External broker reports(aggregated public sources), Topline Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul>
<li>Engro Fertilizers (EFERT) reported a consolidated quarterly profit of Rs2.9bn (EPS: Rs2.17), marking a 63% decrease YoY but exceeded expectations due to higher-than-expected gross margins.</li>
<li>The company declared a cash dividend of Rs2.25/share, aligning with market expectations, and achieved gross margins of 35% in 1Q2025, attributed to the absence of costly imported urea and stable gas prices.</li>
<li>Significant declines were observed in net sales and other income, while finance cost saw a substantial increase due to short-term borrowings.</li>
</ul>


Engro Fertilizers (EFERT) reported a consolidated quarterly profit of Rs2.9bn (EPS: Rs2.17), marking a 63% decrease YoY but exceeded expectations due to higher-than-expected gross margins.
The company declared a cash dividend of Rs2.25/share, aligning with market expectations, and achieved gross margins of 35% in 1Q2025, attributed to the absence of costly imported urea and stable gas prices.
Significant declines were observed in net sales and other income, while finance cost saw a substantial increase due to short-term borrowings.


Engro Fertilizers (EFERT): 1Q2025 EPS at Rs2.17, down 63% YoY (earnings higher than expectations)

<ul><li>Engro Fertilizers (EFERT) announced its 4Q2024 financial result today, wherein the company recorded a consolidated quarterly profit of Rs10.2bn (EPS: Rs7.7), down 8% YoY and up 20% QoQ.</li><li>This takes 2024 earnings to Rs28.2bn (EPS: Rs21.16) up 8% YoY.</li><li>Along with the results, the company also declared cash dividend of Rs8/share, in-line with market expectations. This takes total 2024 cash dividend to Rs21.50/share (payout 101%).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Engro Fertilizers (EFERT) announced its 4Q2024 financial result today, wherein the company recorded a consolidated quarterly profit of Rs10.2bn (EPS: Rs7.7), down 8% YoY and up 20% QoQ.This takes 2024 earnings to Rs28.2bn (EPS: Rs21.16) up 8% YoY.Along with the results, the company also declared cash dividend of Rs8/share, in-line with market expectations. This takes total 2024 cash dividend to Rs21.50/share (payout 101%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Engro Fertilizers (EFERT): 4Q2024 EPS at Rs7.7, down 8% YoY (earnings lower than expectations)

Thematic (Sector/Industry)

<ul><li>Pakistan Urea sales in Nov 2025 is anticipated to clock in at 817k tons, up by 133% MoM and 25% YoY driven by improved agriculture activity coupled with discounts offered by select manufacturers.</li><li>The closing inventory of urea is expected to be around 1.05mn tons in Nov 2025, down from 1.42mn tons in Oct 2025.</li><li>Going forward, we expect urea sales to remain robust in Dec 2025 as well amidst seasonality.</li></ul>

Pakistan Urea sales in Nov 2025 is anticipated to clock in at 817k tons, up by 133% MoM and 25% YoY driven by improved agriculture activity coupled with discounts offered by select manufacturers.The closing inventory of urea is expected to be around 1.05mn tons in Nov 2025, down from 1.42mn tons in Oct 2025.Going forward, we expect urea sales to remain robust in Dec 2025 as well amidst seasonality.

Pakistan Fertilizers: Urea Sales For Nov 2025 Surged 133% MoM And 25% YoY; Inventory At 1.05mn Tons

<ul><li>Pakistan Urea sales in Oct 2025 is expected to clock in at 351k tons, down by 2% YoY and 18% MoM.</li><li>This will take 10M2025 Urea offtake to 4.55mn tons, down 8% YoY compared to 4.93mn tons in 10M2024, mainly due to weak farm economics.</li><li>The closing inventory of urea is expected to be around 1.42mn tons in Oct-2025, up from 1.15mn tons in Sep-2025.</li></ul>

Pakistan Urea sales in Oct 2025 is expected to clock in at 351k tons, down by 2% YoY and 18% MoM.This will take 10M2025 Urea offtake to 4.55mn tons, down 8% YoY compared to 4.93mn tons in 10M2024, mainly due to weak farm economics.The closing inventory of urea is expected to be around 1.42mn tons in Oct-2025, up from 1.15mn tons in Sep-2025.

Pakistan Fertilizers: Urea Sales For Oct-2025, Down 18% MoM; Inventory At 1.42mn Tons

<ul><li>KSE-100 index companies posted earnings of Rs458bn in 1QFY26, up 13% YoY from Rs407bn in 1QFY25. In US dollar terms, profitability stood at US$1.6bn.</li><li>Despite a decline in interest rates, the banking sector’s earnings increased by 7% YoY to Rs164bn in 1QFY26.</li><li>The E&P sector posted a 7% YoY and 4% QoQ decline in profitability during 1QFY26 to Rs79.8bn.</li></ul>

KSE-100 index companies posted earnings of Rs458bn in 1QFY26, up 13% YoY from Rs407bn in 1QFY25. In US dollar terms, profitability stood at US$1.6bn.Despite a decline in interest rates, the banking sector’s earnings increased by 7% YoY to Rs164bn in 1QFY26.The E&P sector posted a 7% YoY and 4% QoQ decline in profitability during 1QFY26 to Rs79.8bn.

Pakistan Strategy – Corporate Profitability in 1QFY26; Earnings Rose 13% YoY, With Dividends Up 22%

Pakistan

Engro Fertilizers Limited is a fertilizer manufacturing and marketing company with products that focus on balanced crop nutrition and increased yield.

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Engro Fertilizer (EFERT PA)

Engro Fertilizers (EFERT): 1Q2025 EPS at Rs2.17, down 63% YoY (earnings higher than expectations)

Engro Fertilizers (EFERT) reported a consolidated quarterly profit of Rs2.9bn (EPS: Rs2.17), marking a 63% decrease YoY but exceeded expectations...

Topline Securities

Engro Fertilizers (EFERT): 4Q2024 EPS at Rs7.7, down 8% YoY (earnings lower than expectations)

Engro Fertilizers (EFERT) announced its 4Q2024 financial result today, wherein the company recorded a consolidated quarterly profit of...

Topline Securities

Pakistan Fertilizers: Urea Sales For Nov 2025 Surged 133% MoM And 25% YoY; Inventory At 1.05mn Tons

Pakistan Urea sales in Nov 2025 is anticipated to clock in at 817k tons, up by 133% MoM and 25% YoY driven by improved agriculture activity...

Topline Securities

Pakistan Fertilizers: Urea Sales For Oct-2025, Down 18% MoM; Inventory At 1.42mn Tons

Pakistan Urea sales in Oct 2025 is expected to clock in at 351k tons, down by 2% YoY and 18% MoM. This will take 10M2025 Urea offtake to 4.55mn...

Topline Securities

Pakistan Strategy – Corporate Profitability in 1QFY26; Earnings Rose 13% YoY, With Dividends Up 22%

KSE-100 index companies posted earnings of Rs458bn in 1QFY26, up 13% YoY from Rs407bn in 1QFY25. In US dollar terms, profitability stood at...

Topline Securities

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