Morocco's OCP reports 10% revenue rise on higher fertiliser demand

Morocco's OCP Group, a leading global phosphate and fertiliser producer, reported a 10.2% increase in first-quarter revenue to 21.3 billion dirhams ($2.3 billion), driven by stronger demand for soil nutrients and phosphoric acid and lower Chinese supply.

In a statement on Thursday, the state-owned company said it had seen a recovery in fertilizer demand from key markets including Europe, India, Brazil, Ethiopia, and Oceania, alongside reduced phosphate-based fertiliser exports from China.

OCP's gross margin rose 17.3% to 14.9 billion dirhams, despite an increase in the cost of inputs such as sulphur, it said.

Investments for the quarter totalled 5.93 billion dirhams, marking a 56.8% decline compared with the same period last year.

In April, OCP successfully raised $1.75 billion through a dual-tranche bond issuance to support its decarbonisation and water desalination projects.