Context: Q2 2026 earnings read-through
Urea ex-factory pricing moved to , supporting realization gains for both listed producers even as , raising input cost per ton for FFC.
FFC's shows net income up on volume and price, partly offset by higher gas cost and finance charges tied to the unchanged . EFERT's quarter was flattered by a — worth isolating before comparing run-rate profitability.
Offtake volume growth assumptions for the back half are not yet corroborated by a primary source and are held as pending the Q3 dispatch data.
What this object contains
A persistent research object links this evidence corpus to the context above and to workpapers generated from it below. Context updates as evidence is added; workpapers, once generated, are immutable snapshots citing the evidence used.
Evidence corpus (5)
| Document | Publisher | Type | Date |
|---|
FFC earnings-driver bridge — Q1 → Q2 2026 (PKR mn)
Green = recurring · amber = one-off. Bars are cited or marked assumed per the underlying evidence.
Valuation scenario
FFC vs EFERT — Q2 2026 comparison
| Metric | FFC | EFERT |
|---|---|---|
| Net income, PKR mn | 4,465 | 5,120 |
| Of which one-off, PKR mn | 90 | 1,800 |
| Recurring net income, PKR mn | 4,375 | 3,320 |
| Gas cost as % of revenue | 18.2% | 14.6% |
| Urea capacity, tons/yr | 2.05m | 1.30m |
| Dividend yield (TTM) | 9.1% | 10.4% |
Workpapers
Generated from the composer below. Immutable once created — a snapshot of the question, scope and citations used at that time.