The OCP Group, a fertilizer producer in Morocco, sold more to Brazil in the first quarter of this year. The information is part of a report released by the company with financial results for the period, which reports a 20% increase in the company’s revenues as a whole in the first months of this year in relation to the same period last year. OCP had revenues of 12.5 billion Moroccan dirhams in the first quarter of this year, equivalent to US $ 2.8 billion, according to the company, against 10.4 billion dirhams (US $ 1.13 billion) from January to March The news was published by Maghreb Arabe Press (MAP), Morocco’s official news agency. According to the OCP Group, the market conditions of the period were in line with the company’s expectations, with prices above the first quarter of 2018, but below the end of last year, linked to high inventories and lower raw material prices. “India’s demand has remained stronger than expected, despite high inventory levels; European demand rebounded from last year’s low, and there was a modest rise in imports from Brazil, “OCP said in its report. The Moroccan company reported that adverse weather conditions in North America affected the planting period in the region and so stocks in the region remained high. The company reports that its revenue growth was broadly based on a combination of higher volume marketed and better product prices compared to the beginning of last year, despite the drop in the period directly preceding. The Ebitda of the OCP Group stood at 4.3 billion dirhams ($ 456 million) in the first quarter of this year compared to 2.5 billion dirhams ($ 273 million) in the same period of 2018. The increase was 72%. The company’s operating profit reached 2.5 million dirhams (US $ 265 million) from January to March this year, more than double the $ 1.15 billion dirhams (US $ 126 million) achieved in the first three months of last year.
Source: Global Fert