OCP Group increased investment and maintained strong operating margins in the first half of 2026, as adjustments to procurement, production, and its fertilizer portfolio helped it manage rising raw material costs and weaker demand. The Moroccan group reported capital expenditure of MAD 16.07 billion, up approximately 6% from the same period last year, according to a company statement.
Chairman and CEO Mostafa Terrab highlighted the group’s profitability amid increasingly difficult market conditions. OCP recorded an earnings before interest, taxes, depreciation and amortization (EBITDA) margin of 28% over the first six months and 27% in the second quarter, which he attributed to the group’s operational strengths and strategic decisions.
That resilience came despite a decline in revenue to MAD 48.37 billion from MAD 52.17 billion in the first half of 2025. EBITDA fell to MAD 13.31 billion from MAD 18.61 billion, while gross profit decreased to MAD 26.37 billion from MAD 33.35 billion. OCP said lower sales volumes reflected affordability pressures affecting fertilizer demand in several key markets.
To contain the impact of higher input costs, the group secured sulfur inventories before prices rose sharply. It also moved part of its scheduled maintenance to the beginning of the second quarter, bringing forward work originally planned for the second half of the year to preserve operational flexibility during the remaining months.
OCP also expanded production and sales of triple superphosphate, or TSP, a phosphate-rich fertilizer that uses substantially less sulfur and requires no ammonia. The shift helped the group reduce its exposure to rising input costs while offering farmers a more affordable fertilizer option with significant agronomic benefits, according to the statement.
The group said its cost competitiveness and flexible industrial model supported its ability to serve a diverse global customer base. Those strengths helped it navigate a market affected by sharply higher sulfur prices, increased ammonia costs and weaker fertilizer demand, driven primarily by farmers’ reduced purchasing power.
Investment nevertheless continued to rise, with first-half capital expenditure exceeding the MAD 15.16 billion recorded a year earlier. Alongside its procurement measures and increased emphasis on TSP, the higher spending showed OCP sustaining investment through a challenging period for the fertilizer market.
