Fauji Fertilizer Bin Qasim : CBS Brief dated 3 May 2024 - Fauji Fertilizer Bin Qasim Limited
May 03, 2024 at 05:51 am EDT
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Analyst Briefing
May 2024
DISCLOSURE
All forward - looking statements are management's present
expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward - looking statements.
Forward - looking statements should not be relied upon for making investment or other decisions as the statements speak only as of the date they were made
INDEX
Economic Highlights and Fertilizer Industry
Operational Metrics
Financial Performance
Outlook
Q&A
Economic Highlights &
Fertilizer Industry
Economic Highlights
20.7%
3.8%
40%
Inflation (Mar YoY)
Rupee Devaluation (YoY)
Gas curtailment
Registered a dip from 35.4%
Stable exchange rate leading
Received 3,116 MMSCF of
in SPLY.
to minimal exchange loss .
natural gas.
Current parity PKR 278.55 /
40% lower than allocation of
USD.
5,168 MMSCF
DAP Market
DAP Market registered a 23% increase with total offtake 292 KT (SPLY 238 KT).
With an increased market share of 58% (SPLY 54%), FFBL remains the largest DAP player in the market.
Fatima Gp
Pvt Import
2%
1%
Fatima Gp
Pvt
FFC
8%
FFC
9%
Import
10%
9%
Engro
Q1
30%
Engro
Q1
2023
19%
2024
FFBL
54%
FFBL
58%
238 Kt
292 Kt
DAP Primary Margin International Trend
Healthy primary margins witnessed in Q1 2024
188
DAP CFR (US$ / MT)
Phos CFR (US$ / MT)
PM (US$ / MT)
165
176
161
161
151
142
129
122
130
133
136
116
69
1,050
1,050
1,050
970
970
970
850
850
850
985
985
985
968
968
968
968
25
36
681
658
622
572
525
481
436
521
576
593
596
599
611
611
592
605
Jan-23
Feb-23Mar-23Apr-23May-23Jun-23
Jul-23
Aug-23Sep-23
Oct-23Nov-23Dec-23
Jan-24
Feb-24Mar-24
Q1
2024
Source: CRU / Argus
Advantages - Local Manufacturing
FX saving per ton of DAP - US$
Annualized Saving
152
151
US$ 129 Mn
119
FX Saved: US$ 151 / Ton
114
As the sole DAP producer in Pakistan, FFBL ensures availability of DAP throughout the year
3636
2019
2020
2021
2022
2023
Q1 2024
Urea Market
Urea Market increased by 11% with total offtake of 1,798 KT (SPLY 1,623 KT).
FFBL liquidated its entire inventory with 64 KT offtake.
NFML
Fatima
13%
Gp
FFC
9%
39%
Q1
2023
Engro
Agritech
6%
Fatima Gp
15%
FFC 42%
Q1 2024
Engro
34%
FFBL
5%
33%
FFBL
4%
1,623 Kt
1,798 Kt
Advantages - Local Manufacturing
Urea
8,109
Price Delta
6,128
PKR 1,475 / Bag
Local vs Int. Market Price
4,886
2,131
2,103
3,070
1,858
2,075
1,625
1,714
5,800
1.3x Benefit passed
onto farmers
4,325
2019
2020
2021
2022
2023
Q1 2024
Int'l Urea Price (PKR/Bag)
FFBL Urea Price (PKR/Bag)
Int'l Price: Ex-Arab FoB with transport and taxes
FFBL Price: Dealer Transfer Price
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Fauji Fertilizer Bin Qasim Ltd. published this content on
03 May 2024 and is solely responsible for the information contained therein. Distributed by
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03 May 2024 09:50:06 UTC.
Fauji Fertilizer Bin Qasim Limited is a Pakistan-based company, which is involved in manufacturing and distribution of chemical fertilizers for the farmers and the agricultural sector of Pakistan. Its segments include Fertilizer, Power, Meat and Food. The Fertilizer segment is engaged in the production and sale of UREA and Di-Ammonium Phosphate (DAP). The Power segment is focused on generation and supply of electricity. The Meat segment is involved in the meat abattoir unit for halal slaughtering of animals to obtain meat for local and export sale. The Food segment is focused on processing and sale of tea creamer, toned milk, milk powder, fruit juices, allied dairy and food products. It produces and markets fertilizers under the brands: SONA DAP and SONA Urea (Granular). SONA DAP contains the nutrient elements, such as Phosphorous besides Nitrogen. Sona Urea is a synthetic organic compound containing 46% Nitrogen in ammoniacal form, available in the form of white solid granules.
FAUJI FERTILIZER BIN QASIM LIMITED 
