Morocco’s OCP posts record $11.28 bln revenue in 2022

Morocco phosphates and fertilizers producer OCP posted a record revenue of 11.28 billion dollars in 2022, up 40%, thanks to high prices as well as industrial flexibility, commercial agility, and efforts to reduce production costs.

“OCP was able to fully leverage the benefits of higher prices, while calibrating production to match the attendant lower volumes, and effectively managing through the anticipated sequential easing of prices in the second half of the year,” the company said in a statement.

The double-digit revenue growth was led by a 44% increase in fertilizer revenues, which accounted for a record 64% of total revenues for the year, up from 61% a year ago, the company said.

The company’s gross profit hit 6.93 billion dollars, up from 6.12 last year, it said.

Rock revenues were up 51% year-over-year in local currency, mainly reflecting improved prices, amid lower export volumes to key importing regions.

The group said it remains committed to helping African farmers access customized fertilizers. It has announced last year that it will dedicate 4 million tons to the African market.

The company also unveiled a 13-billion-dollar plan to bolster production with the goal of reaching carbon neutrality in fertilizers production by 2040.