JS Securities Limited - JS Research Beep.

Karachi -- March 03, 2023 (PPI-OT)

Fertilizers: Urea offtake likely to decline 5% YoY in Feb-2023

As per provisional data, total Urea sales in Feb-2023 are expected to clock in at 500k tons, down 5% YoY. For the month of Feb-2023, Fauji Fertilizer (FFC) is expected to post Urea sales volume of 200k tons followed by Engro Fertilizer Ltd (EFERT)'s estimated off-take of 187k tons while Fauji Fertilizer Bin Qasim's (FFBL) off-take is expected at 27k tons. Assuming Urea production of ~500k tons for the month...