Morocco’s OCP reports record $8.37 billion in Q3 revenue
Morocco’s phosphates and fertilizers exporter OCP said its revenue up to September this year grew to 89 billion dirhams or 8.3 billion dollars after the increase in prices and demand in the international market.
This performance marks a 55% increase compared to the same period a year earlier thanks also to decreasing Chinese exports, OCP said in a statement.
OCP however noted that prices had been dropping starting from June due to a fall in demand from some key markets such as Brazil, Europe and the US where stockpiles have been bolstered already.
Sulfur prices have also decreased propelling reduced prices, it said.
Morocco, which has the world’s largest phosphates reserves, has positioned itself as a major fertilizer producer expanding its market share in the wake of the export restrictions imposed by other major producers such as Russia.
OCP said last month it will bolster its fertilizers exports to Africa to 4 million tons in 2023 compared to 2 million tons in 2021, a decision that will help address the fertilizer supply gap on a continent where most countries are reliant on soil nutrient imports.
This announcement adds to a previous move to offer 550,000 tons of fertilizers in donations and discounts to mitigate the impact of skyrocketing fertilizers on African finances.