accounted for 91.2% of the shipments in fiscal 2017, which was down slightly from the previous year.
Capacity at North Dakota Mill increased significantly in fall 2016, thanks to a new 11,500-cwt.-per-day G-mill, which was built at a cost of $38.7 million and equipped largely with equipment from Ocrim S.p.A., Cremona, Italy.
With the new G-Mill addition, North Dakota Mill now is considered the largest milling operation in North America at 49,500 cwts. per day and produces largely spring wheat flour products of various grades, including whole wheat flour, durum flour and semolina, and some organic spring wheat and durum products.
The mill also produces identity-preserved hard white spring wheat products.
While North Dakota Mill is state-owned, it receives no funds or financial assistance from the state to subsidize the milling operations.
All operating revenues are derived through sales. Five percent of its profits are transferred to the state’s Agricultural Products Utilization Commission, and 50% of the remaining profits go to the state general fund.
The balance is invested back into the mill to help fund things like capital projects. However, the North Dakota Industrial Commission still has oversight over the mill’s budgetary matters and outlays for capital projects, as was the case with the new G-mill project.
This G-mill project was featured in First Quarter 2017 Milling Journal and can be accessed online at: http://edition.pagesuite-professional.co.uk//launch.aspx?eid=66536c13-8d0b-4e67-8c47-bb70368c0db4