Equity Analysis /

Pakistan Fertilizers: 2Q22 previews – earnings to falter from budgetary measures

  • IMS Fertilizer Universe earnings are expected to decline by 30% YoY, owing to imposition of taxes in Budget FY23

  • Industry Urea/DAP offtake is estimated to clock in at c.1.54/0.29mn tons in 2QCY22, up c.5%/50% YoY

  • Payouts are likely to remain muted in 2Q; EFERT can surprise with a higher payout, as per recent practice, in our view

Abdul Ghani Mianoor
Intermarket Securities
20 July 2022


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