OCP is adjusting its industrial strategy in response to a sharp rise in raw-material costs, significantly increasing the share of triple superphosphate (TSP) in its fertilizer exports during the first half of 2026. The phosphate-rich product requires markedly less sulfur and no ammonia, an advantage that has become decisive amid current market conditions, according to Le Nouvelliste.
TSP accounted for 35% of OCP’s fertilizer exports over the first six months of the year, up from 26% a year earlier, part of a broader strategy to limit the impact of exceptional input-cost inflation on the group’s operations. Sulfur has become a main point of tension in the global phosphate fertilizer market, with limited availability and sharply higher prices prompting several producers to cut output, while ammonia has also become more expensive.
OCP had secured sulfur stocks before the sharp price increase and has since sought to diversify supply through new sources and partnerships, while moving forward some second-half maintenance to the second quarter to preserve flexibility. The shift comes as the global phosphate fertilizer market contracted sharply, with traded volumes down roughly 22% in the first half as higher prices weighed on farmers’ purchasing power; India, Europe and Africa saw import volumes decline, while Brazil proved more resilient, helping OCP strengthen the Americas’ share of its outlets.
The raw-material shock showed up in OCP’s results: first-half revenue reached 48.372 billion dirhams, down from 52.166 billion a year earlier, while EBITDA fell to 13.307 billion dirhams from 18.612 billion, with margins dropping from 36% to 28%. The group nonetheless kept investment above the prior year’s level, at 16.067 billion dirhams versus 15.162 billion in 2025.
Diversification extended beyond TSP: OCP’s Specialty Products & Solutions unit posted a 26% rise in local-currency revenue to 4.755 billion dirhams. The group also resumed fertilizer exports to the United States in July and August after Washington suspended countervailing duties on Moroccan phosphate imports on June 29, citing a domestic fertilizer shortage. At end-June, OCP held 32.692 billion dirhams in cash, with net financial debt at 115.466 billion dirhams, down from 119.118 billion at end-2025, though its net-debt-to-EBITDA ratio rose from 2.76 to 3.05 times.
