Urea Sales are expected to decline by 5% YoY in Sep’23

Research Team

Table of Contents

Pakistan Urea sales in Sep’23 are expected to clock in at 627K tons, down by 5% YoY compared to 552K tons in Sep’22. Similarly, Urea sales are expected to be down by 19% MoM, compared to 650K tons in Aug’23, due to seasonality factor.

Cumulatively, in 9MCY23 urea sales are expected to clock in at 4,908K tons, up by 3% YoY compared to 4,770k tons in 9MCY22. Fauji group is likely to record offtakes of 250K tons followed by 158k tons of Engro Fertilizers, 86K tons of Fatima Group (FATIMA) and Agritech (AGL) of 33K tons in Sep’23, respectively.

This will take closing inventory of Urea to 82K tons in Sep’23. Whereas, total DAP sales are anticipated to clock in at around 105K tons, witnessing a substantial upside of 67% YoY in Sep’23. However, DAP sales will likely to down by 60% MoM in Sep’23. The YoY increase in DAP sales is likely attributed to slow down in int’l prices along with low base affect.

As per our estimates, FFC group will likely to record DAP sales of 76K tons followed by sales of EFERT to 23K tons, respectively.



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