Phosphates giant OCP reports $9.7 billion revenue in 2024, up 6%

Morocco’s phosphates and fertilizer giant, OCP, said its revenue grew 6% in 2024 to 9.7 billion dollars, following improving demand in the international markets.

The group, which will issue detailed financial results at a later date, plans to go green by 2040 as it forges ahead to rely on renewable energies and desalinated water by 2027. It also plans green hydrogen and ammonia production plants.

The groups’ exports in 2024, mostly fertilizers, stood at 8.6 billion dollars, up 13.1%.

OCP is also expanding the desalination capacities to supply drinking water to the cities of El Jadida and Safi; and the water previously allocated to OCP will be repurposed to improve drinking water availability for communities in the Oum Er Rbia basin.

The new developments in the EV battery industry may also increase demand for phosphates. With 70% of the world’s proven phosphates reserves, Morocco has in recent months attracted investments by major Chinese EV battery producers.