OCP Reports Solid Performance in 2024, Revenues Reach $10 Billion
The group recorded MAD 97 billion ($10 billion) in revenue last year, compared to MAD 91.3 billion at the end of December 2023, thanks to the phosphate fertilizer market benefiting from stable prices.
The favorable performance was also supported by strong demand in major agricultural regions such as Oceania, Europe, North America, and several African and Asian countries.
OCP also attributed the development to fertilizer sales growth, supported by increased exports to Europe, North America, and India.
'Phosphoric acid benefited from strong demand in Europe and Latin America, where OCP seized new market opportunities,' OCP's report said, noting that earnings before interest, taxes, depreciation, and amortization (EBITDA) reached a margin of 40%.
OCP described the achievement as 'one of the best in the industry and well above the sector average,' adding that the group made significant progress in its sustainability program with major advances in water resource management and the transition to renewable energy.
The group's management celebrated the 2024 performance, noting that it reflects the group's ability to effectively adapt to changing market conditions and enhance its production and operational efficiency.
'The market conditions were generally in line with our expectations, with sustained demand in most key regions. OCP's past and ongoing investments in capacity expansion and innovation have strengthened our industrial flexibility and commercial agility, enabling the group to consistently and efficiently capture additional global demand,' OCP's management said.
The group stated that fertilizers accounted for 69% of OCP's total revenue in 2024, compared to 66% the previous year. It noted increases in different components –including a 48% rise in Triple Super Phosphate export volumes that represented 21% of fertilizer sales.
This reflected strong demand from key importing regions, especially Brazil and India.
'Our efficiency gains in production and our cost optimization programs have enabled us to generate significant operational leverage, with a 33% increase in EBITDA and an 800 basis point improvement in our EBITDA margin, while our revenues grew by 6%,' the management added.
Sustainability program
OCP also stressed the progress made as part of its sustainability program, covering water management and renewable energy projects.
The group desalinated 63 million cubic meters of water to supply its production facilities.
This enabled the group to maintain stable operations despite water stress and drought. The group also reported significant progress in its solar energy program, with the first phase nearing completion.
OCP said that these programs contribute to efforts aimed at leveraging Morocco's excellent climate conditions to progressively decarbonize the group's operations.
OCP CEO and chairman Mostafa Terrab celebrated these achievements, noting that the group appreciates the 'excellent reception of the second phase of our investment program, currently underway.'
'Following the success of our Eurobond issuance in May 2024, we concluded several additional financing agreements throughout the year,' noting the funds raised are 'being responsibly invested to strengthen our competitiveness and sustainability, address global food insecurity and meet anticipated long-term demand.'
As a global leader in fertilizers, the group has established itself as a major investor, producer, and distributor, aiming to contribute to food security worldwide, particularly in Africa. Tags: Morocco's OCP GroupMorocco's OCP
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