Despite a drop in revenue during the final quarter of 2024, OCP closed the year with overall growth and record-breaking investments. The late-year slowdown was largely due to an unfavorable comparison with the previous year, but it does not signal any deviation from the company’s long-term trajectory. OCP remains focused on expanding its industrial capabilities and strengthening its position as a key player in global food security.
In the last three months of 2024, OCP posted revenue of 27.9 billion dirhams, an 8% decline from the 30.2 billion dirhams recorded in the same period of 2023. This decrease can be attributed to an exceptional surge in purchases at the end of 2023, which had temporarily boosted sales. By contrast, demand in 2024 returned to a more normalized level, leading to a relative decline in volumes during this period.
However, this temporary fluctuation does not overshadow OCP’s strong performance throughout the year. The company’s annual revenue reached 96.9 billion dirhams, up 6% from 91.3 billion dirhams in 2023. This growth was driven by a rebound in demand for phosphate-based fertilizers across several key importing regions, as well as firm pricing that helped offset fluctuations in sales volumes.
At the same time, OCP made unprecedented investments to expand its production capacity and accelerate its transition toward a more sustainable model. Capital expenditures surged to 13.8 billion dirhams in the fourth quarter, a 53% increase from the 9 billion dirhams invested during the same period in 2023. For the full year, total investments reached 43.6 billion dirhams, reflecting a clear commitment to modernizing infrastructure and integrating advanced water management and renewable energy solutions.
While the fourth-quarter revenue decline may raise questions, it does not undermine OCP’s strong fundamentals. The company remains aligned with its long-term strategy and continues to demonstrate solid growth momentum. A more detailed financial report, set for release in March 2025, will provide further insights into the outlook for the year ahead. However, one thing is clear: with a robust financial foundation and strategic investments, OCP is well-positioned to sustain its expansion and reinforce its leadership in the global phosphate fertilizer market.
