OCP Group Reports 77% Revenue Surge in Q1 2022 Amid Global Fertilizer Price Spike

"This performance was driven by the increase in selling prices in all product categories, which largely offset the decline in sales volumes," a group statement said, noting that activities have been boosted by the war in Ukraine, which has led to a new rise in prices, also supported by the increase in the cost of raw materials, particularly ammonia and sulfur.

At the same time, capital expenditures reached 2.988 billion dirhams ($315 million) in the first quarter of 2022, compared to 1.750 billion dirhams ($196 million) during the same period in 2021.

OCP plans to increase its production volumes by about 10% in 2022 in order to meet demand in high-growth markets where the Group continues to strengthen its position as a global leader. In addition, OCP continues to invest in environmental and social programs in order to maintain its positive impact on global food security, the note concludes.