The Moroccan giant OCP is not affected by the crisis

The OCP group reported a turnover of 113.9 billion dirhams for the 2025 financial year, an increase of 17% year-on-year. This result, close to the historical record of 2022, is accompanied by a robust operating margin of 38%. According to Jeune Afrique, the company maintains high-level performance despite the increase in raw material costs and unfavorable exchange rates.

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The success is largely due to the boom in Triple Super Phosphate (TSP), whose sales volumes have soared by 48%. This "customized" product reduces the Moroccan giant’s dependence on nitrogen imports, as it is manufactured exclusively from local phosphate rock. Described as a "growth and differentiation engine", TSP now accounts for 30% of the group’s total fertilizer exports.

Geographically, India and Brazil have emerged as the core markets, each accounting for 23% of global turnover. India is recording a spectacular breakthrough compared to 13% the previous year. While Europe remains at 22%, the African continent is experiencing a sharp decline, falling from 21% to only 8% of sales in one year.

Faced with instability in the Middle East, OCP is banking on a flexible supply strategy to secure its inputs such as sulfur and ammonia. The Moroccan producer is also benefiting from the difficulties of its Saudi competitor Ma’aden. The group claims to have increased resilience, allowing it to "navigate in a context of persistent volatility" without any major operational impact to date.

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The outlook for 2026 remains promising thanks to sustained demand and Chinese export restrictions that limit global supply. At the same time, OCP is accelerating its greening through desalination and renewable energies, supported by a $1.75 billion bond issue completed in April 2025. Negotiations are also underway to strengthen the group’s presence in the American market.