Pakistan Fertilizer – Urea sales for Dec-2024 is expected to clock in at 1.0mn tons, up 60% YoY
ISLAMABAD: Pakistan Urea sales in Dec-2024 is expected to clock in at 1.0mn tons, up 60% YoY compared to 628k tons in Dec-2023. This takes 2024 sales to clock in at 6.58mn tons compared to 6.64mn tons in 2023, down 1% YoY.
Urea sales in 11M2024 was down by 7% YoY to 5.58mn tons.
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On MoM basis, in Dec 2024, Urea sales is expected to improve by 53% MoM due to seasonal demand of peak Rabi season.
Based on last five years trend, Urea sales in the month of Dec has remained 857k tons.
This is likely to take closing inventory of Urea to be around 373k tons in Dec-2024, down from 756K tons in Nov-2024.
Company wise, FATIMA has the highest inventory of 162k tons followed by EFERT 117k tons, and Fauji’s (FFC and FFBL) with combined inventory of 39k tons.
Among the companies, Engro Fertilizers (EFERT) is expected to record YoY increase of 100% YoY to 422K tons in Dec-2024. To note, EFERT in last analyst briefing mentioned, company has announced incentive of Rs100/bag for dealers for urea offtake, which continued in Dec 2024 as well, as per our channel checks. However, effective today in 2025, this flat Rs100 off/bag is pulled back.
Fauji Fertilizer Company (FFC) is expected to record a Urea sales of 309K tons (up 35% YoY) in Dec-2024, followed by FATIMA 146K tons (up 34% YoY), and Fauji Fertilizer Bin Qasim (FFBL) 68K tons (up 175% YoY).
Total DAP sales during Dec-2024 is anticipated to be around 151k tons, up 9% YoY and down 40% MoM. This takes 2024 DAP sales to 1.64mn tons, up 4% YoY.
