Morocco’s OCP revenue at $9 bln in 2023

Morocco’s phosphates and fertilizers giant, OCP Group, said its revenue in 2023 stood at 9 billion dollars, down from $11.4 billion a year earlier.

OCP explained the performance by a drop of prices from the exceptional levels of 2022, when the war in Ukraine triggered a surge in commodities prices globally.

OCP said a drop in Chinese phosphates exports and higher demand in the US, Brazil, and India curbed the plunge of prices.

In total, the share of fertilizers in OCP’s earnings increased to 65% as the group boosts industrial investments.

The group’s profit stood at 1.4 billion dirhams, nearly half levels of 2022, OCP said.

The group continues to invest in renewable energies and desalination with two plants that meet the industrial needs of its factories and supply two adjacent cities, El Jadida and Safi.