OCP’s performance is due to the steady demand for phosphate and its derivatives and increased raw material costs.
Rabat – Morocco’s Office Cherifien des Phosphates (OCP) made MAD 5.4 billion in net profits and MAD 55.9 billion in gross revenues in 2018. The net profits were up 19 percent and the gross revenue was up 15 percent from 2017.
OCP reported the figures in its preliminary annual results on Tuesday.
The revenue increase is mainly due to higher phosphate prices in international markets thanks to a steady demand for phosphate and its derivatives and increased raw material costs.
The world’s leading fertilizer company, OCP said that its earnings, before interest, tax, depreciation, and amortization (EBITDA), were MAD 17.1 billion in 2018, up by 34 percent from 2017.
The company reported that its earnings before interest and taxes (EBIT) in 2018 were MAD 11.3 billion, up by 71 percent from 2017.
OCP will release its full fourth quarter and annual 2018 results on Monday, March 25.