North Central Farmers Elevator made $9.75 million in profits on $704.5 million in sales, General Manager Mike Nickolas announced at the cooperative's annual meeting Nov. 20.
Both amounts are records for the Ipswich-based cooperative.
All product lines saw exceptional growth last year which lead to the record year, Nickolas said in a news release.
The North Central board of directors allocated $3.76 million of the profit to its members, according to the release. Forty percent, about $1.5 million, was distributed at the annual meeting or will be mailed in December. The board authorized that $5.4 million be put in the general reserve to strengthen the cooperative's balance sheet, according to the release.
North Central has grain elevators, agronomy and fuel centers in about 19 locations in North and South Dakota.
It was announced at the annual meeting that four directors were reelected to the board. Larry Olson of Ipswich, Ken Olson Jr. of Turton, Dale Gill of Java and Derek Merkel of Leola were elected unopposed for three-year terms. Board leadership will remain the same for the coming year with Rick Osterday of Java as president, Olson as vice president and Quentin Larson of Pollock as secretary.