Rabat – OCP Group, Morocco’s state-owned phosphate and fertilizer giant, delivered a solid financial performance in the first half of 2025, supported by surging export volumes, rising demand in key markets, and a push into customized fertilizer solutions.
Revenues and profitability gain momentum
The Group reported revenues of MAD 52.17 billion ($ 5.45 billion) for the first six months of 2025, a 21% increase from MAD 43.25 billion ($ 4.32 billion) in the same period last year. Gross profit climbed to MAD 33.35 billion ($ 3.48 billion), compared to MAD 28.13 billion ($ 2.81 billion) in 2024.
EBITDA rose to MAD 18.61 billion ($ 1.94 billion), up from MAD 16.32 billion ($ 1.63 billion) a year earlier, with a margin of 36% – showing OCP’s ability to balance higher input costs, notably sulfur, with efficiency gains and industrial flexibility.
Capital expenditures fell to MAD 15.16 billion ($ 1.58 billion), reflecting a shift toward targeted spending, down from MAD 19.75 billion ($ 1.97 billion) in the prior-year period.
Second quarter surge
In the second quarter alone, revenues reached MAD 30.57 billion ($ 3.27 billion), up sharply from MAD 23.66 billion ($ 2.36 billion) in Q2 2024. Gross profit increased to MAD 18.76 billion ($ 2.01 billion), while EBITDA stood at MAD 11.12 billion ($ 1.19 billion), compared with MAD 8.62 billion ($ 860 million) a year earlier.
Chairman and CEO Mostafa Terrab said the performance reflected the Group’s ability to adjust quickly to changing global dynamics. “This was another period of substantial growth for OCP. Volumes of customized products, including Triple Superphosphate (TSP), increased by 69% in the first half, allowing us to meet incremental demand in key regions,” he noted.
Market trends boost volumes
The fertilizer market remained tight in the first half of 2025, with demand outpacing flat global supply. Brazil ramped up imports of low-phosphate fertilizers, while India emerged as the largest buyer of TSP, benefiting OCP’s export strategy.
Demand also strengthened in Europe, Argentina, Africa, Bangladesh, and Indonesia, though US imports fell due to restrictive government policies.
Fertilizer revenues rose 16% in local currency year-on-year, while phosphate rock revenues surged 125%, fueled by exports to India and Europe. Phosphoric acid sales, however, declined 14% over the same period.
Specialty segment expands footprint
The Strategic Business Unit Specialty Products & Solutions (SPS), created in 2022, delivered strong growth, generating MAD 3.767 million ($ 393 million) in export revenues in the first half of 2025. The unit, which focuses on specialty acids, water-soluble fertilizers, and animal feed phosphates, benefited from rising volumes across all segments.
OCP expanded its European footprint in February by raising its stake in Spain’s GlobalFeed S.L. to 75%, strengthening its portfolio in animal-nutrition products.
Green financing and global investor confidence
OCP continued to secure major financing to back its $13 billion green investment program. In April 2025, the Group raised $1.75 billion in an international bond issuance, split across five- and ten-year tranches.
Oversubscribed more than four times, the issuance marked OCP’s largest order book to date, reflecting investor confidence in its long-term growth strategy.
Additional financing agreements included a €365 million green loan with Italy’s export credit agency SACE and a €350 million deal with France’s AFD. Funds will be directed toward clean energy, water management, and green ammonia production.
Expansion projects and water strategy
At the Jorf Lasfar Chemical Complex, OCP commissioned the first production line of its TSP Hub in July 2025, with a second due in March 2026. A new phosphoric acid treatment unit using co-crystallization technology also came online earlier this year.
The Group advanced its flagship Mzinda Meskala program, with work progressing at the Louta and Benguerir mines and construction underway on phosphoric and sulfuric units.
On the sustainability front, OCP reached a key milestone with the completion of a desalinated water pipeline linking Jorf Lasfar to Khouribga, while expanding desalination capacity by 50 million cubic meters annually. The achievement supports its goal of achieving full reliance on non-conventional water resources by 2025.
As of June 30, 2025, OCP held cash and equivalents of MAD 23.25 billion ($ 2.58 billion). Net financial debt stood at MAD 101.22 billion ($ 11.22 billion), with a Net Debt-to-EBITDA ratio of 2.45x, down from 2.53x at the end of 2024.
Outlook
Market fundamentals are expected to remain favorable in the second half of the year, with low inventories across importing countries and supportive weather conditions driving fertilizer demand.
Supply constraints, particularly from China, are likely to persist, strengthening OCP’s position as a global supplier.
With new production capacity available online and an expanding portfolio of customized solutions, the Group expects to sustain growth while pursuing its long-term strategy of innovation, efficiency, and carbon neutrality by 2040.
Market fundamentals are expected to remain favorable in the second year, with low inventories across importing countries and supportive weather conditions.
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