Morocco’s OCP reports 6% revenue growth in 2024 amid rising global demand

MOROCCO – Morocco’s Office Chérifien des Phosphates (OCP), a leading global producer of phosphates and fertilizers, has announced a 6% increase in its 2024 revenue, reaching US$9.7 billion.

The company attributes this growth to a recovery in international demand, especially for fertilizers, as global food security concerns continue to drive the need for agricultural inputs.

Exports for the year totaled US$8.6 billion, marking a 13.1% increase, with fertilizers constituting the bulk of shipments. OCP’s performance reflects the company’s strategic focus on increasing production capacity, optimizing supply chains, and strengthening its position in key export markets.

The impressive results follow the fertilizer giant’s announcement in October 2024 that it plans to invest 139.1 billion dirhams (US$14.06 billion) in the development of its operations from 2025 to 2027.

This ambitious investment strategy was detailed in the report on public establishments and enterprises included in the Draft Finance Law for the 2025 budget year.

The OCP Group, a pivotal player in the global fertilizer market, plans to allocate its investments as follows: US$4.5 billion in 2025, US$5.3 billion in 2026, and US$4.3 billion in 2027.

While specific projects funded by this investment have yet to be disclosed, the company has already embarked on various initiatives to expand its operations.

As part of its long-term sustainability plan, OCP aims to fully rely on renewable energy and desalinated water by 2027, with the ultimate goal of becoming entirely green by 2040. This transition includes the construction of green hydrogen and ammonia production plants, which will further solidify OCP’s role as a leader in sustainable industrial practices.

The company is also investing heavily in desalination projects, particularly to provide drinking water to the cities of El Jadida and Safi. The reallocation of previously OCP-utilized water to the Oum Er Rbia basin underscores the firm’s commitment to addressing regional water scarcity.

For the first half of 2024, the OCP Group demonstrated robust growth, reporting a 15% increase in revenue to 43.2 billion dirhams (US$4.32 billion) driven primarily by a rise in export volumes of its main products.

The fertilizer segment alone accounted for 69% of sales, generating approximately US$3 billion, followed by phosphoric acid (11%) and phosphate (7%). Key markets for OCP’s exports include Africa, South America, and Europe, contributing to 26%, 25%, and 20% of sales by value, respectively.

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