Agri Connection 2023, a national level agriculture conference, is set to take place at a local hotel in Karachi on March 16th, 2023. The conference will be attended by government officials, farmers, and experts from the financial sector, food processing, agri tech, and public sector to discuss the development of agriculture in Pakistan.… Continue

The President of Pakistan Kissan Ittehad, Khalid Mahmood Khokhar, held a press conference in Lahore whereby he stated that Pakistani farmers are currently waiting in long queues to receive the urgently required fertilizer for Rabi crops. While sowing of cotton has already started in Sindh and Punjab, two major fertilizer plants in the Country remain closed since January 1, 2023.… Continue

· Urea sales for Jan’23 clocked in at 631.3k MT, down by 24%MoM as the Rabi sowing season draws to a close. On the flipside, urea offtakes have increased by 6%YoY, supported by the government led imports which held a market share of 22%.… Continue

Urea offtake in January 2023 increased by 6% YoY, but was down 24% MoM to c.631,000 tons. The MoM volume decline is due to a high base effect and off-season in the initial month of the year. The market share of FFBL/FFC/EFERT shrunk by 5/4/1ppt on YoY basis to 1%/34%/34% in Jan’23.… Continue

Engro Polymer & Chemicals Limited (EPCL) held its analyst briefing today to apprise investors on the CY22 result and future outlook. To recall, EPCL posted PAT of PkR11.7bn (EPS: PkR12.4) vs. PAT of PkR15.1bn (EPS: PkR16.3) in CY21, down by 22.5%YoY.… Continue

·         Urea sales for Dec’22 clocked in at 833.2k MT, up by 43%MoM while increasing by 39%YoY. This takes CY22 urea offtakes to 6.8mn MT, up by 7% compared to CY21 and breaking the all-time record of offtakes for the nutrient.… Continue

Engro Corporation Limited (ENGRO) conducted its 2022 analyst briefing yesterday where management discussed financial performance for 2022 and future outlook.

The management explained lower dividend in 4Q2022.  They elaborated that since the time between announcement of final quarter result and first quarter of next year is very less, therefore company keeps a strategy of paying higher dividend in first three quarters of the year instead of last quarter where window is smaller.… Continue

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

Overview of Financial Performance during 2022

Engro Corporation’s standalone revenue increased from PKR 21 billion in 2021 to PKR 24 billion in 2022, exhibiting healthy growth of 14%.… Continue

The management of Fauji Fertilizer Bin Qasim Limited (FFBL) held a corporate briefing session on 8th Feb’23 to discuss the CY22 financial result and future outlook.

Brief Takeaways

·      To recall, the company posted a profit after tax of PKR 2,328mn (EPS: PKR 1.80) in CY22 against PKR 6,391mn (EPS: PKR 4.96) in SPLY, down by 64% YoY.… Continue

Engro Polymer and Chemicals Limited (EPCL) is scheduled to announce its CY22 financial result on 7th Feb’23, with earnings projected at PKR 12.14bn (EPS: PKR 13.36), down by 19% YoY. We project the company to post a PAT of PKR 2,833mn (EPS: PKR 3.12) in 4Q, down by 40% YoY | +25% QoQ.… Continue

Engro Fertilizer Limited (EFERT) is scheduled to announce the financial result for CY22 on 9th Feb’23, where we expect the company’s net profit to clock-in at PKR 14.7bn (EPS: PKR 11.01), depicting a decline of 30% YoY owed to super tax imposition during the period on the profit before tax of CY21 and CY22.… Continue

Jan’23: Urea sales up by 3% YoY

Based on the tentative fertilizer sales data, urea dispatches for the month of Jan’23 depicted an uptick of 3% YoY to 616k tons compared to 598k tons in SPLY. On a company-wise basis, urea sales of FFC and FFBL combined and FATIMA declined by 15% and 50% YoY, to clock in at 219k tons and 50k tons, respectively.… Continue

Fauji Fertilizer Company (FFC) announced CY22 result today, where it posted unconsolidated earnings of PkR20.0bn for the year, culminating into an EPS of PkR15.8. The company posted a NPAT of PkR5.2bn (EPS: PkR4.0) for the final quarter of the year, lower than industry expectations.… Continue

Fauji Fertilizer Bin Qasim Limited (FFBL) announced CY22 result yesterday, where it posted earnings on the unconsolidated level of PkR2.3bn for the year, culminating into an EPS of PkR1.8. For the final quarter of the year, a NPAT of PkR614mn (EPS: PkR0.5) was posted, lower than the industry expectations.… Continue

We expect Topline Fertilizer Universe earnings to be up by 5% YoY to Rs13bn in 42022, primarily attributed to increasing in Urea offtake, and DAP margins. The same is expected to jump by 1.7x QoQ due to an uptick in Urea and DAP offtakes.… Continue

Lucky Core Industries Limited (Formally ICI Pakistan Limited). It concluded by selling 26.5% holding in NutriCo Morinaga (Private) Limited.

As per the latest PSX notice, Lucky Core Industries Limited (formally ICI Pakistan Limited) has successfully concluded the sale of 21.76mn ordinary shares (26.5% of the issued paid-up capital) of NutriCo Morinaga (Private) Limited (NMPL) to Morinaga Milk Industry Co.… Continue

According to the provisional fertilizer offtake data for Dec’22, urea dispatches posted a jump of 39% YoY to 833k tons against 599k tons in SPLY. Urea sales of FFC, EFERT, and FATIMA climbed up by 5%, 16%, and 60% YoY, to clock-in at 277k tons, 221k tons and 157k tons, respectively.… Continue

According to NFDC, Urea sales in Nov’22 witnessed a recovery in sales, increasing by 2% YoY to c.583,000 tons (the slump in Oct’22 was 16% YoY). Sequentially, Urea offtake recovered by 36% MoM owing to i) higher contribution being generated from FATIMA, and ii) seasonality factor.… Continue

Sarsabz Fertilizer, the flagship brand of Fatima Fertilizer, joined thousands of farmers on December 22 to celebrate the fourth Kissan Day during a special ceremony hosted at Fatima Fertilizer’s plant in Multan which was attended by a large gathering of farmers which also included Mr.… Continue

Engro Fertilizers, Pakistan’s premier seed-to-harvest solutions provider, has organized mega farmer seminars in Bahawalpur, Kabirwala, and Hafizabad, to support the Government of Punjab’s “Grow More Wheat” initiative for enhanced food security and farmer productivity in the country.

This is the third consecutive year that Engro Fertilizers has hosted these high-profile seminars.… Continue

As per the notice on PSX, Fauji Fertilizer Company Limited (FFC), Engro Fertilizers Limited (EFERT), and Fatima Fertilizer Company Limited (FATIMA) have agreed with Mari Petroleum Company Limited (MARI) for a project the purpose of which is to ensure maintenance of gas production at required delivery pressure to fertilizer manufacturers from Habib Rahi Limestone (HRL) Reservoir.… Continue

With growing consumer awareness about new construction materials and sustainability, the PVC downstream market in Pakistan is expected to witness an upward trend in the coming years.

A recent report by PACRA expects the local construction industry to record growth of 6 percent this year.… Continue

Nov’22: Urea sales down by 4% YoY

As per the provisional fertilizer offtake data for Nov’22, urea dispatches declined by 4% YoY to 549k tons against 574k tons in SPLY. Urea sales of EFERT plunged by 52% YoY to clock in at 96k tons owed to lower production due to ATA at the company’s base plant.… Continue

As per a PSX notice, Engro Polymer & Chemicals Limited (EPCL) has entered into an interim agreement with Sui Southern Gas Company Limited (SSGC) for the supply of gas till 28th Feb’23. The price will be charged to EPCL at the rate on industrial/commercial pricing as notified by the Oil and Gas Regulatory Authority (OGRA).… Continue

Nimir Industrial Chemicals (NICL) & Nimir Resins Limited (NRSL) | Chemical | Analyst Briefing Takeaways

NICL and NRSL conducted their corporate briefing sessions today to discuss the financial performance of FY22 & 1QFY23 along with the company’s future outlook.

To recall during FY22 & 1QFY23 NICL posted PAT (profit after tax) of PKR 1.6bln & PKR 215mn respectively translating into EPS of PKR 14.43/share & PKR 1.95/share respectively.… Continue