Pakistan Fertilizer: Profits likely to jump 2.7x YoY in 3Q2023; Profits to rise on QoQ basis due to lower tax – By Topline Research

<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We expect Topline Fertilizer universe earnings to increase by 2.7x YoY to Rs21bn in 3Q2023, due to significant jump in retention prices and volumetric sales.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">On a QoQ basis, earnings are expected to increase by 3.1x, primarily driven by a lower tax expense. To recall, earnings in 2Q2023 were primarily impacted by the imposition of a 10% super tax. Pre-tax earnings are up 72% QoQ due to the reasons mentioned above.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">This takes 9M2023 after tax earnings to Rs34.7bn up 33% YoY and pre-tax earnings to Rs72.9bn in up 35% YoY for the sector. </span></li></ul><p><...