Morocco’s OCP Group recorded revenues of 48.372 billion dirhams (MDH) in the first half of 2026, compared with 52.166 billion dirhams in the same period of 2025, according to a statement issued by the group on Tuesday.
OCP said the slight decline highlights the resilience of its integrated model and the flexibility of its industrial platform.
The group recorded revenues of 28.280 billion dirhams in the second quarter of this year, compared with 30.572 billion dirhams during the same period in 2025.
OCP noted that this performance was achieved in a highly challenging market environment, marked by strong geopolitical tensions and logistical disruptions affecting global flows of raw materials.
Against this backdrop, the group said it actively managed its feedstock supplies, product mix and production volumes in response to market dynamics, in order to maintain its ability to best meet its customers’ needs.
The group’s capital expenditure stood at 5.924 billion dirhams in the second quarter of 2026, down 36% from 9.228 billion dirhams in the second quarter of 2025.
The group said the slowdown in the pace of spending confirms the normalization trajectory it announced at the end of the first quarter.
Capital expenditure during the first half of 2026, however, reached 16.067 billion dirhams, up from 15.162 billion dirhams during the same period in 2025.
As previously announced, the slight 6% increase was mainly due to the accumulation during the first quarter of payments related to strategic industrial and water infrastructure projects, as well as renewable energy projects.
The decline recorded in the second quarter reflects the expected shift in the spending profile. The group said it continues to expect capital expenditure to moderate over the remaining months of the fiscal year, in line with the guidance communicated for 2026.
For additional context, OCP is the world’s largest producer of phosphate and phosphate-based fertilizers, while Morocco holds the largest share of the world’s proven phosphate reserves.
The group’s semi-annual performance is often viewed as a barometer of the performance of Morocco’s exports and global fertilizer demand, as the sector is closely linked to agricultural cycles and can be affected by geopolitical developments that disrupt global trade routes.
