The North Africa Post
Morocco’s phosphates and fertilizers producer OCP posted a 4% increase in its revenues in 2020 to 56.2 billion dirhams as volumes offset a drop in prices.
The group said exports of phosphates-based fertilizers rose 12% following higher demand in India and Brazil.
‘’OCP achieved significant growth in 2020, one of the most challenging business periods in recent history,’’ said CEO of the group Mostafa Terrab.
“This performance demonstrates the strong worldwide demand for fertilizers as well as the flexibility and agility of our company. We appreciate the ways in which our people came together to keep OCP operational throughout the pandemic, and we believe the attributes we demonstrated in 2020 will continue to drive our success in the future,” he said.
‘’Higher fertilizer exports, coupled with lower raw material prices and cost savings, contributed to substantial operating leverage in 2020,’’ Terrab said.
The Group expects pricing conditions to remain favorable in 2021 as supply remains stable and raw material prices are on the rise.
Thanks to its competitive advantages, OCP is consolidating its presence in high growth markets and remains ideally positioned to benefit from future improved market conditions, OCP said in a statement.
POSTED BY NORTH AFRICA POST
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