February 20, 2024 (MLN): Fauji Fertilizer Bin Qasim Limited (PSX: FFBL) has increased the market retail price of Urea to Rs5,000 per bag.
Earlier this month, the government imported 220,000 tons of urea and initiated the distribution through the National Fertilizer Marketing Limited (NFML) to private manufacturers.
In addition to this, the newly approved gas prices have dealt a major blow to the industry. Fertilizer plants have been heavily affected, with prices increasing by up to 8x.
During January 2024, FFBL experienced a staggering 5.8x increase in its urea offtakes, according to the report by Darson Securities Limited.
However, it still stood at 32,000 tons compared to 234,000 tons by Fauji Fertilizer (PSX: FFC), 210,000 tons by Engro Fertilizers (PSX: EFERT), and 109,000 tons by Fatima Fertilizer (PSX: FATIMA).
The overall urea offtake during the month was 612,000 tons compared to 631,000 tons in the same month last year, reflecting a decline of 3% YoY.
