The OCP Group’s turnover amounted to 69.046 billion dirhams (billion dirhams) at the end of the first nine months of the year, compared to 61.03 billion dirhams for the same period of 2023. A performance due to the increase in export volumes came to compensate for the sluggishness of domestic rock sales.
“The OCP Group once again recorded solid operational and financial performances, illustrating our leadership in the development and delivery of new products as well as our ability to continuously optimize production and operational efficiency,” noted Mostafa TerrabChairman and CEO of the OCP Group, quoted in a press release.
THE phosphate fertilizers thus increased by 15% in local currency, mainly supported by higher export volumes, in particular of Triple Super Phosphate (TSP) whose volumes experienced a strong increase of 54% year-on-year.
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Phosphoric acid revenue recorded substantial growth, up 52% year-on-year in local currency, driven by increased export volumes to key regions, including China. Europe and India.
In contrast, rock revenue declined 39% over the period in local currency, primarily reflecting a decline in domestic sales volumes compared to 2023. That said, export volumes to customers in Europe and South America have increased significantly.
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“OCP’s ability to deliver large quantities of phosphate products in a timely manner represents a strategic asset that allows it to meet additional demand from the main importing regions,” said Mr. Terrab.
The gross margin amounted to MAD 44.49 billion, a clear increase compared to MAD 32.18 billion recorded a year earlier. This improvement reflects strong revenue growth, lower raw material costs, notably ammonia and sulfur, combined with effective cost management.
EBITDA (editor’s note: Profit before interest, taxes, depreciation and amortization) for the first nine months of 2024 amounted to more than MAD 27 billion, compared to MAD 17.17 billion for the same period of last year.
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The EBITDA margin increased to 39%, reflecting the Group’s strong performance, improved production capabilities and operational efficiency gains across the value chain.
“We converted a 13% increase in year-to-date revenue into 57% growth in EBITDA, achieving an industry-leading EBITDA margin of 39%,” noted Mr. Terrab, emphasizing that these results reflect the significant operational leverage inherent to the Group’s economic model.
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