OCP sees fall in revenue for 2023
Morocco’s state-owned OCP Group has said that its revenue in 2023 came to $9bn, down from $11.4bn the previous year, local media reported on Thursday.
According to the North Africa Post, the chemical giant attributed the fall in revenue to a decline in the selling prices of its products following the market disruptions of 2022.
OCP was quoted as saying that the decline in fertilizer prices was to some extent offset by a drop in Chinese phosphate exports and growing demand in the US, Brazil, and India.
The group’s profit reportedly stood at $138mn, down sharply from 2022 levels.
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It is alarming to see these developments in California. As a vineyard grower, I have faced significant challenges this year, with fertilizer costs rising sharply while market conditions have made it difficult to sell the harvest.
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