Morocco’s OCP Group SA reported a 37% decline in second-quarter revenue, to MAD19.28 billion (approximately $1.88 billion at current exchange rates) from MAD30.69 billion for the same period last year. The group in an Aug. 31 media statement attributed the revenue decline to “the exception global price increase” last year.
Six-month revenue was down 33%, to MAD37.56 billion from MAD56.02 billion. OCP said its capital expenditure totaled MAD12.03 billion in the first six months of 2023, a 53% increase on its first-half 2022 capex total of MAD7.85 billion.
The Moroccan phosphates group will report its full second-quarter and first-half results later this month.