This performance is mainly due to the increase in exported volumes of fertilizer and rock compared to 2019, says OCP in a statement on its results at the end of December 2020.

By segment, the turnover of rock phosphate decreased by 2% in 2020, due to lower prices combined with a less favorable product mix, the same source reports, noting that the decline in prices was offset both by the increase in export volumes, mainly to Europe and Latin America, and by the closure of some production units in the world due to the impact of Covid-19.

Phosphoric acid turnover, meanwhile, were down 14% on 2019, impacted by both lower prices and volumes. Sales volumes were down mainly in Asia, particularly in India, where measures put in place to limit the spread of the pandemic have led to a decrease in local fertilizer production.

Phosphate fertilizers turnover increased by 12%, despite the fall in prices. This increase was mainly due to higher export volumes, driven by strong demand, particularly in India and Brazil.

The statement also notes that the group has been able to rely on the efficiency of its sourcing strategy, which has been further helped by the general decline in sulfur and ammonia prices in 2020. Sulfur prices were impacted by high inventory levels in China and increased production capacity, particularly in Russia, Saudi Arabia and Kuwait.

Ammonia prices followed the same downward trend due to the ramp-up of new production capacities in the United States, Russia and Indonesia.

"OCP achieved significant growth in 2020, a year marked by an unprecedented economic environment. This performance, supported by a strong increase in demand for phosphate fertilizers, testifies to the Group's flexibility and agility," saod Mostafa Terrab, chairman and CEO of OCP.