Rabat – OCP has reported a 16% turnover increase in the first quarter of 2021 compared to the same period last year.
Data shows that the turnover amounted to nearly MAD 14.29 billion ($1.61 billion), a performance driven by the group’s efforts in terms of production optimization, cost reduction, and favorable market conditions.
OCP’s gross margin stood at MAD 9.26 billion ($1 billion) against MAD 7.53 billion ($855 million) last year.
The OCP group emphasized it “recorded a solid operational and financial performance in the first quarter this year thanks to the combined effect of OCP’s constant efforts in terms of production optimization, cost reduction, and favorable market conditions.”
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) amounted to MAD 5.33 billion ($605.24 million), representing an increase of 60%.
The margin rate reached 65% compared to 61% in the first quarter of 2020.
OCP’s investment expenditures reached MAD 1.75 billion ($198.72 million) for the first three months in 2021 against MAD 2.125 billion ($241.3 million) during the same period last year.
OCP is certain that the same trend will continue in the coming quarters.
“The first quarter of 2021 marks a good start to the year illustrated by a solid performance, supporting the group’s positive outlook for 2021.
OCP expressed satisfaction with price conditions, describing them as favorable, which will lead to an increase in global demand, stable supply, and rising commodity prices.
OCP is Morocco’s state-owned phosphate and fertilizer group and is expanding its presence in Africa with projects, seeking to bolster sustainable development in Africa.
The group‘s priority is to tackle all challenges the continent will face in the next decades, including food insecurity.
“We’re committed to making radical and lasting change across our operations – for the benefit of business, community, and environment,” OCP said on its website.
