External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Materials / Thematic (Sector/Industry)

<ul><li>Pakistan Urea sales in Aug 2025 is expected to clock in at 816k tons, up by 46% YoY and 34% MoM driven by continued higher discount by select manufacturers during the month.</li><li>This will take 8M2025 Urea offtake to 3.77mn tons, down 10% YoY compared to 4.21mn tons in 8M2024, mainly due to weak farm economics.</li><li>The closing inventory of urea is expected to be around 1.06mn tons in Aug 2025, down from 1.23mn tons in Jul 2025.</li></ul>

Pakistan Urea sales in Aug 2025 is expected to clock in at 816k tons, up by 46% YoY and 34% MoM driven by continued higher discount by select manufacturers during the month.This will take 8M2025 Urea offtake to 3.77mn tons, down 10% YoY compared to 4.21mn tons in 8M2024, mainly due to weak farm economics.The closing inventory of urea is expected to be around 1.06mn tons in Aug 2025, down from 1.23mn tons in Jul 2025.

Pakistan Fertilizers: Urea Sales For Aug 2025 Up 46% YoY And 34% MoM; Inventory At 1.06mn Tons