North Dakota Mill and Elevator posts $10.6 million profit
BISMARCK — The head of the North Dakota Mill and Elevator said Wednesday, Aug. 28, the state-owned operation managed to record a historically successful year despite a resurgence in low-carb diets that helped reduce profits.
The flour mill, located in Grand Forks, posted $10.6 million in profits for the fiscal year that ended June 30, down from $14.2 million the year before, which marked the third-most in its history. The financial information was presented to state regulators Wednesday.
The fiscal year 2019 profits were the seventh-most in the mill's history and were up from 2017 and 2016. The mill transferred nearly $7.6 million to the state's general fund to help pay for government operations.
The mill set a record with $16.7 million in profits in fiscal year 2015. It hasn't posted a loss for a decade.
The facility is the largest and only state-owned flour mill in the country. It bought 30.6 million bushels of wheat from regional farmers and elevators in the latest fiscal year and shipped nearly 14.7 million hundredweights of flour to customers, according to information presented to the Industrial Commission.
Vance Taylor, the mill's president and CEO, hoped increased interest in low-carb diets, such as the ketogenic or "keto" plan, don't pose a long-term headwind for the mill.
"We have seen a pretty good uptick in our demand over the last couple of months, and we're running the mills pretty hard right now," Taylor said.