A brief note on Pakistan Fertilizer sales in March 2022

· As per NFDC, Mar’22 urea offtake for the industry clocked in at 509k MT, up 48.3%YoY but contracting 3.4%MoM on account of maintaining additional buffer for upcoming months in case of unforeseen circumstances.

· Company wise, FATIMA recorded sales of ~63k MT (+130%YoY/-4.3%MoM), followed by EFERT (~171k MT, +81%YoY/+0.5%MoM) and FFC (~168k MT, +16%YoY/-8.6%MoM) while sales of FFBL declined 15.2%YoY but increased by 12%MoM.… Continue

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Lotte Chemical Pakistan PAT up by 60% YoY

Lotte Chemical Pakistan Limited (LOTCHEM) announced its 1QCY22 financial result today where the company posted a profit after tax (PAT) of PKR 2,615mn (EPS: PKR 1.73), up by 60% YoY compared to PKR 1,639mn (EPS: PKR 1.08) during SPLY. On a QoQ basis, earnings were up by 85%.… Continue

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Rabel Sadozai becomes the first female Marketing Director of Fatima Fertilizer

Fatima Fertilizer is pleased to announce that Rabel Sadozai, a seasoned marketing professional, has been recently promoted to lead the Sales and Marketing function within the organization. Rabel has become the first-ever female within Pakistan’s agriculture and fertilizer sector to have claimed such a high ranking position.… Continue

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Fauji Fertilizer Bin Qasim Profitability jumps up by 28% YoY in 1QCY22

Fauji Fertilizer Bin Qasim Limited (FFBL) announced financial result for 1QCY22 today where the company posted earnings of PKR 1,627mn (EPS: PKR 1.26) against PKR 1,266mn (EPS: PKR 0.98) in 1QCY21, up by 28% YoY. On a sequential basis, the bottom-line climbed up by a massive 7x QoQ owed to absence of allowance for expected credit losses related to FML.… Continue

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Engro Corporation announced an interim cash dividend of PKR 12/- per share for the first quarter

Pakistan’s premier conglomerate, Engro Corporation (PSX: ENGRO) announced its financial results for the quarter ended March 31, 2022.

Overview of Financial Performance

During the first quarter, Engro Corporation’s standalone profitability exhibited a substantial growth of 92% and reached PKR 6.88 billion in Q1 2022 from PKR 3.59 billion in Q1 2021.… Continue

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Urea prices increased by PKR100/bag, experts

The KSE100 has slipped this week, tracking renewed PKR depreciation. Today, it could be impacted by the surge in T-Bill yields, by 55-70bps vs. the previous auction to 13.50%-13.85%, again opening up a sizeable gap vs. the SBP’s Policy Rate at 12.25%.… Continue

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ENGRO: EPS forecasted to be PKR 14.49 in 1QCY22

Engro Corporation Limited (ENGRO) is anticipated to announce its 1QCY22 financial result on 21st Apr’22, where we expect company’s consolidated earnings to be stable at PKR 8,348mn (EPS: PKR 14.49). On the fertilizer business front, EFERT’s net profit settled at PKR 5,511mn (EPS: PKR 4.13), down 4% YoY during 1QCY22 amid to i) fall in gross margin by 975bps YoY, settling at 29.50% since company is accruing industrial feed gas rate at EnVen plant as concessionary gas period has ended on 30th Jun’21 and ii) jump in finance cost due to higher interest rates.… Continue

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Pakistan fertilizer industry passing on PKR 900 billion benefit to farmers

The local fertilizer Industry is providing urea at around 84% discount, equivalent to PKR 9,823 per bag, and is expected to enable import substitution of USD 5.3 billion in 2022. Discussing the latest business results and future outlook in first quarter analyst briefing, Imran Ahmed – Chief Financial Officer of Engro Fertilizers shared that the fertilizer sector is passing on a benefit of PKR 900 billion per annum to farmers through the provision of urea at significant discount to current global prices.… Continue

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Engro Fertilizer plans expansion on completion of old plant’s BMR

According to Engro Fertilizers (EFERT), their both plants are operating at maximum capacity. However, old plant will undergo a 50-60 days’ turnaround whereas Enven plant is expected to stay operational throughout the whole year. The abstract from the analyst briefing of the Company.… Continue

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Engro Fertilizer expects urea demand can reach 6.5mn tons in 2022

Urea industry sales have increased by 17% YoY to 1.6mn tons in 1Q2022 compared to 1.4mn tons in 1Q2021. The growth in Urea demand has resulted from improved farm economics coupled with the increasing price disparity of Urea compared with other fertilizers, including DAP.… Continue

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Engro Fertilizers announced an interim cash dividend of PKR 5.50/share

Engro Fertilizers Limited (EFERT) announced the financial result for 1QCY22 today, posting a consolidated Profit after Tax (PAT) of PKR 5,511mn (EPS: PKR 4.13) compared to PKR 5,741mn (EPS: PKR 4.30) in SPLY, down by 4% YoY. In addition to the result, the company announced an interim cash dividend of PKR 5.50/share (PKR 4.00/share in 1QCY21).… Continue

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EPCL approved the efficiency project and a Rs 5 cash dividend

Engro Polymer and Chemicals Limited (EPCL) has informed Pakistan Stock Exchange Limited today that “In continuation to the announcement dated November 26, 2018, wherein Board of Directors of Engro Polymer and Chemicals Limited (EPCL) approved efficiency project to adopt advanced pure Oxygen based VCM technology.… Continue

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LOTCHEM to post earrings of PKR 0.70/share during 1QCY22

LOTCHEM is scheduled to announce its financial result for 1QCY22 on Apr 22nd, 2022. The company is expected to post a profit after tax of PKR 1,063mn (EPS: PKR 0.70) during 1QCY22, down by 35% YoY compared to PKR 1,639mn (EPS: PKR 1.08) during 1QCY21.… Continue

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EFERT to announce 1st interim dividend of PkR3.0/sh in 1QCY22

We expect Engro Fertilizers Limited (EFERT) to post earnings of PkR4.5bn (EPS: PkR3.4) in 1QCY22 as compared to PkR5.7bn (EPS: PkR4.3) in the same period last year. This depicts a decline of ~21%YoY because of a 17%YoY lower assumption of urea offtakes for the quarter, at 500k MT (2MCY22 urea offtakes currently stand at ~378k MT).… Continue

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A hike in interest rates and a seasonal slowdown in the construction industry may affect financial results EPCL

Engro Polymer & Chemicals Ltd (EPCL) is slated to announce its 1QCY22 result (18th Apr’22), where we expect the company to post 1QCY22 NPAT of PkR2.9bn (EPS: PkR3.17), as compared to PkR4.1bn (EPS: PkR4.56) in the same period last year.

We expect PVC offtakes to remain flat for the outgoing quarter due to a seasonal slowdown in construction activity (cement sales, down 5.3%QoQ in 1QCY22).… Continue

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Fatima Fertilizer announced a final DPS of PKR3.5

Fatima Fertilizer Company Ltd (FATIMA) has posted 4QCY21 NPAT of PKR4.4bn (EPS: PKR2.09), up 18% yoy (down 8% mom), taking CY21 net profit to PKR18.5bn (EPS: PKR8.80), up 39% yoy. The result has missed our expected NPAT of PKR5.4bn (EPS: PKR2.58).… Continue

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AGP Ltd announces dividend of PKR2.5/sh.

AGP has reported 4QCY21 NPAT of PKR450mn (EPS: PKR1.61), up 8% yoy and a sharp 32% qoq. This takes CY21 NPAT to PKR1.6bn (EPS: PKR5.59), flat yoy. While the 4Q result is better than expected, we attribute this growth to one-off reversal of PKR34mn on finance cost – without which this would have been a weak result.… Continue

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Urea price hikes are inevitable in Pakistan, anticipates experts

According to the monthly data of fertilizer offtake by NFDC, Urea offtake in February 2022 declined by 12% mom but rose a sharp 30% yoy, to c.527,000 tons. The yoy increase was majorly due to low base effect; as last year, offtake was low due to pre-buying in prior months and amid high prices charged by EFERT (after the discontinuation of GIDC).… Continue

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The 8th edition of “PakPlas Expo 2022” inaugurated today

Pakistan Plastics Manufacturing Association (PPMA) in association with Events 360 Design and Management The exhibition have organized this event. Many leading domestic and foreign companies providing technology and services related to plastics, chemicals and rubber are presenting their products and services at PakPlas Expo 2022.… Continue

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EFERT: Perfect blend of value

·         In light of recent developments, experts revise their investment case for EFERT where they upgrade the target price to PkR103/sh (Previously PkR82/sh), implying an upside of 15.9% from last close.

·         The stock offers DY of 16.9% which is among the highest dividend yielding stocks in PSX.… Continue

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ICI Pakistan Limited furthers its commitment to sustainability.

ICI Pakistan Limited has embarked on a journey towards creating a greener and cleaner future for Pakistan. To further its sustainability agenda, in 2021 the Company launched a flagship sustainability drive – STEP (Sustain, Transform, Evolve, Preserve) to maximise the positive environmental impact of each of its businesses.… Continue

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Pakistan’s Fatima Group inks $1 billion deals with global agriculture giants at Expo 2020 Dubai

Fatima Group, one of the fastest-growing industrial conglomerates in Pakistan, has signed two MoUs of over USD1 billion with two key global agriculture stakeholders – China Machinery Engineering Company (CMEC) from China and Sarh Attaqnia Co. (SAC) from the Kingdom of Saudi Arabia.… Continue

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Engro Corporation sets up a trading subsidiary in UAE

Engro Corporation, Pakistan’s premier business conglomerate, has commenced office operations of its wholly owned subsidiary, Engro Eximp FZE, in the Jebel Ali Free Zone, Emirate of Dubai.

Engro Eximp FZE will explore potential trading opportunities in the energy, fertilizers, petrochemicals and food & agriculture sectors.… Continue

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EFERT records highest ever urea sales of 2,295k tons in CY21

· The management told that Engro Fertilizers Limited (EFERT) witnessed the highest ever urea sales of 2,295k tons in CY21 compared to 2,057k tons in SPLY.

· As per the management, EFERT’s market share improved to 36% in CY21 vis-à-vis 34% in CY20.… Continue

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Sarsabz Royals Awards 2020-21 rewards top performaning dealers

Sarsabz Fertilizer hosted a special awards ceremony at a local hotel in Bhurban on Thursday, October 28, 2021, as part of its loyalty program ‘Sarsabz Royals’, to reward and recognize its top performing dealers from around the country. More than 150 active dealers from all over Pakistan enthusiastically registered to participate in these annual performance awards while the most performing dealers were recognized with special achievement gifts and prizes.… Continue

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