RABAT, Sept 18 (Reuters) – Morocco’s Office Cherifien de Phosphate (OCP), the world’s largest phosphate exporter, posted a 66 percent jump in net profit for the first half on Friday, helped by the impact of a strong U.S. dollar.
The jump in net profit, to 3.99 billion Moroccan dirham ($416.5 million), was also due to increased output, the company said.
State-run OCP, a major earner of foreign currency for Morocco, has been raising output in recent years to help offset a slide in prices.
Its performance for the six months marked an improvement on last year when full-year profit fell 11.7 percent.
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The company aims to raise output to 47 million tonnes of crude phosphate rock in 2017, from around 30 million tonnes in the last few years. It said fertiliser production will hit 10 million tonnes in 2017.
Consolidated total revenues rose to 23.9 billion dirhams in the first half, from 19.3 billion a year earlier. Total assets rose 8 percent to 139 billion dirhams.
OCP raised $1 billion via an international bond earlier this year, following on the heels of its debut international bond last year, which raised $1.55 billion to finance investment including a series of acquisitions.
OCP also reached an agreement last year to buy U.S.-based Bunge’s 50 percent stake in their Moroccan fertiliser joint venture Bunge Maroc Phosphore S.A. for an undisclosed amount.
It has also signed an agreement to buy a 10 percent stake in Brazil-based company Fertilizantes Heringer S.A for 145 million Brazil real ($38 million). ($1 = 9.5790 Moroccan dirham)
