Live prices for Morocco's industrial and materials sector on the Bourse de Casablanca. OCP Group dominates, but the sector also includes cement, chemicals, and manufacturing companies.
OCP Group (Office Chérifien des Phosphates) is Morocco's state-controlled phosphate mining and fertilizer company and one of the most strategically important companies in Africa. Morocco holds approximately 70% of the world's known phosphate rock reserves — an irreplaceable resource in global food production since phosphate is a primary component of agricultural fertilizers.
OCP is vertically integrated: it mines phosphate rock in the Khouribga, Gantour, and Bou Craa deposits, processes it into phosphoric acid and diammonium phosphate (DAP), and sells finished fertilizers to markets across Africa, Asia, and the Americas. OCP listed on the Bourse de Casablanca in 2024, immediately becoming one of the largest stocks in the MASI by market capitalisation.
OCP's financial performance is highly sensitive to global phosphate and fertilizer prices. These prices are driven by global agricultural demand, natural gas prices (used in fertilizer production), crop prices, and competing supply from other producers including Russia, China, and the United States. The 2021–2022 commodity supercycle saw phosphate prices triple, generating record profits for OCP. Prices have since normalised, but OCP's scale and low production costs give it a structural advantage.
Beyond phosphates, Morocco's industrial sector on the BVC includes significant cement producers. LafargeHolcim Maroc (LHM) is the largest cement company in Morocco, a subsidiary of the global LafargeHolcim group. Ciments du Maroc (CMA), a subsidiary of Votorantim Cimentos, is the second largest. Both benefit from Morocco's ongoing infrastructure investment — the 2030 World Cup preparation, the Al Boraq high-speed rail expansion, and social housing programmes drive sustained cement demand.