OCP Group reported a revenue of MAD 69.05 billion for the first nine months of 2024, a 13% increase from MAD 61.04 billion in the same period last year.
The growth was driven by higher export volumes of phosphate fertilizers and phosphoric acid, the company said in a press release.
Earnings before interest, taxes, depreciation, and amortization for the period surged 57% to MAD 27.01 billion, with an EBITDA margin of 39%, the highest in the sector. Capital expenditures increased to MAD 29.79 billion, up from MAD 17.83 billion in 2023, reflecting ongoing investments in infrastructure and production capacity.
Phosphate fertilizer revenue grew by 15% in local currency, largely due to a 54% increase in Triple Super Phosphate (TSP) exports. Phosphoric acid revenue rose 52%, fueled by strong demand in Europe and India.
Revenue from phosphate rock declined 39%, due to lower domestic sales, although exports to Europe and South America grew.
Global fertilizer demand remained strong, particularly in Europe, Africa, and parts of Asia, with Pakistan and Oceania showing significant growth. In contrast, Indian demand remained moderate, and Brazil saw a recovery in Q3, following earlier purchasing delays.
In a strategic move, OCP partnered with ENGIE in October 2024 to accelerate its energy transition, focusing on renewable energy and green ammonia projects. The company also secured €200 million from the European Bank for Reconstruction and Development (EBRD) to develop seawater desalination plants in Morocco, enhancing water security for its operations.
OCP continues to focus on expanding its global market reach and advancing its sustainability initiatives, particularly in energy and water solutions, to meet the growing demand for agricultural products worldwide.
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