<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We present 2QCY25 earnings estimates for Fauji Fertilizer Company Limited (FFC) and Engro Fertilizers Limited (EFERT),
where we expect the earnings to improve led by increase in Urea and DAP volume by 3% YoY and 15% YoY.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">FFC is expected to post EPS of Rs14.5 with DPS of Rs11.25. Despite weaker sales, FFC is expected to remain in a better
position compared to peers led by comparative advantage amid lower gas tariff coupled with higher dividend income during
the quarter.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">EFERT is likely to post recovery in earnings which remained under pressure last year amid E...
