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Rabat – Morocco’s fertilizer giant OCP reported a revenue of MAD 20 billion (approximately $2.1 billion) in the first quarter of 2026, the group said in a press release on Tuesday.
The number shows a slight decrease compared to the same period last year, when the group recorded MAD 21.59 billion in revenues. The group explained that this change is related to the depreciation of the US dollar, as well as lower volumes of phosphoric acid and fertilizers.
The group’s gross profit reached MAD 11.9 billion, generating a robust margin of 60%.
The group said the number reflects its structural cost competitiveness despite the sharp rise in sulfur prices during the same quarter.
EBTDA, which stands for Earnings Before Interest, Taxes, Depreciation, and Amortization, amounted to 5.6 billion, with the group emphasizing a resilient margin of 28%.
This “illustrates the group’s ability to preserve profitability in a highly constrained market environment. During the same period last year, EBITDA was MAD 7,494 million dirhams,” the group said.
Capital expenditures reached MAD 10.14 billion in the first quarter, reflecting the group’s investments in industrial water and renewable-energy infrastructure.
The group celebrated OCP’s resilient performance in Q1, attributing this development to the robustness and flexibility of its industrial model.
“The group benefited from sulfur stocks secured before the recent price surge, ensuring coverage through the end of July 2026, while continuing to optimize its product mix toward increased TSP [tripe superphosphate] production, which consumes less sulfur per nutrient ton,” the group said.
OCP also acknowledged the impacts of the situation in the Middle East, as well as other factors that affect the sector.
The group expects the global fertilizer markets to remain supply-constrained, due to tensions in the Middle East as well as persistent Chinese export restrictions, in addition to limited sulfur availability.
“While rising may lead to some slowdown in demand, it should nevertheless remain supported by resilient agricultural fundamentals and still-firm crop prices, while supply is expected to remain tight in major markets,” the group added.
