LAHORE: Fauji Fertiliser Company (FFC), Pakistan’s largest urea manufacturer, having 40 percent market share, has become the sixth most profitable listed firm in Pakistan, beating one of the largest banks, the United bank Limited (UBL), largest oil marketing firm, Pakistan State Oil (PSO) and the largest telecom operator Pakistan Telecommunication Company Limited (PTCL), experts said in a report.

They said that five years back, FFC profit was Rs5 billion and this may reach Rs18 billion during the current year, a 360 percent growth in five years. And from last year, Fauji Fertiliser Company is expected to post an earnings jump of 64 percent.

The credit of this extraordinary performance goes to Engro and not to FFC management.

Thanks to higher international prices and improving farmers’ income. During the last seven months, Engro has increased urea price by Rs375 or 46 percent, excluding general sales tax (GST) a bag in order to mitigate its production losses on its new plant.

For FFC and other plants such as Fatima this price rise is blessing in disguise, they said.

And if the current urea prices remain stable (assuming gas price increase to be passed on), Fauji Fertiliser Company’s profits may jump to Rs22 billion in 2012.