OCP Group SA reported a 6% fall in revenues to MAD25.04 billion (approximately $2.4 billion at current exchange rates) for the fourth quarter ended Dec. 31, 2022, down from MAD26.65 billion the previous year.
The group in a Feb. 28 earnings statement attributed the revenues performance to less favorable market conditions compared to the same period in 2021, which resulted in lower prices and a contraction of demand.
For the full-year 2022, however, revenues rose by 36% to MAD114.6 billion, up from the year-earlier MAD84.3 billion, boosted by higher average selling prices compared to 2021.
The group will report its full FY2022 results later this month.