Morocco's state-owned company OCP has reached a historic milestone, becoming one of the world's leading phosphate exporters. The figure of 10.3 billion euros in earnings from exports of this mineral in 2022 reflects the success of the company's strategy to increase its revenues and achieve a significant presence in the international market. Compared to the previous year, the main factors contributing to the increase in OCP's turnover were the increase in fertiliser prices on the international market and the improvement in demand for Moroccan phosphates from major buyers.
Last year, the turnover of the Moroccan Office Jerifiana des Phosphates (OCP) reached an all-time high of 114.574 billion dirhams (10.3 billion euros). This figure represented an increase of 36% compared to 2021. This was due to the implementation of innovative strategies and investment in state-of-the-art technologies. The positive results were also reflected in operating margins, which increased by 5% to 8%. OCP is the world's leading exporter of phosphates and fertilisers and phosphate exports are expected to remain stable in the coming year, which will help the Moroccan state-owned company to further increase its profits.
The company has also invested in innovation projects to ensure the quality of its products, which is reflected in its financial results. Moreover, it has expanded its operations to other countries, thereby increasing its customer base and improving its position in the international market. OCP Group has reported that turnover in 2021 reached Dh84.3 billion (€7.5 billion), an increase compared to the previous year as well. This is mainly due to an increase in the selling prices of its three segments (phosphate rock, phosphoric acid and fertilisers), which offset the drop in sales volumes. In addition, the group announced that its net profit increased by 7.3% year on year to Dh7.542 billion (EUR 667 million). This figure was driven by improved results from its operations in Algeria, Morocco, France and the United States, as well as lower operating expenses. OCP Group noted that revenues in its main fertiliser segment increased by 2.6% compared to the previous year, while its turnover decreased by 5.2%.
The group performed outstandingly well during the period, achieving exceptional operational and financial results thanks to price increases for its products in all categories. Revenues increased significantly, while profits rose sharply, reflecting an improvement in the company's own profitability.
The International Fertiliser Expert Group noted that phosphate fertiliser prices reached an "exceptionally high level", due to supply chain disruption caused by the war in Ukraine and reduced Chinese exports. This has led to a significant rise in fertiliser prices. OCP has demonstrated a high level of resilience by seizing the opportunities of the growing trend in fertiliser demand and adapting its production to meet it. This was reflected in the results of the last 12 months, with a 44% increase in turnover. However, from the third quarter of 2022, prices for these products started to gradually decrease. In addition to the announced initiatives, OCP also noted that it is committed to investing in infrastructure projects to improve farmers' productivity and to help improve access to commodities such as water, electricity and fuel. At the same time, the group has pledged to fund training programmes for farmers, thereby improving their skills and knowledge about managing their land and crops.