OCP’s 2017 Revenues Hit 48.5 bln Dirham

Morocco’s state-owned phosphates giant (OCP) said its revenues grew 14% in 2017 to reach 48.5 billion dirhams compared to 42.48 billion in 2016.

OCP’s phosphates rock sales increased 40% while the group’s revenues from selling fertilizers jumped 24% compared to 2016. This performance helped the OCP offset a fall in international prices, the company said in a statement.

In 2017, fertilizer sales totaled 54% of the Group’s turnover, while phosphate rock and phosphoric acid took 21% and 15% respectively.

The group said this positive performance was the fruit of the first phase of its investment plan, which was completed in September 2017. The plan helped double production capacity, triple fertilizer sales, build a pipeline and develop the Jorf Lasfar port.

At the continental level, the OCP bolstered its export by 50% jumping from 1.7 million tons in 2016 to 2.5 million tons in 2017.

The Group’s EBITDA remained stable in 2017 with a slight decrease of its margin by 26% compared to 2016. The company’s comprehensive income stood at 4.7 billion dirhams in 2017 against 3.5 billion in 2016.