Fauji Fertilizer Analysts Briefing

FFC aims to become fully Shariah-compliant by end-2025; 30% of Askari Bank branches to shift to Islamic banking by year-end, full conversion by 2027.

Urea inventory is expected to stay around 1.3mn tons by Dec-2025.

No ongoing discussions with the government on urea exports.

PIA acquisition is under due diligence; no funding decisions confirmed yet.

In 2Q2025, FFC earned Rs9bn from energy, Rs7bn from PMP, and the rest as interest income.

No urea discounts in 1Q2025; only nominal ones in 2Q2025.

As of Jun-2025, FFC held 338k tons Urea, 134k tons DAP vs industry’s 1,310k tons Urea and 336k tons DAP.

Market share declined: Urea (52% → 48%), DAP (71% → 64%) in 1H2025.

Phosphoric acid priced at US$1,250/ton.

https://dps.psx.com.pk/download/document/257389.pdf

Brent Crude Logs Biggest Weekly Drop Since September on Weak Demand, Easing Tensions

Oil prices were under pressure this week. Brent crude oil futures fell 1.9% to $73 per barrel on Friday, registering the biggest weekly loss since early September, with prices dropping over 7%. The decline was attributed to weaker demand forecasts from OPEC and the International Energy Agency (IEA), slowing economic growth in China, and signs of easing geopolitical tensions in the Middle East. Both OPEC and the IEA revised down their demand forecasts for 2024 and 2025. China's refinery output declined for the sixth consecutive month, impacted by weak fuel demand and the growing adoption of electric vehicles (EVs). Meanwhile, U.S. crude oil production reached a new record last week. Although a drawdown in U.S. crude inventories and stronger-than-expected retail sales in September provided some support to oil prices, easing concerns about a broader conflict in the Middle East exerted additional downward pressure on the market.

IPO: Secure Logistics Group Ltd

Offered by Book Building Method at a Floor Price of PKR 12.00/- per share A Brief Note on on Initial Public Offering (IPO) of Secure Logistics Group Ltd, [formerly Asia Capital Partners (Private) Limited] (the "Company" or "SLG"). PRINCIPAL PURPOSE OF THE EQUITY CAPITAL RAISING: The purpose of offering is primarily to build equity base and retire some debt in high interest rate environment.

PakStox Outlook

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