OCP: Revenue of 20 billion dirhams in the first quarter of 2026
African phosphates giant and a cornerstone of the Moroccan industry, the Office Chérifien des Phosphates (OCP) has seen a significant decline in its revenues during the first quarter of the year, attributed to tensions in the global fertilizer market.
In the first quarter of 2026, the OCP group reported revenues of 20.1 billion dirhams, a reduction from 21.6 billion dirhams in the same period last year. This shift occurs against a backdrop of ongoing tensions in the global fertilizer market and rising input costs.
This decline reflects both the depreciation of the US dollar and a decrease in the volumes of phosphoric acid and fertilizers. However, OCP emphasizes that part of this decline was offset by an increase in selling prices for these products.
The gross margin stood at 11.97 billion dirhams, compared to 14.9 billion dirhams a year earlier, representing a margin rate of 60% compared to 69% in 2025. EBITDA reached 5.66 billion dirhams, yielding a margin of 28%.
In this context, OCP made headlines by raising $1.5 billion through an international hybrid bond issue, a first for an African corporation. This operation illustrates market confidence in its integrated model and strengthens its financing capacity.
Simultaneously, investment expenditures amounted to 10.14 billion dirhams, reflecting an acceleration in strategic projects related to industrial, water, and energy infrastructures.
OCP: Outlook and Adaptation
The quarter was characterized by a prolonged absence of phosphate exports from China, decreased volumes from the Middle East, and logistical disruptions due to weather conditions. Demand displayed contrasting trends: stable in Brazil, slowing in India and Europe, constrained in Africa, while the domestic slowdown in the United States prompted producers to increase exports.
In the input market, prices for sulfur and ammonia have surged. OCP indicated it has secured sulfur stocks ahead of the price spike, ensuring coverage until the end of July 2026, and continues to optimize its product mix towards TSP, which consumes less sulfur.
The group anticipates ongoing tensions in the global fertilizer supply, driven by Chinese restrictions, geopolitical uncertainties in the Middle East, and limited sulfur availability. To reduce its dependence, OCP is developing pyrite and pyrrhotite recovery projects, with commissioning expected in early 2027.
By advancing part of its maintenance program to the second quarter, the group is adjusting its production while consolidating its path toward sustainable growth.
