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>Urea sales in June 2025 increased by 39% MoM and 21% YoY, reaching 582K tons.</li><li>First half of 2025 showed a decrease in Urea offtake by 23% YoY, driven by weak farm economics and water shortages.</li><li>The closing Urea inventory in June 2025 is expected to reach the highest level in 97 months, with significant inventories held by Engro Fertilizers, Fauji Fertilizer Company, and FATIMA.</li></ul>

Urea sales in June 2025 increased by 39% MoM and 21% YoY, reaching 582K tons.First half of 2025 showed a decrease in Urea offtake by 23% YoY, driven by weak farm economics and water shortages.The closing Urea inventory in June 2025 is expected to reach the highest level in 97 months, with significant inventories held by Engro Fertilizers, Fauji Fertilizer Company, and FATIMA.

Pakistan Fertilizers: Urea Sales for Jun-2025 at 582K Tons, up 39% MoM and 21% YoY