OCP Group’s annual profit this year is expected to reach record levels, at about MAD 35 billion, more than double compared to last year, estimates the Ministry of Economy and Finance.
The Ministry, in the 2023 Finance Bill draft, forecasts that the office’s profits will reach MAD 34.9 billion at the end of this year, up compared to MAD 16.3 billion last year, representing an increase of 114%.
The government is expected to recoup MAD 10.16 billion of OCP’s profits.
The office, which is the world leader in fertilizer production, achieved profits of nearly MAD 2.8 billion in 2019, and in 2020, revenues rose to MAD 3.2 billion.
Morocco’s phosphates sector has benefited from the turbulent international situation, which has resulted in soaring fertilizer prices, and OCP exports have contributed to reducing Morocco’s trade deficit by a large percentage.
The office’s turnover is expected to exceed MAD 130 billion by the end of 2022, compared to MAD 84 billion last year, MAD 56 billion in 2020, and about MAD 54 billion in 2019, said the same source.
The Ministry of Economy and Finance said the results recorded by the Office are not only because of the increase in fertilizer prices, which were affected by the international context, but also the adoption of a proactive strategy for the trends of the international phosphate market.
Last year, the Group’s investment expenditures amounted to MAD 13.1 billion, an increase of 42%, added the same source.
These investments focused on projects related to industrial development, especially the increase in production capacities related to the exploitation of mines and chemical transformation.
Official data indicated that the Group’s strategy depends on increasing production capacity in order to cover the largest share of future demand growth.
The production capacity increased from 3.4 million tons in 2008 to 12 million tons last year, and is expected to reach 15 million tons next year, according to the same source.
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