State mill and elevator shows 'record profits' in FY 2023
The state Mill and Elevator in Grand Forks had a very good year in fiscal 2023
For the fourth quarter of the fiscal year, the Mill reported $5.9 million in profits.
"That's an 18 percent increase above last year's fourth quarter profits," Mill manager Vance Taylor told the state Industrial Commission.
For the full fiscal year, the mill made $17.2 million, compared to $14.7 million in fiscal 2022.
"That's n increase of 17 percent, and is a new record," Taylor said.
Taylor said profits are driven by increased shipment volumes and market volatility.
"Fourth quarter sales were $125,978,000, compared to $139,409,000 last year," Taylor said. "It's down slightly due to wheat prices being somewhat lower."
But Taylor said sales for the year were $532 million — versus $473 million in FY 2022.
"That's also a new record for us," Taylor said.