Karachi May 6 2024: The Urea Plant of Agritech Limited has resumed its urea production after conclusion of the scheduled maintenance activity, according to company filing to the exchange.
Share price of the company jump PKR 1.77 or 7.51% in today trading at Pakistan Stock Exchange.
During the 1st quarter of 2024, the Company managed to produce 98 k tons Urea (6 k tons: 2023) against installed capacity of 108 k tons for the period. The Company sold 98 k tons Tara Urea during the period under review (5 k tons: 2023) and 13.56 k tons of imported urea allocated by NFML (0 k tons : 2023). Company reported loss decreased to PKR 177 million for the 1st quarter 2024 compared with PKR 1,913 million in the same period last year.
Oakes of Phosphate during the period under review registered an increase of 12% to 177 k tons of P2O5 Nutrients vs 158 k tons in the same period of last year. Strong offtakes are attributed to the recovery of farmer demand as well as channel interest on back of lower phosphate inventories. DAP prices in the international market remained stable during the period under review staying at around US$ 625 per ton CFR KHI for most of the period before declining in the last fortnight of the quarter to US$ 595 per ton CFR KHI. The Company being a major SSP player, produced 19 k tons (2023: 16 k tons) SSP during the period under review and sold 15 k tons (2023: 10 k tons) during the period.
The main business of the Company is the manufacturing and marketing of fertilizers. The Company owns and operates the country’s one of the newest and most efficient urea manufacturing plant at Mianwali, Punjab Province. The Company also operates the manufacturing facility of GSSP (Granular Single Super Phosphate) at Haripur Hazara, Khyber Pakhtunkhwa Province. The Company markets its fertilizers from these plants under one of the most trusted brand name “TARA” in the fertilizer industry.
