External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<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%

<ul><li>We expect Topline Fertilizer universe earnings to decrease by 20% YoY due to lower other income coupled with higher selling cost.</li><li>Urea offtake is expected to increase by 21% YoY and 48% QoQ to 1.9mn tons in 3Q2025.</li><li>Average Urea prices during 3Q2025 declined by 7% YoY and 2% QoQ to Rs4,404 per bag led by discounts offered by select manufacturers.</li></ul>

We expect Topline Fertilizer universe earnings to decrease by 20% YoY due to lower other income coupled with higher selling cost.Urea offtake is expected to increase by 21% YoY and 48% QoQ to 1.9mn tons in 3Q2025.Average Urea prices during 3Q2025 declined by 7% YoY and 2% QoQ to Rs4,404 per bag led by discounts offered by select manufacturers.

Pakistan Fertilizer: Profits Likely To Decline 20% YoY In 3Q2025; Market Weight Maintained

<ul><li>KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24.</li><li>Despite the decline in interest rates, the banking sector's earnings increased by 24% YoY to Rs160bn in 4QFY25.</li><li>The E&P sector posted a 6% YoY decline in profitability during 4QFY25 to Rs83bn.</li></ul>

KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24.Despite the decline in interest rates, the banking sector's earnings increased by 24% YoY to Rs160bn in 4QFY25.The E&P sector posted a 6% YoY decline in profitability during 4QFY25 to Rs83bn.

Pakistan Strategy – Corporate Profitability In 4QFY25; Earnings Up 21%, While Dividends Grew By 7% YoY

<ul><li>Pakistan Urea sales in Sep 2025 is expected to clock in at 428k tons, up by 17% YoY amid low base effect while down by 48% MoM due to pre-buying trend observed in Aug-25.</li><li>This will take 9M2025 Urea offtake to 4.20mn tons, down 8% YoY compared to 4.57mn tons in 9M2024, mainly due to weak farm economics.</li><li>The closing inventory of urea is expected to be around 1.17mn tons in Sep 2025, up from 1.03mn tons in Aug 2025.</li></ul>

Pakistan Urea sales in Sep 2025 is expected to clock in at 428k tons, up by 17% YoY amid low base effect while down by 48% MoM due to pre-buying trend observed in Aug-25.This will take 9M2025 Urea offtake to 4.20mn tons, down 8% YoY compared to 4.57mn tons in 9M2024, mainly due to weak farm economics.The closing inventory of urea is expected to be around 1.17mn tons in Sep 2025, up from 1.03mn tons in Aug 2025.

Pakistan Fertilizers: Urea Sales For Sep 2025 Up 17% YoY And Down 48% MoM; Inventory At 1.17mn Tons

Pakistan

Fauji Fertilizer Company Limited manufactures, purchases and markets fertilizers.

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Fauji Fertilizer Company (FFC PA)

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

Pakistan Fertilizer: Profits Likely To Decline 20% YoY In 3Q2025; Market Weight Maintained

We expect Topline Fertilizer universe earnings to decrease by 20% YoY due to lower other income coupled with higher selling cost. Urea offtake is...

Topline Securities

Pakistan Strategy – Corporate Profitability In 4QFY25; Earnings Up 21%, While Dividends Grew By 7% YoY

KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24. Despite the decline in interest rates, the...

Topline Securities

Pakistan Fertilizers: Urea Sales For Sep 2025 Up 17% YoY And Down 48% MoM; Inventory At 1.17mn Tons

Pakistan Urea sales in Sep 2025 is expected to clock in at 428k tons, up by 17% YoY amid low base effect while down by 48% MoM due to pre-buying...

Topline Securities

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