Rabat – Morocco’s Phosphate and fertilizer company OCP Group will pay $750 million in dividends to the Moroccan government, after recording an annual turnover of more than $11 billion in 2022.
Bloomberg reported today that Morocco’s government “will get a windfall of about $750 million from dividends this year.”
Morocco’s government will get a windfall of about $750 million from dividends this year after state-owned phosphates giant OCP reported record earnings https://t.co/Ti7UKPNuhM
— Bloomberg (@business) March 29, 2023
The American news outlet highlighted OCP’s record earnings, describing them as “a welcome boost” for Morocco, which is grappling with stubbornly “high inflation” and “periodic drought.”
OCP Group recorded an annual turnover of more than $11 billion in 2022, marking a 36% year-on-year increase. This shows the company’s turnovers increased exponentially in 2021 and 2022.
OCP attributed such positive performance to the increase in the selling prices of its products, including phosphate rock.
Morocco holds more than 70% of the world’s phosphate reserves, and OCP Group is in charge of exporting, mining, processing, and maximizing the North African country’s phosphate value.
In a statement released on February 28, the company said that it will continue its “investment efforts,” with expenditures reaching $466 million in the fourth quarter of 2022.
OCP is also committed to boosting Africa’s food security through its sustainable initiatives seeking to help farmers and countries boost their production.
In October 2022, the Moroccan company allocated four million tonnes of fertilizers as part of its commitment to improving Africa’s food security. According to OCP, the fertilizer supply program aims to increase yields for 44 million farmers in 35 African countries, including Morocco.
Read Also: Morocco’s OCP Turnover Reaches $11.28 Billion in 2022
