OCP Group SA reported on Feb. 29 that its fourth-quarter revenues increased by 21%, to MAD30.24 billion (approximately $2.9 billion at current exchange rates) from MAD25.04 billion the previous year. OCP attributed the revenue growth to improved market conditions, which resulted in a recovery of demand across several major importing regions.
For full-year 2023, however, OCP posted a 20% drop in revenues, to MAD91.28 billion from MAD114.57 billion in 2022. The group cited “the exceptional increase” in phosphate-based product prices in 2022, noting that the FY20023 revenues result was 8% higher than 2021’s MAD84.3 billion.
OCP said its capital expenditure totaled MAD26.83 billion last year, up from MAD20.11 billion in 2022. The group will report its full FY2023 results in March.