Agritech Limited (AGL) reported earnings per share of PKR 5.42 for CY25, compared to loss per share of PKR 2.72 in CY24. Furthermore, in 4QCY25, the company reported earnings per share of PKR 1.16, compared to earnings per share of PKR 2.29 in the same period last year (SPLY).
AGL achieved a 20% increase in sales volumes (390kt vs 325kt). The company’s market share in urea expanded from 5% to 6%, with dealer margins maintained at PKR 225 per bag. AGL utilizes locally sourced phosphate rock instead of imports, having adapted its technology following the Hazara Phosphate acquisition. The company maintains inventory coverage of approximately 4–5 months.
Currently, the company continues to operate under its previous arrangement on the Sui network at a gas price of PKR 1,597/MMBTU. The transition to Mari gas is ongoing and requires regulatory approvals, including an OGRA shipping license and Gas Transport Agreements with SNGPL. Upon completion, gas pricing will shift to Petroleum Policy rates.
The plant experienced a temporary shutdown of approximately two weeks at the onset of the Middle East conflict but is now fully operational. The company is currently benefiting from incremental gas flows from northern sources, driven by limited transmission capacity to other regions, thereby ensuring continued plant operations even when other sectors face curtailment. Despite elevated international urea prices, there are no indications of urea exports, as local production continues to be prioritized to meet domestic demand. While the company returned to a net profit of PKR 2.9bn, management highlighted that a significant portion of this positive bottom line was driven by one-off income and gains.
Important Disclosures
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