Rabat, Morocco (TMT)- Morocco’s Office Chérifien des Phosphate Group (OCP), the world’s leading producer and exporter of phosphates in all forms and an essential player on the fertilizers market, said this week in a communiqué that the company’s 2015 full year revenues stood at MAD 47,747 million (US$ 4.9 billion).
The figure represent a slight increase compared to the 2015 figure that stood at MAD 41,436 million (US$ 4.9 billion) in 2014.
Commenting on the results, Mostafa Terrab, Chairman and Chief Executive Officer of OCP said, “we achieved industry leading margins in the full year 2015, reflecting the successful execution of our business strategy and OCP’s leadership position in the global phosphate industry. As anticipated, full year revenues were broadly stable year-over-year, and higher in local currency terms. Our EBITDA increased versus the prior year and our EBITDA margin expanded to 37%. These positive results were supported by OCP’s scale advantages, commercial flexibility and cost reduction efforts, which have resulted in significant operating leverage and improved profitability.”
Terrab went on further to stress that “our ability to deliver improved fourth quarter margins in a difficult industry environment reflects targeted investments over recent years to enhance our production optimization and achieve further cost efficiencies. In the quarter, our EBITDA margin expanded to 35% from 27% during the same period last year as we benefited from transportation and energy cost savings following the ramp up of the slurry pipeline, and realized competitive raw material sourcing. These same factors also drove higher year-over-year EBITDA in the quarter. In addition, our investment program is increasing our industrial flexibility, which enables us to quickly adapt our product mix to optimize capacity and margins.”
“Backed by almost a century’s production history, OCP has enduring competitive advantages which enable us to navigate near-term market headwinds, while capturing strong, long-term fundamentals for the global phosphate industry,” Terrab closed.
The Moroccan Times.