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Fauji Fertilizer says power disruption to affect urea production

  • Operations managed through self-generated power and steam using costlier fuel
Published May 8, 2023

Fauji Fertilizer Bin Qasim Limited (FFBL) on Monday announced that its urea production will be affected due to the power supply from FFBL Power Company Limited (FPCL) being cut off.

The company shared the development in its notice to the Pakistan Stock Exchange (PSX).

“The company hereby informs that its power supply from FPCL has been discontinued due to a technical fault. This outage is expected to last for about four weeks,” the notice read.

FFBL said that operations are being managed through its self-generated power and steam using costlier fuel.

Fauji Fertilizer Bin Qasim shuts down DAP plant amid economic downturn

“Urea production will be partially affected depending on volume of natural gas availability from Sui Southern Gas Company (SSGC),” it said, adding that its DAP (Di-ammonium Phosphate) plant is operating normally.

“This is expected to hurt FFBL’s margins as SSGC will charge company on Regasified Liquid Natural Gas (RLNG) tariff for fuel gas,” said Insight Securities, in a note.

“Similarly, lower gas volumes might result in lower urea production as well,” added the brokerage house.

Earlier, FFBL in its financial report for the first quarter of 2023 had said it did not receive gas from SSGC for 36 days on account of winter load management, whereas gas had been available on a continuous basis during the same quarter last year.

The company shared that during Q1 2023, gas curtailment was 51% of the allocation, as against 9% during the same period last year.

DAP production for the quarter was 52,000 tons, a 77% decrease from the same quarter last year. Urea production for the quarter was 89,000 tons, a 26% fall year-on-year.

Fauji Fertilizer posted a loss of Rs5.43 billion in Q1 2023 compared to a profit after tax of Rs1.627 billion the year prior.

For the quarter ended March 31, 2023, the company recorded a loss per share of Rs4.20 in Q1 2023 compared to earnings per share of Rs. 1.26 in Q1 2023.

Comments

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Tulukan Mairandi May 08, 2023 02:17pm
Even Fauji is struggling? Well, then famine is confirmed!!!
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Abdullah May 08, 2023 05:29pm
For the first time fauji is feeling civilian
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TimeToMovveOn May 08, 2023 07:18pm
Why do Pakistani's let the army run a commercial enterprise is beyond comprehension
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Dhanraj dodani May 08, 2023 11:36pm
Saving center is incresing rates on all bachat sceems but here at saving center office holders are not telling any thing still giving old rates.they are saying we not received any circuler & not co operating with seniors citizens
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Dhanraj dodani May 08, 2023 11:38pm
Plz send me new list of rates aplicable from 9.5.23 on.my email Thank u so much
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