Farm recovery leads fertiliser sector profits to surge 10%

Pakistan’s fertiliser makers have long been treated by investors as something between utilities and weather vanes: dependable when the farm economy is healthy, unforgiving when it is not. In 2025 they looked rather more like a levered bet on rural recovery. A sector report by Topline Securities published on March 13 says Pakistan’s listed fertiliser companies posted combined profit after tax of Rs141.1 billion in 2025, up 10% from a year earlier, on net sales of Rs981.6 billion, up 7%. The firm attributes the gain chiefly to higher urea offtakes, stronger other income and a sharp fall in other charges. Even though fourth-quarter profit slipped 2% year on year to Rs38.1 billion, the full-year result extended a remarkable run for an industry whose profitability has climbed from Rs80 billion in 2023 to Rs128.3 billion in 2024 and now Rs141.1 billion in 2025.

That headline number matters because it suggests fertiliser demand is once again saying something hopeful about the broader farm economy, even if the official macroeconomic picture remained mixed. Pakistan’s Economic Survey says the agriculture sector grew by only 0.56% in FY2025, sharply below the previous year’s pace, as major crops struggled. Yet the same document notes that other crops grew 4.78%, livestock remained stable, and the government’s timely provision of quality seeds, fertilisers and credit helped enhance farm productivity and laid the foundation for recovery. In other words, agriculture was not booming everywhere at once, but enough of rural Pakistan was still planting, feeding and financing its next crop cycle to keep the input chain moving.