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OCP reports decreased EBITDA in 1Q20

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World Fertilizer,

OCP has reported results for the first quarter ended 31 March 2020 (1Q20).

The company's revenues were underpinned by strong export volumes and reached MAD12 270 million (US$1.27 billion), compared to MAD12 422 million (US$1.29 billion) in the same period last year (1Q19). Higher fertilizer exports to key markets were offset by lower product prices compared to 1Q19.

Gross profit was MAD7539 million (US$781 million), compared with MAD8372 million (US$872 million) in 1Q19, and gross profit margin was 61% down from 67% in 1Q19. This decrease is mainly due to lower fertilizer prices for the period, which were only partially mitigated by lower sulfur and ammonia prices.

EBITDA amounted to MAD3329 million (US$345 million), down from MAD4287 million (US$448 million) in 1Q19. EBITDA margin was 27%. EBITDA rose 48% from 4Q19 levels thanks to higher sales volumes and improved fertilizer prices.

CAPEX disbursements amounted to MAD2125 million (US$220 million), below the MAD 2448 million (US$256 million) disbursed in 1Q19 period.

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