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Morocco's OCP Group reported a 49% drop in 2023 profit to 14.29 billion dirhams, driven by a 20% fall in revenue from lower phosphate selling prices compared with the exceptional 2022 levels. Lower Chinese phosphate exports were partly offset by stronger demand in the US, Brazil and India.
The earnings decline reflects the retreat of phosphate prices from 2022 highs, which supports lower fertilizer costs for farmers, though it is a backward-looking financial result with limited new price impact.
millingmea.comEditor MillingApr 2, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
