The Moroccan OCP Group’s turnover reached more than 18.28 billion dirhams in the first quarter of this year, compared with 25.328 billion in the same period of 2022.
"In the first quarter of 2023, turnover stood at 18.281 billion dirhams, mainly due to lower sales prices and volumes in all segments," the world major player in the fertilizer industry said in a statement on its financial results.
The first quarter of the previous year, in 2022, had seen an exceptional rise in prices, resulting in a year-on-year downward comparison at the end of the first quarter of 2023.
However, compared with the same period in 2021, sales recorded an increase of 28%, the statement noted.
According to the same source, global phosphate fertilizer prices continued to decline in the first quarter of 2023, mainly due to significantly lower prices for raw materials such as sulfur and ammonia, as well as lower demand in most importing markets, with the exception of Brazil and India.
Despite greater accessibility due to lower fertilizer prices, the statement pointed out, several markets preferred to defer their purchases in the hope of benefiting from further price reductions.