OCP SA, Casablanca, reported an 84 percent increase in revenues for the fourth quarter ended Dec. 31, 2021, to MAD26.65 billion (approximately $2.75 billion at current exchange rates), up from the year-ago MAD14.50 billion.
The group cited favorable market conditions and a sustained demand across the main importing regions as driving the revenues’ performance.
For full-year 2021, revenues were up by 50 percent, to MAD84.30 billion versus MAD56.18 billion the previous year.
Fourth-quarter capital expenditure almost doubled compared with the prior year capex, rising to MAD6.01 billion from MAD3.16 billion. Full-year capex was up 37 percent, to MAD13.14 billion from MAD9.57 billion.
OCP is scheduled to report its detailed fourth-quarter and FY2021 results later this month.