Equity Analysis /

Pakistan Fertilizers: July – Ongoing floods to keep fertilizer demand low in 3Q

  • According to NFDC, Urea sales in Jul’22 witnessed the largest slump since Dec’21, down 26% YoY to c.463,000 tons

  • Eid holidays, monsoon season and resultant floods, and plant breakdown of both FFC and EFERT, largely led to the decline

  • Going forth, fertilizer offtake is likely to decline in 3Q owing to the recent floods; EFERT remains our top pick

Abdul Ghani Mianoor
Intermarket Securities
26 August 2022


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