The OCP Group reported a remarkable revenue of 19.58 billion dirhams (MMDH) by the end of March 2024, up from 18.28 billion dirhams during the same period last year. This increase reflects another quarter of solid performance. The group attributes this growth primarily to higher export volumes, which offset the impact of lower prices compared to the first quarter of 2023.
The gross margin surged to 12.705 billion dirhams, compared to 9.076 billion dirhams recorded the previous year. This boost was driven by higher revenues and reduced input costs, particularly for ammonia and sulfur, whose prices significantly dropped compared to the previous year’s levels. As a result, the gross margin rose to 65%, up from 50% in the same period in 2023.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at over 7.7 billion dirhams in Q1 2024, compared to 4.68 billion dirhams at the end of March 2023. This improvement reflects the group’s effective cost-reduction initiatives, resulting in a robust EBITDA margin of 39%.
Investment expenditures reached 9.3 billion dirhams in the first quarter of 2024, up from 5.64 billion dirhams during the same period in 2023.
