· We maintain our "over-weight" stance on the fertilizer sector due to its stable demand dynamics, attractive dividend yield and reasonable pass-on ability. · The upcoming gas tariff hike of…

According to the provisional fertilizer offtake data for the month of Aug'22, urea offtake depicted a fall of 16% YoY to 542k tons against 649k tons in SPLY owed to…

According to NFDC, Urea sales in Jul'22 witnessed the largest slump since Dec'21, down 26% YoY to c.463,000 tons, largely owed to i) Eid holidays, ii) monsoon season, and iii)…

Fatima Fertilizer Co. (FATIMA) has posted a 2QCY22 NPAT of c.PKR0.2bn (EPS: PKR0.08), down a sharp 97% both sequentially and in SPLY, missing our projected EPS of PKR2.03. The variance…

Fatima Fertilizer recently received an international acclaim by the International Fertilizer Association (IFA) through the Green Leaf Award that recognizes outstanding performance in safety, health and environment (SHE) in fertilizer…

Pakistan's premier conglomerate, Engro Corporation (PSX: ENGRO) announced its financial results for the first half of the year ending June 30, 2022. Overview of Financial Performance Engro Corporation's standalone revenue…

Engro Corporation Limited (ENGRO) announced its 2QCY22 financial result with a consolidated loss after tax of PKR 558mn (LPS: PKR 0.97) in contrast to PKR 8,717mn (EPS: PKR 15.13) in…

 Engro Polymer & Chemicals (EPCL) has announced that the basic engineering study is under process for de-bottlenecking of VCM production facility to 300K MT from the existing 254K MT. It…

Engro Polymer & Chemicals Limited (EPCL) announced its 2QCY22 financial result today where the company posted a profit after tax (PAT) of PKR 2,338mn (EPS: PKR 2.45), down by 25%…

· Across the board increase in gas tariff is just around the corner as ECC has already approved the gas tariff hike which is awaiting final nod from federal cabinet.…

Beating street estimates, LOTCHEM posted NPAT of PKR2.79bn (EPS: PKR1.84) in 2QCY22, up a sharp 189% YoY and 7% QoQ. This is against our estimate of PKR1.2bn (EPS: PKR0.81), where…

· ICI Pakistan Limited (ICI) announced its 4QFY22 financial result today where the company posted a profit after tax (PAT) of PKR 663mn (EPS: PKR 7.18), down by 30% YoY…

Fauji Fertilizer Company (FFC) has announced its 2QCY22 result, where it posted unconsolidated PAT of PkR3.3bn (EPS: PkR2.64), down 7%YoY. This takes cumulative 1HCY22 PAT to PkR9.6bn (EPS: PkR7.55) vs…

Urea offtake jumped 47% MoM in Jun'22 to 736k tons as preemptive demand growth surfaced in anticipation of urea price hike. Earlier in Jun'22, government reduced urea prices whilst ensuring…

ICI Pakistan Limited (ICI) has announced intention to acquire approximately 75.01% shareholding or (1,135.86mn shares) of Lotte Chemicals Pakistan Limited. A few weeks ago, ICI received a conditional bid from…

Fauji Fertilizer Company Limited is expected to unveil its 1HCY22's financial result on 28th Jul'22, where we expect earnings to clock-in at PKR 9,147mn (EPS: PKR 7.19), down by 3% YoY.…

Fauji Fertilizer Bin Qasim Limited (FFBL) announced the financial result for 2QCY22 yesterday, where the company posted earnings of PKR 1,783mn (EPS: PKR 1.38) compared to PKR 2,609mn (EPS: PKR…

Fauji Fertilizer Bin Qasim Limited (FFBL) is scheduled to announce its financial result for 1HCY22 on 25th Jul'22, where we expect the company to post a profit after tax of…

We estimate AHCML Fertilizer universe earnings to decline by 52% YoY in 2Q2022 mainly due to the imposition of super tax. Similarly, on QoQ basis earnings are expected to decline…

EFERT production has improved and grew at a 3-year CAGR (2018-2021) of 5% against an industry CAGR of 2%. This was on the back of the improved gas supply and…

Pakistan's urea sales in Jun-2022 expected to clock in at 724k tons, up 5% YoY. The same is also likely to be up 74% MoM due to seasonal impact. Urea…

Urea offtake in May 2022 decreased by 9% mom and 17% yoy to 417,521 tons. The yoy decrease in offtake is likely due to higher Urea prices and higher base effect…

The demand for fertilizer in the country remained strong in unbeatable markets from agriculture; currently, it contributes ~22% to total GDP, and during the last 20 years, its contribution remained…

As per provisional fertilizer offtake data for the month May'22, urea offtake plummeted by 18% YoY to 412k tons compared to 501k tons in SPLY. Offtake of FFC and FFBL…

Fertilizer manufacturers have agreed to fix retail Urea price at Rs1,850/bag against commitment from the government to settle the industry's Rs80bn outstanding sales tax and subsidy receivable in the coming…