Urea sales increased by 4% YoY in Pakistan

Based on the tentative fertilizer sales data, urea dispatches in Sep’23 increased by 4% YoY to 527k tons compared to 508k tons in SPLY, owing to restricted mobility last year due to floods. On a company-wise basis, urea sales of FFC and FFBL combined, and FATIMA ascended by 5% and 9% YoY, arriving at 250k tons and 86k tons, respectively. Meanwhile, EFERT’s offtake decreased by 3% YoY, clocking in at 158k tons.

On a MoM basis, urea offtake displayed a fall of 19%. The urea sales of EFERT, and FATIMA declined by 32%, and 29% MoM, respectively. Whereas dispatches of FFC and FFBL combined remained unchanged on a MoM basis.

On a cumulative basis, urea sales depicted a 3% YoY growth during 9MCY23 to 4,908k tons. Urea offtake of EFERT grew 11% YoY during 9MCY23 to settle at 1,690k tons. On the other hands, the NFML’s sales stood at 217k tons, ascending by 2x YoY in 9MCY23. Whereas, dispatches of FFC and FFBL (combined) stayed stable at 2,165k tons. However, FATIMA’s offtake tumbled by 11%, to 644k tons.

DAP offtake ascend by 68% YoY in Sep’23

DAP sales swelled up by 68% YoY to 105k tons in Sep’23 while plummeting by 60% MoM due to the seasonality factor.

Consequently, DAP offtake during 9MCY23 jumped up by 35% YoY to 1,000k.

On a company-specific basis, DAP sales of FFC and FFBL showcased a healthy growth of 3x YoY, while plunging by 64% MoM to 76k tons in Sep’23. With this, FFC and FFBL’s DAP offtake during 9MCY23 clocked in at 697k tons, reporting an ascend of 59% YoY.

Similarly, EFERT’s DAP dispatches in Sep’23 registered an increase of 17% YoY and a decline of 30% MoM to arrive at 23k tons. With this, EFERT’s DAP offtake during 9MCY23 remained stable at 163k tons.

Whereas, FATIMA Group’s DAP sales depicted a hefty growth of 5x YoY, but reduced by 70% MoM to reach 5k tons in Sep’23. Resultantly, FATIMA’s DAP offtake reached 59k tons during 9MCY23, swelling up by 4x YoY.

Inventory position

The urea inventory towards the end of Sep’23 arrived at 82k tons compared to 87k tons in Aug’23. Whereas, DAP inventory stood at 20k tons in Sep’23 against 40k tons in Aug’23.

Courtesy- AHL Research


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