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Boosting sectoral earnings increased in farming economics

Lahore: According to a recent news report, with the result season in full swing at the Pakistan Stock Exchange, different businesses linked to the agricultural economy have shown strong financial performance, depicting improved farm economics and robust agricultural growth.

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Despite the Covid-19 and locust attack challenges, the total industry sales of urea were around 5.95 million tons in 2020. This offtake was in line with the five-year average consumption trend of between 5.8 million to 6 million tons, reflecting improved farm economics on the back of lower input costs and better support prices offered by the government. Meanwhile, total DAP sales for the year has grown by around 7% to 2.17 million tons compared to last year.

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Both, Fauji Fertilizer Company and Fauji Fertilizer Bin Qasim have recorded a surge in profitability due to persistent annual sales demand and one-off gain on extinguishment of GIDC liability. Even Engro Fertilizers managed to offset the significant adverse impact of price reduction earlier last year with improved volumes and a lower one-off tax charge for the year.

In line with the growth in the agricultural sector, tractor sales have also surged during the past six months with demand emanating from the agriculture and construction sector alike. Industry figures reveal that tractor production and sales rose by 39% and 43%, respectively, for July-December FY2021.

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