Rabat – Morocco’s OCP Group generated MAD 48.37 billion ($5.18 billion) in revenue during the first half of 2026, according to the group’s latest financial results.
The figure represents a decline from the MAD 52.17 billion ($5.58 billion) recorded during the same period in 2025. OCP attributed the change to a challenging market environment marked by geopolitical tensions and disruptions to global raw-material flows.
Despite the decline, OCP described the performance as evidence of the resilience of its integrated business model and the flexibility of its industrial platform.
Revenue in the second quarter stood at MAD 28.28 billion ($3.03 billion), compared with MAD 30.57 billion ($3.27 billion) in Q2 2025.
The group responded to the difficult market environment by adjusting its supply of production inputs, product mix, and production levels according to changing market conditions. The adjustments aimed to maintain its ability to meet customer demand while responding to changes in global markets.
Investment spending remains high
OCP’s capital expenditure also changed significantly during the first half of the year.
Investment spending reached MAD 5.92 billion ($634 million) in the second quarter, down 36% from MAD 9.23 billion ($988 million) a year earlier.
However, spending for the first six months of 2026 increased 6% to MAD 16.07 billion ($1.72 billion), compared with MAD 15.16 billion ($1.62 billion) during the same period in 2025.
OCP said the increase mainly reflected the concentration of payments in the first quarter for strategic industrial and water infrastructure projects, as well as renewable energy projects.
The company expects investment spending to moderate during the rest of 2026, in line with its previously announced guidance.
The results come as OCP continues to expand its international fertilizer operations and strengthen its position in major agricultural markets.
OCP returns to the US fertilizer market
One of the group’s most significant recent developments has been its return to the US market.
US President Donald Trump declared in June an emergency over fertilizer supplies and authorized the temporary suspension of certain duties on phosphate fertilizers imported from Morocco. The measure covers countervailing and anti-dumping duties for up to eight months, or until the emergency ends.
The White House said the decision was needed because US phosphate fertilizer production was insufficient to meet domestic agricultural demand, while global supply chains had been disrupted by conflicts and trade restrictions. It specifically identified Morocco as a source capable of supplying the US market without disruption.
The policy change quickly opened the way for OCP to resume shipments. On August 17, a vessel carrying around 54,000 metric tons of Moroccan Triple Super Phosphate fertilizer arrived at the Port of New Orleans. The shipment was OCP’s first major return to the US fertilizer market after years of restricted access.
OCP is now also planning a deeper presence in the US. Its North American subsidiary and US farmer-owned cooperative CHS announced a proposed joint venture to build a phosphate fertilizer plant in Louisiana, with investment of up to $450 million (MAD 4.2 billion). If approved, the facility would be the first US phosphate fertilizer plant of its kind built since 1984.
The proposed plant is part of a broader effort to strengthen US fertilizer supply while giving OCP a production base closer to American farmers.
The group has also expanded its partnerships elsewhere. In July, OCP Nutricrops signed an agreement with US-based Koch Ag & Energy Solutions to create a 50/50 joint venture at the Jorf Lasfar fertilizer complex. The facility involved has annual production capacity of up to 1.2 million metric tons of phosphate-based fertilizers.
With its global expansion continuing despite market pressures, OCP’s latest results show a company balancing weaker revenues with continued investment and a growing role in efforts to secure fertilizer supplies in the US and other agricultural markets.
