Written by 5:31 pm Economy

OCP revenue dips in 2023, but profitability holds strong

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Morocco’s phosphates and fertilizers producer OCP reported an annual revenue of 91.3 billion MAD in 2023, noting a decline compared to the levels recorded in 2022, marked by the exceptional rise in raw material and phosphate prices.

This decline gradually stabilized during the third and fourth quarters of 2023, notably due to the decrease in Chinese exports alongside a gradual increase in demand in agricultural regions such as the United States, Europe, and Brazil.

The group stated that the sharp surge of raw material costs since July, particularly ammonia, following unexpected disruptions and significant increases in gas prices in Europe, also contributed to the improvement.

Furthermore, OCP maintained a robust EBITDA margin of 32% in 2023, surpassing industry averages and underscoring its resilience.

The group highlighted its commitment to sustainability and competitiveness through its green investment program, aimed at responsibly increasing production capacity to meet long-term demand while addressing global food insecurity.

Following the successful launch of the first of three new fertilizer production lines, the group anticipates the full operation of the remaining lines by the first half of 2024, with production scaling up in response to market dynamics, highlighting that OCP’s investment strategy, characterized by modular expansion, remains steadfast.

These investments align with OCP’s ambitious market consolidation program announced in 2022, Positioned ideally to seize anticipated global demand growth, OCP continues to reinforce its market leadership while contributing to sustainable agricultural practices on a global scale.

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