Reuters
Morocco’s Office Cherifien de Phosphate (OCP) posted a drop in first-half profit as prices of the fertiliser ingredient fell, the world’s top exporter said on Monday.
Prices of phosphate rock fell to around $110 per tonne in 2014 from $145 per tonne in 2013 and $185 in 2012.
State-run OCP posted a 17.8 percent fall in first-half profit to 3.02 billion dirhams ($352.23 million).
OCP’s sales declined to 23.11 billion dirhams from 24.5 billion in the first half of 2013 although the company continued to boost its output with an aim to reach 47 million tonnes in 2017 in crude phosphate rock from the current 34 million tonnes.
Earlier this year, OCP, which controls a third of the international market for phosphate, raised $1.55 billion in its debut international bond sale to finance investments, such as building new plants and increasing the output of phosphate rock, set to reach $17 billion by 2020.
OCP has exclusive access to the largest global reserves of phosphates. The company makes and exports phosphate rock, phosphoric acid and fertilizers.
($1 = 8.5609 Moroccan Dirhams)
(Reporting By Aziz El Yaakoubi, editing by Louise Heavens)
