Ceres Global Ag increased its first quarter grain handlings to 25 million bushels in the three-month period ending Sept. 30, an increase of more than 112 percent over first quarter handlings in 2016.
Ceres, which owns and operates a new inland grain terminal near Northgate, Sask., reported its first quarter 2017 financial results Nov. 9.
The Minneapolis-based company reported first quarter revenues of US$155.9 million, up 114 percent from the same quarter last year, and net income losses of $1.4 million, or five cents per share.
It also reported total shipments of 9.9 million bu. of assorted grain directly from third party points of origination to end users in the quarter — up 130 percent — and confirmed plans to complete construction of a 26,000 tonne fertilizer storage facility at Northgate.
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That facility is scheduled to begin operations in May.
“Consistent with the strategy we outlined (previously) … our efforts within our grain division going forward will be to increase volume throughput at facilities across our network, lower operating costs, and extend our reach across both ends of the supply chain,” said president Robert Day.
“We will continue to buy more product direct from farmers and increase sales to chosen customers looking for high quality and reliable logistics. This will provide us with greater opportunities to increase margins as we participate in more attractive areas of the supply chain and add greater value to our customers.”
