Fatima Fertilizer Company Limited Limited (FATIMA) reported earnings per share of PKR 17.33 for CY24, compared to earnings per share of PKR 10.96 in CY23. Furthermore, in 3QCY25, the company reported earnings per share of PKR 5.70, compared to earnings per share of PKR 4.38 in the same period last year (SPLY). Despite a declining market, Fatima expanded its total market share by 4.4ppt to 30.1%.
This includes a 40.9% share in phosphates and 26.9% share in nitrogen. All three plants that is Sadiqabad, Multan, and Sheikhupura have secured and consistent gas supply, which remains critical to sustaining production volumes and operational stability. Fatima, alongside other industry participants, is investing in a USD 300 million capex project for a pressure enhancement facility at the Mari gas field.
Management believes this will improve long term supply stability, potentially securing gas availability for at least the next 10 years. Management expects a strong December and a positive next year supported by the government’s wheat reference price of PKR 3,500 per 40kg, which should improve farmer liquidity. On exports, management noted that there are currently no plans for urea exports from Pakistan.
The company was part of a consortium in a landmark privatisation transaction for PIA. Management emphasized that the primary objective is to execute a turnaround. Detailed financials and the consortium’s stake allocation are expected to be finalized within the 90 day period following the bid.
The company has secured copper and gold exploration licenses in Balochistan. Management views this as a long term opportunity, with an initial 3–4 year exploration phase before any development decisions. The group is establishing Fatima Capital Limited, a new listed entity to manage all investments. This will allow the investment portfolio to be reported separately from the core fertilizer operations.
Important Disclosures
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