OCP as a case study: an empirical validation test of the reform of the Moroccan state shareholder undertaken by ANGSPE

Abstract

Amid Morocco’s significant transformation of public economic management, marked by the transition from a "guardian state" to an "active shareholder state" and the establishment of the National Agency for the Management of State Holdings (ANGSPE), this article examines the performance engineering of the OCP Group, positioning the Group as both an operational benchmark and a practical laboratory for modernization within this evolving public management paradigm, offering valuable business insights for state-owned enterprises seeking strategic agility and value creation. Using a qualitative, inductive single-case study approach, the research employs a triangulation strategy that integrates documentary analysis, cross-referenced financial results (using IFRS standards), and semi-structured interviews. The findings highlight how OCP Group’s transformation into a SA and its adoption of IFRS standards have notably improved transparency, minimized information asymmetry, and significantly enhanced the Group’s ability to attract international investors. Despite a challenging macroeconomic environment in 2023, OCP Group delivered strong business performance in 2025, with revenue rising by 17.5% and EBITDA increasing by 10.6%. This performance underscores the business value of adopting the new IFRS 10 standard for consolidation of Jacobs Engineering SA (JESA), which directly facilitated the Group’s successful $1.75 billion bond issuance in 2025, expanding its access to global capital markets. In conclusion, this article presents a strategic roadmap for replicating OCP’s holding company model across Morocco’s broader public portfolio, with the objective of optimizing and enhancing the competitiveness of state-owned enterprises in the global marketplace

Classification JEL : G38, L32, M41.

Paper type: Empirical Research/Case study