LAHORE: The offtake of urea is likely to clock in at 5.8 million tonnes in 2020, mainly on the back of higher than expected urea offtake during the first 10 months of the year. Shankar Talreja, Deputy Head of Research at Topline Securities Limited, said, “We revisited our urea offtake for 2020, wherein we now expect urea offtake to clock in at 5.8 million tonnes, as compared to our earlier estimates of 5.5 million tonnes.”He added that previously, Topline had trimmed urea offtake on expectations of supply side disruptions amid Covid-19 outbreak and impact of locust attack. He recalled that the Supreme Court (SC) had dismissed review petitions on GIDC. Fauji Fertiliser CompanyThe analyst forecasts a raise of 28pc in FFC earnings primarily due to an increase in urea offtake estimate by 8pc, from 2.3 million tonnes to 2.5 million. “The forecast was also revised due to injection of new equity via right shares of Rs5bn and incorporating the impact of GIDC review petition (savings of Rs0.23 per share).”

Source: Pakistan Today November 27, 2020 11:50 UTC