Fauji Fertilizer Company Ltd

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Urea offtake in January 2023 increased by 6% YoY, but was down 24% MoM to c.631,000 tons. Urea inventory declined to c.101,000 tons in January 2023, versus c.249,000 tons by the end of previous month. Going forward in CY23, Urea offtake is expected t...

FFC has posted unconsolidated NPAT of PKR5.2bn (EPS: PKR4.09) in 4QCY22, down 13% YoY and 1% QoQ. GMs have decreased 6.4ppt QoQ to 32% in 4QCY22 lower than our expected due to losses being booked on DAP inventory. The result was accomplished with a f...

Urea offtake in December 2022 increased by 43% MoM and 39% YoY to c.833,000 tons. DAP offtake rose declined by 33% MoM to c.157,000 tons in Dec 22. DAP sales in CY22 declined by 36% YoY to 1.20mn tons. Going forward in CY23, Urea offtake is expected....

IMS Fertilizer Universe earnings are estimated to increase by 38% QoQ to PKR16.2bn due to higher Urea and DAP offtake. Industry Urea/DAP offtake is estimated to clock in at 1.85/0.52mn tons in 4QCY22, from 1.69/0.60mn tons in 4QCY21. Fertilizer secto...

Urea sales in Nov’22 witnessed a recovery in sales, increasing by 2% YoY to c.583,000 tons. DAP offtake increased to c.236,000 tons, up 8% YoY. This takes 11MCY21 offtake to c.1.0mn tons, down 41% YoY. Going forward in CY23, Urea offtake will likely....

PM unveiled an Agriculture Package that aims to subsidize markup of PKR1,800bn worth of agri-loans c.PKR600bn subsidy. PKR30bn allotment of subsidy on 0.3mn tons import of Urea, where PKR5,000/bag relief will be provided. The government has decided....