OCP Revenues Grow 15% in H1 2018

OCP Revenues Grow 15% in H1 2018

Morocco’s phosphates company saw its revenues grow by 15% in the first half of the year to 26,599 million dirhams ($2.86 billion).

Revenues increased from 23,152 million dirhams last year as the company continues to invest in Africa where it plans the setting up of fertilizer plants in Ethiopia and Nigeria.

“This sales growth was led by double-digit increases in fertilizers and phosphoric acid – 21% and 17% respectively compared to last year’s same period – and supported by a slight increase in rock sales volumes,” the company said in a statement on its website.

Both fertilizers and acid benefited from higher pricing and volumes, while rock pricing remained stable, it said.

Total investments of the company rose to 5,140 million dirhams ($553 million) in the first half of 2018.

“OCP’s strong second quarter performance was supported by an improved business environment in which market dynamics were in line with our expectations. In fact, steady seasonal demand growth and higher input costs, resulted in a significant pick-up in prices, said OCP Chairman and Chief Executive Officer, Mostafa Terrab.

“Within this context, OCP reported substantial year-on-year growth across key metrics in the second quarter of 2018, which brought first half comparisons significantly ahead of the 2017 similar period,” he said.

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