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Summit’s cement business records growth in 2Q17

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World Cement,

Summit Materials’ cement business was boosted by strong organic sales growth and price increases in 2Q17, the company said in its latest results, recording increased revenues compared to the same period last year.

Cement segment net revenues were up 5.8% to US$84.2 million in the quarter, as Summit reported a 7.1% rise in sales volumes and 3% rise in average selling prices of cement. Adjusted cash gross profit margin was up to 57.4%, compared to 52.2% in 2016.

“Strong regional demand in the company’s northern markets drove organic growth in the second quarter,” the company said, including a 25% increase in cement sales volumes in its northern Mississippi markets. “Continued organic growth in sales prices was attributable to previously announced price increases.”

The company reported sales of 0.714 million t in 2Q17, compared to 0.659 million t in 2Q16. In the first six months of the year, the company’s cement sales broke through the million tonne mark, reaching 1.08 million t, compared to 0.943 million t last year.

Pricing was up to US$112.09 per tonne in the three months to 1 July 2016, compared to prices of US$108.89 per tonne in 2Q16.

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