Pakistan Fertilizer: Apr 2019 Urea Sales Down 20% YoY
- Urea sales during Apr 2019 is likely to portray fall of 20% YoY as inventory was procured by dealer/farmers in previous months (Mar 2019 sales was up 14% YoY) in anticipation of rise in urea prices by manufacturers other than FFC and FFBL. To note, FFC and FFBL enhanced urea prices in Mar 2019 while, other players have increased from April 2019.
- Production during Apr 2019 will surge by 13% YoY to 490k tons due to additional contribution by FatimaFert and Agritech to the tune of 43k and 33k tons respectively. Inventory by month end is likely around 320k tons, 12-Months high due to smooth production by previously closed urea plants (Agritech and FatimaFert). Further, Govt. has also announced to import 100k tons of urea, that is likely to arrive after Jun 2019.
- During 4M2019, urea sales witnessed meagre growth of 1%, where major players like FFC and EFERT were down 13% and 6% YoY respectively as last year (in 2018) fertilizer players were carrying substantial backlog of inventory.
Topline Securities is one of the fastest-growing brokerage houses in Pakistan. It has strong Equity Brokerage, Economic/ Equity Research, Commodity Trading and Corporate Finance & Advisory functions.
Topline Securities has been endowed with numerous awards by renowned international financial organizations. The highlights of which consists of the award for ‘Best Local Brokerage House of Pakistan’ by Asiamoney Brokers Poll (the largest Asia-focused equity services provider poll) in 2016 and ‘Best Equity Brokerage House’ by CFA Society Pakistan in 2015.
Previously, Topline Securities held the title for ‘Best Brokerage House’ for 4 consecutive years (2011-2014) by Asiamoney Brokers Poll. Other awards include the ‘Best Salesperson’ award by Asiamoney for 6 consecutive years (2011-2016), the ‘Arabia Fast Growth 500’ award and ‘Pakistan Fast Growth 100’ award in 2012 and 2013 by AllWorld Network.
JCR-VIS, a credit rating agency providing independent rating services in Pakistan has assigned initial rating of “A-2” for short term and “A” for long term to Topline Securities. Topline Securities is registered as Underwriter, Book Runner and Research Entity with Securities & Exchange Commission of Pakistan (SECP).
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