An official told Online on Monday that Profits of all the big players in the industry excluding Engro doubled in gas curtailment during the current calendar year compared to the same period last year which forced small players to go bankrupt but has provided an opportunity to them to make windfall gains of Rs44.72 billion during first nine months.
Federal Minister for National Food Security and Research Mir Israrullah Zehri in his recent chat with online criticised fertilizer companies for making windfall gains. He told that there was no check and balance on Fertilizer companies which were making profit in form of increasing fertilizer prices and added that urea stood at Rs790 per bag in January 2011 that had shot up to Rs1,800 per bag now.
“Engro profits increased by 49 per cent, Fauji Fertilizer Corporation (FFC) 102 per cent, Fauji Fertilizer Bin Qasim Limited (FFBL) 153 per cent, Pak Arab 90 per cent and Fatima Fertiliser profit also jumped whereas two fertilizer companies – Agritech and Dawood saw sharp declines in earnings”, told an official.
