{"id":58397,"date":"2022-09-25T12:01:50","date_gmt":"2022-09-25T12:01:50","guid":{"rendered":"https:\/\/www.africannewspaper.net\/2022\/09\/25\/moroccos-ocp-posts-72-rise-in-first-half-revenue-the-north-africa-post\/"},"modified":"2022-09-25T12:02:03","modified_gmt":"2022-09-25T12:02:03","slug":"moroccos-ocp-posts-72-rise-in-first-half-revenue-the-north-africa-post","status":"publish","type":"post","link":"https:\/\/www.africannewspaper.net\/2022\/09\/25\/moroccos-ocp-posts-72-rise-in-first-half-revenue-the-north-africa-post\/","title":{"rendered":"Morocco\u2019s OCP posts 72% rise in first half revenue \u2013 The North Africa Post"},"content":{"rendered":"\n
Morocco\u2019s phosphates and fertilizers producer OCP said its revenue in the first six months rose 72% to a record 56 billion dirhams at a context of higher demand and higher prices in the international market.<\/p>\n
Fertilizers prices rose in the first half of this year due to supply disruption resulting from the war in Ukraine and the decrease in China\u2019s exports, OCP said in a statement.<\/p>\n
Morocco\u2019s trade balance continues to benefit from higher prices of phosphates and derivatives with sales up 81% to 68.7 billion dirhams by July, the foreign exchange office said.<\/p>\n
Morocco, which has the world\u2019s largest phosphates reserves, has positioned itself as a major fertilizer producer expanding its market share in the wake of the export restrictions imposed by other major producers such as Russia.<\/p>\n
In these challenging supply conditions, Morocco\u2019s OCP has offered African countries 550,000 tons of fertilizers, of which 180,000 tons took the form of a donation and 370,000 to be sold at discounted prices.<\/p>\n
Prior to this fertilizers relief program by the OCP, which will amount to 16% of Africa\u2019s fertilizers needs this year, Morocco made sure to dedicate 20% of its fertilizers exports to Africa although it could have shifted such quantities to Brazil or Asia where customers are willing to pay a higher price.<\/p>\n
OCP is also investing to increase the production capacity of key African countries in order to reduce their dependence upon imports. OCP is investing $8 billion to build huge factories that will supply local as well as regional markets in Nigeria and Ethiopia, with particular focus on Nigeria and Ethiopia.<\/p>\n<\/div>\n