OCP Group revenue falls 7% in first half of 2026
OCP Group's revenue fell 7% to 48.372 billion dirhams in the first half of 2026 amid a tense global phosphate market, with quarterly investment spending down 36%.
OCP Group, the world's largest producer and exporter of phosphate and its derivatives, posted a 7% drop in revenue in the first half of 2026, to 48.372 billion dirhams from 52.166 billion dirhams in the same period of 2025. The decline comes amid a global phosphate market the group describes as "particularly tense," shaped by geopolitical tensions and logistical disruptions affecting global commodity flows.
Second-quarter figures and investment spending
In the second quarter of 2026 alone, the group's revenue stood at 28.280 billion dirhams, compared with 30.572 billion dirhams in the second quarter of 2025. On the investment side, second-quarter capital expenditure fell 36% to 5.924 billion dirhams from 9.228 billion dirhams a year earlier, while total first-half capex rose 6% to 16.067 billion dirhams from 15.162 billion dirhams, a gap the group attributes to a concentration of this year's investments in strategic projects during the first quarter, including industrial and water infrastructure and renewable energy projects.
| Indicator | 2025 | 2026 | Change |
|---|---|---|---|
| Revenue (H1) | MAD 52.166bn | MAD 48.372bn | -7% |
| Revenue (Q2) | MAD 30.572bn | MAD 28.280bn | -7.5% |
| Capex (H1) | MAD 15.162bn | MAD 16.067bn | +6% |
| Capex (Q2) | MAD 9.228bn | MAD 5.924bn | -36% |
The group said it had adjusted its raw material sourcing, product mix and production levels based on market conditions in order to preserve its ability to meet client needs, a performance it attributes to "the resilience of its integrated model."
Why it matters
OCP Group remains one of Morocco's largest employers and one of the kingdom's main sources of export revenue and foreign currency, making any decline in its revenue a closely watched indicator for economic policymakers. Continued pressure on the global phosphate market, combined with slower investment in the second quarter, could affect the timeline of some of the group's industrial projects if the trend persists in the second half of the year.