The OCP Group delivered a strong financial performance in the first half of 2024, reporting revenues of 43.24 billion dirhams, a 15% increase compared to the same period in 2023. This growth was primarily driven by higher export volumes, which offset lower sales prices across its three key segments: rock, fertilizers, and acid.
The rise in revenue from fertilizers and phosphoric acid was fueled by robust demand in certain importing regions, particularly in Europe and Africa for fertilizers, and in Europe and India for solid phosphoric acid. The group also maintained a high level of investment, focusing on expanding production capacity and improving operational efficiency.
These results highlight OCP’s ability to navigate a complex market environment, characterized by price fluctuations, while strengthening its position as a global leader in plant nutrition solutions and phosphate-based fertilizers. This success is attributed to the group’s investment strategy and its ability to meet growing demand.
The Group’s EBITDA saw a remarkable 113% increase, reaching 16.31 billion dirhams in H1 2024, compared to 7.67 billion dirhams in the same period last year. The EBITDA margin climbed to 38%, showcasing OCP’s strong performance and operational efficiency gains across its value chain.
Operating profit also surged, totaling 11.80 billion dirhams, a significant rise from 2.42 billion dirhams recorded in the previous year.
As of June 2024, OCP’s cash and cash equivalents stood at 15.71 billion dirhams, while net financial debt amounted to 81.02 billion dirhams. The financial leverage ratio improved to 2.13x, compared to 2.32x at the end of December 2023.
“The OCP Group has delivered robust financial results in the first half of 2024, marked by double-digit growth in its key performance indicators,” said OCP Group CEO Mostafa Terrab, as quoted in the statement.
Terrab emphasized that the Group capitalized on its increased fertilizer production capacity to meet strong demand in several strategic markets, while optimizing production and operational efficiency across its value chain. He further noted that during this period, the market was characterized by limited supply and sustained demand, leading to a significant reduction in global inventories.
“In this context, OCP leveraged its industrial and commercial flexibility to timely deliver significant volumes of specialized products, such as Triple Super Phosphate (TSP), which rebounded by nearly 50%, responding to increased demand in certain regions,” Terrab stated. He added that OCP’s cost leadership reinforces its competitiveness and supports some of the highest margins in the industry.
Looking ahead, OCP continues its sustainable growth strategy by expanding production capacity to contribute to global food security and making strategic investments in key areas such as water management, renewable energy, and the development of green ammonia and green hydrogen.
