KARACHI: Provisional fertilizer offtake for the month of June 2019 indicates that urea sales witnessed an increase of 8% YoY and 11% MoM to 659k tons.

Cumulatively, urea sales surged by 6% YoY to 2.9mn tons during 1HCY19. In particular, Fauji Fertilizer Company (FFC) and Fauji Fertilizer Bin Qasim (FFBL)’s cumulative urea offtake jumped by 27% YoY to 346k tons in June 2019.

However, FFC and FFBL’s cumulative urea sales during 1HCY19 dropped by 6% YoY to 1.4mn tons.

Additionally, Engro Fertilizer (EFERT)’s urea offtake went down by 29% YoY while this figure is up by 23% MoM to 174k tons during June 2019. Meanwhile on a YoY basis, company’s urea offtake posted 11% YoY decline to 0.9mn tons during 1HCY19.

Finally, Fatima Fertilizer (FATIMA)’s sales surged by 20% YoY and 54% MoM in Jun’19 to 110k tons. On a cumulative basis, FATIMA group’s sales posted a solid growth of 62% YoY to 401k in 1HCY19.

DAP sales depicted a 25% YoY dip to 142k tons while this figure is also down by 33% MoM during June 2019.

Likewise, during 1HCY19, DAP sales showed a downturn of 8% YoY to clock-in at 0.6mn tons. On a company specific basis, DAP offtake of FFC and FFBL arrived at 84k tons in June 2019, translating into a YoY drop of 17% and 24% MoM.

During 1HCY19, FFC and FFBL’s DAP offtake declined by 27% YoY to 0.3mn tons. On the other hand, EFERT’s DAP sales registered an increase of 51% YoY while dropping by 50% MoM in Jun’19 to 30k tons. However, during 1HCY19 EFERT posted growth of 4% YoY to 181k tons.

By the end of Jun’19, closing inventory of urea with local producers stood at 138k tons (FFC and FFBL 33k tons, EFERT 2k and FATIMA group 64k). Meanwhile, DAP inventory position closed at 412k tons during the same period (FFBL + FFC and EFERT held approximately 358k and 18k, respectively).