Also according to the Office, fertilizer prices have gradually increased during the first half of 2022, reflecting tight supply conditions following shortages fueled by the conflict between Ukraine and Russia and the reduction in exports from China. . Fertilizers were less accessible to farmers due to soaring prices, which affected demand in Europe and the United States, which were heavily affected by unfavorable weather conditions.
For La Roche, earnings were up 63% year-on-year, mainly reflecting year-on-year pricing improvement amid falling export volumes to most major importing regions.
The increase in selling prices led to a 24% increase in sales of phosphoric acid compared to a year earlier. This price rebound was largely offset by falling acid export volumes to Asia, due to the postponement of phosphoric acid imports to the second quarter.
For its part, fertilizer sales in the first half increased by 69%, which speaks volumes about the price increase, which mitigated the impact of lower export volumes.
Also, the OCP informs that cash and cash equivalents amounted to 19.83 billion dirhams at the end of last June, specifying that the net financial debt reached 45.23 billion dirhams, with a leverage ratio of 0.87x which compares to 1.24x, posted at the December 2021 maturity.