RABAT – Moroccan fertiliser company Office Cherifien de Phosphate (OCP), the world's leading phosphate exporter, reported 2015 net profit up 57.8% year-on-year to 8.01 billion dirhams ($825.8-million) on Tuesday, attributing the rise to higher output.
State-run OCP, a major earner of foreign currency for Morocco, has been increasing production in recent years to help to offset a slide in prices.
Prices of phosphate rock, an essential ingredient for producing fertiliser, remained around $115/t last year, against about $185 in 2012.
The company aims to raise output to 47-million tonnes of crude phosphate rock in 2017, from about 34-million tonnes in 2014. It is also targeting an increase in fertiliser production to 12 million tonnes by 2017 to become the world's leading producer.
Consolidated revenue rose to 47.74 billion dirhams flast year, from 41.43 billion dirhams in 2014, company data showed.
OCP has begun production at a new fertiliser plant dedicated to the African market and launched an 18 billion dirham investment plan in Western Sahara last month.