KARACHI: Pakistan ke fertilizer sector ne 1HCY25 mein Rs.63.9 billion ka munafa hasil kiya jo pichle saal ke muqable mein 7% zyada hai. Sector ki top companies FFC, EFERT aur Fatima Fertilizer ne mil kar ye results diye.
2QCY25 mein earnings 37% YoY aur 60% QoQ barh gayi. Ye growth zyadatar revenue increase, dividend income aur tax rate ke neeche anay ki wajah se hui.
Industry revenues 2QCY25 mein 9% YoY aur 41% QoQ barhe, jo urea (3% YoY / 14% QoQ), DAP (19% YoY / 103% QoQ) aur NP/NPK/CAN fertilizers ki behtareen demand ki wajah se possible hua.
Gross margins 32.9% tak gir gaye kyunke companies ko urea sales par discounts dene pare. FFC ka gross margin 33.7% raha, Fatima Fertilizer 32.9% aur EFERT 31.4%.
Dusri taraf, other income 96% YoY barhi jo FFC ki strong dividend income ki wajah se thi. Finance costs bhi 21% YoY zyada hue kyunke inventories aur CAPEX ki wajah se borrowing barh gayi.
Tax rate neeche gir kar 36.2% ho gaya (pichle saal 44% tha), jiski wajah se net margin 19.1% tak pohanch gaya – jo 15.1% se kafi zyada hai.
Puri industry ki sales 1HCY25 mein 19% YoY neeche aayi aur Rs.352bn tak gir gayi, nutrient demand 17% kam hone ki wajah se. Lekin margin improve hua aur EFERT ne EnVen plant ki recovery ke baad 32.9% margin dikhaya, jabke FFC 34.5% tak pohanch gaya.
Analysts ka kehna hai ke pura saal urea offtake 5.9mn tons rehne ka imkaan hai jo 10% YoY decline hoga.
Market valuation ke hisaab se, forward P/E multiples abhi EFERT 11.1x, FFC 8.6x aur Fatima Fertilizer 7.2x par trade kar rahe hain.
Article by Mr. Muhammad Noman – Editor in Chief, Pakistan’s 1st Urdu Roman News
