OCP posts US$2.1B revenue in Q1 2026 as market pressure continues
The Moroccan fertilizer producer says currency changes, lower sales volumes, and tensions in the Middle East affected first-quarter results, even as demand for phosphate fertilizers stayed firm in key markets.
MOROCCO – OCP Group reported revenue of MAD 20 billion (US$2.1 billion) for the first quarter of 2026, slightly below the MAD 21.59 billion (US$2.27 billion) it recorded during the same period last year.
The Moroccan fertilizer producer said the decline came from the weaker US dollar and lower volumes of phosphoric acid and fertilizer sales. Despite the drop, the company maintained solid margins during a period marked by high sulfur prices and supply pressure across the global fertilizer sector.
Gross profit reached MAD 11.9 billion (US$1.25 billion), giving the group a margin of 60%. EBITDA stood at MAD 5.6 billion (US$590 million), compared to MAD 7.49 billion (US$788 million) in the first quarter of 2025.
The group said its sulfur stock helped protect operations from recent price increases.
“The group benefited from sulfur stocks secured before the recent price surge, ensuring coverage through the end of July 2026, while continuing to optimize its product mix toward increased TSP production, which consumes less sulfur per nutrient ton,” OCP said.
Capital expenditure reached MAD 10.14 billion (US$1.07 billion) during the quarter. OCP directed the investment toward industrial water systems and renewable energy infrastructure as it continued to expand its operations.
The company also pointed to continuing pressure in the global fertilizer market. OCP said tensions in the Middle East, Chinese export restrictions, and limited sulfur supply continue to tighten global supply.
“While rising may lead to some slowdown in demand, it should nevertheless remain supported by resilient agricultural fundamentals and still-firm crop prices, while supply is expected to remain tight in major markets,” the company said.
The latest results follow a strong performance in 2025, when OCP recorded 17% revenue growth as demand improved in major importing countries.
The group reported MAD 114 billion (US$12 billion) in revenue for the full year 2025, supported by better market conditions and increased demand from countries such as India. In the fourth quarter alone, OCP generated MAD 29.5 billion (US$3.1 billion), up 6% from the same period a year earlier.
During the final quarter of 2025, OCP also invested MAD 9.1 billion (US$960 million) in capital expenditure as it continued expanding production capacity.
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