Mill reports record profits in FY 2018
The state Mill and Elevator had record profits in fiscal 2018.
The mill made $14.2 million. That’s a 46 percent increase over the profit in fiscal 2017, which was $9.7 million.
The mill transferred just over $10 million in profits to the state’s general fund. In addition, it transferred just under $710,000 to the Agricultural Products Utilization Fund.
At a stete Industrial Commission meeting, Gov. Doug Burgum congratulated Mill President and CEO Vance Taylor for the successful year.
"I don't know of any private companies that dividend out 76 percent of their profits," Burgum said. "We appreciate your efforts in being an ATM for the General Fund at a time when we were having a downturn in cash flow."
Burgum said he hopes that in the future, the Mill will be able to keep more of its profits, and the state will be less dependent on the Mill’s earnings.
Meanwhile, Taylor told the Commission he's expecting the Mill will have a good crop of wheat and durum to work with next year. He said that’s despite the survey from the Wheat Quality Council. Taylor told the state’s Industrial Commission the Council’s numbers were quite a bit under the prediction made by the US Department of Agriculture in July.
"They (the Council) had wheat averaging 41.1 bushels per acre, and durum at 39.3, which is close to what we had last year, and quite a bit lower than the 5 year average," Taylor said. "I have a gut feeling it will be somewhat better than that."
Taylor said from what he's seen, wheat looks good, but it remains to be seen how the crop finishes up next year.
"It looks like we'll have a good crop to work with next year," Taylor said.
Taylor said the Council believes there are lingering effects from last year’s drought conditions.