External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Fauji Fertilizer Company / Equity Bottom-Up

<ul><li>Fauji Fertilizer (FFC) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.</li><li>The management expects FFC to become Shariah-compliant by the end of 2025. As of Jun-2025, most of the funds have been converted from conventional to Islamic funds. The management also highlighted that Askari Bank remains a hurdle, and they target to convert 30% of its branches to Islamic banking by year-end and achieve full conversion by 2027.</li><li>Management expects the industry’s urea inventory to remain around 1.3mn tons by December 2025.</li></ul>

Fauji Fertilizer (FFC) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook.The management expects FFC to become Shariah-compliant by the end of 2025. As of Jun-2025, most of the funds have been converted from conventional to Islamic funds. The management also highlighted that Askari Bank remains a hurdle, and they target to convert 30% of its branches to Islamic banking by year-end and achieve full conversion by 2027.Management expects the industry’s urea inventory to remain around 1.3mn tons by December 2025.

Topline Flash Note: Fauji Fertilizer Company (FFC) - Corporate Briefing Key Takeaways