External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Chemicals / Thematic (Sector/Industry)

<ul><li>Topline Fertilizer universe earnings are expected to increase by 17% YoY and 67% QoQ in 2Q2025 due to recovery in Urea and DAP offtakes despite weak farm economics and water shortage.</li><li>Urea offtake is anticipated to increase by 3% YoY and 14% QoQ to 1.25mn tons, while DAP offtakes are expected to rise by 16% YoY and 99% QoQ to 298k tons in 2Q2025.</li><li>Engro Fertilizers is forecasted to post consolidated earnings of Rs4.25/share, up 4.3x YoY in 2Q2025, driven by higher urea and DAP offtake.</li></ul>

Topline Fertilizer universe earnings are expected to increase by 17% YoY and 67% QoQ in 2Q2025 due to recovery in Urea and DAP offtakes despite weak farm economics and water shortage.Urea offtake is anticipated to increase by 3% YoY and 14% QoQ to 1.25mn tons, while DAP offtakes are expected to rise by 16% YoY and 99% QoQ to 298k tons in 2Q2025.Engro Fertilizers is forecasted to post consolidated earnings of Rs4.25/share, up 4.3x YoY in 2Q2025, driven by higher urea and DAP offtake.

Pakistan Fertilizers: Profits likely to up 17% YoY in 2Q2025; Market Weight Maintained