OCP is one of Morocco's most important companies and one an investor cannot buy shares in. This is a research profile of the state-owned phosphate group: what it is, why it is not listed, its FY2025 results, the big green-investment build-out, and the narrow ways an investor can actually get exposure.
The one thing to know first: OCP is not listed on the Casablanca exchange and has no share price. It is about 94% state-owned, and only its bonds trade. This page is a company profile, not a stock quote, and it exists partly to correct the common assumption that OCP is a buyable equity.
OCP Group is Morocco's phosphate champion: a state-owned miner of phosphate rock and maker of phosphoric acid and fertilizers, sitting on well over half the world's phosphate-rock reserves and holding roughly a third of the global phosphate-product market. For FY2025 it reported record revenue of about 113.9 billion MAD (up roughly 17.5%) and EBITDA of about 43.2 billion MAD at a 38% margin, though net income fell about 13% to roughly 17.6 billion MAD as its tax charge rose sharply.
Analysis basis: as of 24 July 2026. OCP is not listed, so there is no live equity price. Sources: OCP financial reports and Moroccan financial media reporting the FY2025 results. Reserve and market-share percentages are approximate. Figures are reported values, not forecasts.
Résumé (FR) : OCP Group, le champion marocain du phosphate, n'est pas coté à la Bourse de Casablanca : détenu à environ 94% par l'État et environ 6% par la Banque Centrale Populaire, seules ses obligations sont négociables. Pour l'exercice 2025, le chiffre d'affaires atteint un record d'environ 113,9 milliards de dirhams (+17,5%) et l'EBITDA environ 43,2 milliards (marge 38%), mais le résultat net recule d'environ 13% à environ 17,6 milliards, la charge d'impôt ayant fortement augmenté.
OCP Group, the former Office Cherifien des Phosphates, is a state-owned company that mines phosphate rock and turns it into phosphoric acid and phosphate-based fertilizers such as DAP and MAP. Its scale in its field is unusual: it controls well over half of the world's known phosphate-rock reserves, a resource concentrated in Morocco, and it holds roughly a third of the global market in phosphate products, which makes it the world's largest exporter of phosphate and fertilizers. The reserve and market-share percentages that circulate (often quoted around 70% of reserves and 31% of the product market) rest on industry and geological survey summaries and are best treated as approximate rather than precise.
The point that most affects an investor is the ownership. OCP is about 94% owned by the Moroccan State and about 6% by Banque Centrale Populaire, a structure that dates to a 2009 arrangement. It is not listed on the Bourse de Casablanca, and its shares do not trade, so there is no OCP share price to quote. The only OCP instruments that trade are its bonds, issued in the Moroccan and international debt markets. This page therefore has no live price card, which is deliberate: it is a company profile, and part of its purpose is to correct a common misunderstanding that OCP is a buyable stock.
Because there is no equity, the routes to exposure are narrow and worth stating plainly. The direct instrument is OCP bonds, issued in the domestic and international markets; a retail investor in Morocco typically holds these indirectly, through bond funds or OPCVM that may carry OCP paper, rather than buying the bonds outright. Banque Centrale Populaire, which owns about 6% of OCP and is itself listed, is only a very indirect proxy, and it is a bank whose value is driven by banking, not phosphate. Two names that are sometimes confused for OCP substitutes are not: Managem and CMT are metals miners, producing gold, base metals and, for CMT, zinc and lead, so they give no phosphate exposure at all. In short, an investor who wants phosphate exposure through the Casablanca market cannot get it cleanly; the honest answer is bonds or bond funds, not a share.
OCP published FY2025 results in early 2026, and they show a striking split between the top and bottom lines. Revenue reached a record of about 113.9 billion MAD, up roughly 17.5%, on the back of higher fertilizer prices and stronger export volumes, with demand recovering especially in India. EBITDA rose about 11% to roughly 43.2 billion MAD, a 38% margin. Yet net income fell about 13% to roughly 17.6 billion MAD. The reason is instructive: the drop was driven mainly by a sharp, roughly threefold rise in the income-tax charge, not by an operating problem. It is a clean example of why, for a commodity producer, the revenue and profit lines can move in opposite directions in the same year, and why reading below the headline matters. The interim path was consistent, with H1 2025 revenue of about 52.2 billion MAD and EBITDA of about 18.6 billion. The audited figures should always be read from OCP's own annual financial report.
OCP is in the middle of a very large capital program, a green-investment plan of roughly 13 billion US dollars over 2023 to 2027, which frames much of its strategy. The centerpiece is energy and feedstock self-sufficiency: a target of about 1 million tonnes a year of green ammonia by 2027, rising toward 3 million tonnes by 2032, to replace imported ammonia (a key fertilizer feedstock, and one of the cost lines that most affects margins); powering its industrial sites with about 5 gigawatts of clean energy by 2027; and a carbon-neutrality goal for 2040. Alongside this it plans to lift plant-nutrient capacity from about 15 million tonnes toward 20 million by 2027, and to build large desalination capacity for water self-sufficiency in an arid region. A partnership with Fortescue on green energy, hydrogen and ammonia in Morocco sits within this program. For a bondholder, this build-out is the central story, because it drives both the group's capital spending and its longer-term cost structure.
The core lever is phosphate and fertilizer prices: DAP and MAP fertilizer, phosphate rock and phosphoric acid set the revenue line, and FY2025's growth was attributed to continued high fertilizer prices and volumes. The main input costs are ammonia and sulphur, the feedstocks for phosphoric acid and fertilizer, which is exactly why the green-ammonia strategy is aimed at removing import dependence. Export volumes and global agricultural demand matter because OCP sells into India, Brazil and across Africa, so crop economics and food demand in those markets feed through. The dollar is relevant because these are globally priced commodities booked into a dirham-reporting company. And as FY2025 showed, fiscal and tax charges can swing the net result independently of the operating business.
The first risk is the commodity price cycle: earnings are geared to fertilizer and phosphate prices, and FY2025 showed that even a record-revenue year can see profit fall. The second, and the one specific to OCP, is geopolitical and legal risk around Western Sahara: OCP mines phosphate at Phosboucraa in the territory, whose status is disputed under international law, and some investment funds have divested from buyers of that phosphate, which can pressure those export flows. The third is input-cost and energy exposure, including reliance on imported ammonia and sulphur and the execution and capital-intensity risk of the large renewables and desalination build-out. The fourth is environmental, given the water use and emissions of phosphate processing in an arid region, which the desalination and carbon-neutrality programs are meant to mitigate.
The question recurs because OCP is large, profitable and unlisted. As of mid-2026, there is no credible, announced IPO or privatization plan on record; OCP remains a State and BCP owned company, and searches of official disclosures and financial media surface no scheduled listing. The honest framing is that this is an absence of evidence rather than a promise: there is no announced plan, and any story of an imminent OCP listing should be treated as speculation until the company or the State says otherwise.
OCP is a case where the most useful thing a research page can do is set expectations correctly. It is a strategically important, world-scale phosphate producer, and it is not something an investor can buy as a stock. FY2025 is a good illustration of how to read it: record revenue, healthy EBITDA, but a lower net profit because of tax, all wrapped in a multi-year green build-out that will shape its costs. For someone seeking exposure, the realistic answer is bonds or bond funds, and the names often floated as proxies, Managem and CMT, are metals miners, not phosphate. None of this is a recommendation; it is how to understand a company that matters to Morocco but sits outside the equity market.
OCP is not listed, so this page carries no live equity price. Company facts and figures are drawn from OCP Group financial reports and Moroccan and international financial media reporting the FY2025 results (Morocco World News, Medias24, InfoMagazine), and from OCP's own sustainability and investment-program pages. The stat bar shows the MASI, the listed miner Managem, USD/MAD and gold for context, from Dalil's market feed. Reserve and market-share percentages are approximate and drawn from industry summaries.
OCP issues bonds supervised in the Moroccan market by the AMMC, and publishes annual and interim financial reports. Where a figure could not be confirmed from a reliable source it has been left out rather than estimated; how figures are validated is described in the methodology, and any revision is logged in the corrections log. Facts last reviewed 2026-07-24.