Morocco’s OCP posts $9.1 bln revenue in 2023

Morocco’s phosphates and fertilizer giant, OCP, said its revenue in 2023 dropped to $9.1 billion from $11.3 billion a year earlier due to lower prices in the international market.

The company said it will forge ahead with its investments which totaled $2.6 billion last year, from 2 billion a year earlier.

Few days ago, OCP received $188 million in three loans from the African Development Bank to finance its green transition.

The loans will help OCP built three desalination plants with a total capacity of 110 million m3. The plants are tailored to serve the industrial needs of OCP with 79 million cubic meters to be directed to meet the needs of the cities of El Jadida and Safi.

In late 2022, OCP said it would invest $13 billion on its green program covering 2023-2027, which provides for building desalination plants, powering its industrial base with renewables and producing green ammonia.