Moroccan Fertilizer Giant OCP Reports Record Profits Amid Global Price Surge

"OCP achieved exceptional financial performance in the first half of 2022. The increase in product prices, combined with our constant efforts to optimize production costs and operational efficiency, resulted in an EBITDA margin of 50%, among the best in the industry. The average prices of phosphate fertilizers more than doubled compared to the first half of last year, thanks to a combination of factors, including the increase in input costs, supply chain disruptions, export restrictions, and finally growing global demand," the statement said.

OCP recorded a 72% jump in its turnover, which reached 56 billion dirhams at the end of June, compared to 32 billion dirhams in the same period last year. Three of the group’s business segments contributed to this performance: fertilizers (+69%), phosphate rock (+63%) and phosphoric acid (+24%). This performance is explained by the rise in prices, which mitigated the impact of the decline in export volumes. The reason is the global situation marked by tight supply conditions fueled by the Russia-Ukraine crisis and the reduction of exports from China.