Morocco’s state-owned phosphate company OCP has reported $1.78 billion in first quarter of 2023 against $2.6 billion earned in the same period last year. Despite improved affordability and the declining price environment, several markets were prone to delay their purchases in hope of further price drops. OCP’s first quarter EBITDA amounted to $455 million, compared with $1.23 billion in the year-ago same period, resulting in an EBITDA margin of 26%. Capital expenditures were $548 million in the first quarter of 2023 compared with $315 million disbursed in the similar 2022 period. These positive elements should be able to mitigate the impact of lower volumes in the first quarter, and together with lower raw material costs are expected to benefit margins.

Source: The North Africa Journal May 30, 2023 23:31 UTC