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’s listed fertilizer sector recorded the profitability of Rs141.1bn up by 10% YoY. The YoY increase is primarily led by 1) higher urea offtakes, 2) higher other income, and 3) lower other charges. In 4Q2025, the profits reached Rs38.1bn down by 2% YoY and up 3% QoQ.</li><li>The net sales of the sector clocked in at Rs981.6bn in 2025 up by 7% YoY amid higher Urea and DAP offtakes. In 4Q2025, the revenue surged by 8% YoY and 41% QoQ to Rs361.0bn. </li><li>During 2025, Urea offtakes soared by 2% YoY with 6.7mn tons, whereas, DAP offtakes decreased by 18% YoY with 1.34mn tons during the period. Similarly, in 4Q2025, Urea offtakes soared by 26% YoY and 36% QoQ with 2.5mn tons.</li></ul>

Pakistan’s listed fertilizer sector recorded the profitability of Rs141.1bn up by 10% YoY. The YoY increase is primarily led by 1) higher urea offtakes, 2) higher other income, and 3) lower other charges. In 4Q2025, the profits reached Rs38.1bn down by 2% YoY and up 3% QoQ.The net sales of the sector clocked in at Rs981.6bn in 2025 up by 7% YoY amid higher Urea and DAP offtakes. In 4Q2025, the revenue surged by 8% YoY and 41% QoQ to Rs361.0bn. During 2025, Urea offtakes soared by 2% YoY with 6.7mn tons, whereas, DAP offtakes decreased by 18% YoY with 1.34mn tons during the period. Similarly, in 4Q2025, Urea offtakes soared by 26% YoY and 36% QoQ with 2.5mn tons.

パキスタン肥料業界：2025年の収益性は前年比10％増。主な要因は、販売量の増加とその他の費用の削減。