Morocco’s OCP says its profit grew by 19 percent in 2018

Moroccan phosphate exporter OCP announced that its 2018 full-year profit grew by 19 percent to 5.4 billion dirhams, reports British news agency Reuters.

The company said in its preliminary annual results, Wednesday, that its revenue moved by 15 percent, reaching 55.9 billion dirhams, due to «steady demand and higher prices in international markets», the same source added.

OCP revealed that its earnings accounted for 30.5 percent in 2018, 26.2 percent more than what was registered in 2017. «In the first half of 2018, the cost of debt rose to 805 million dirhams, from 236 million dirhams in the same period a year ago», Reuters said, adding that the company’s net dept is at 45 billion dirhams.

For the record, OCP Group announced, earlier in March, that it is planning to build an ammonia plant in Nigeria. OCP revealed that it will be building blending facilities in Nigeria, Ivory Coast, Ethiopia and Ghana.