External broker reports(aggregated public sources), Topline Securities

Topline Securities

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.

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Materials / 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