Morocco’s fertilizer giant OCP Group is strengthening its position as well as its financial growth, with revenues reaching MAD 69 billion($6.8 billion) as of September.

The robust performance reflects a remarkable increase compared to the same period last year, which recorded MAD 61 billion ($6 billion).

“The OCP Group has delivered strong financial and operational performance since the beginning of the year, with double-digit growth in its key financial indicators,” the group said in a report, attributing the growth to favorable market conditions.

OCP said phosphate fertilizer prices continued to increase due to persistent supply constraints from China.

The conditions were also marked by strong demand in key markets, particularly in Europe and Africa.

OCP also noted a significant improvement in demand from Brazil in the third quarter.

“OCP continues to meet the growing demand for specialized products, such as Triple Superphosphate, delivering large volumes on time,” the report noted.

The new performance is also attributed to higher volumes, solid and strong performance. 

Substantial increase in phosphoric acid revenue is driven by higher demand in Europe and India.

OCP reported a cost leadership that resulted in a solid earnings before interest, taxes, depreciation, and amortization (EBITDA) margin of 39% in 2024. The number is above the industry average, the report said, adding that the group continues its sustainable growth strategy by expanding its production capacity to support global and food security.

Read also: OCP Signs New Agreement to Boost Decarbonization in Morocco

The report also highlighted the key partnerships that the group signed with global partners, including an agreement signed with ENGIE to accelerate the group’s energy transition and actively contributing to that of Morocco.

One of the key highlights was also a €200 million loan from the European Bank for Reconstruction and Development (EBRD) to help OCP to strengthen  water security through the development of new desalination facilities in Morocco.

 The loan seeks to finance the construction of two seawater desalination plants, located at OCP’s major industrial complexes in El Jadida and Safi.

The facilities will support the production of fertilizers essential to global food security, enabling OCP to meet the growing demand for sustainable agricultural solutions.

The report also recalled the €100 million loan from IFC to increase sustainable water supply for fertilizer production as well as for farmers and households in Morocco.

The loan will support the construction of a 219-kilometer pipeline and a pumping station to transport desalinated water from OCP’s existing and planned desalination plants at Jorf Lasfar to the Group’s production sites in Khouribga.

The group has been reinforcing its position through initiatives aimed at  contributing to food security worldwide, particularly in Africa.

It has long promoted the use of fertilizers to contribute to the continent’s yields and soil health, encouraging farmers to use cutting edge technology to tackle food insecurity.