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An Emperical Study of Financial Performance of Fertilizer Sector of Pakistan Listed on KSE-100: a Comparative Analysis View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by International Institute for Science, Technology and Education (IISTE): E-Journals Research Journal of Finance and Accounting www.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.5, No.21, 2014 An Emperical Study of Financial Performance of Fertilizer Sector of Pakistan Listed on KSE-100: A Comparative Analysis Aisha Masood Department of Commerce, Qarshi University Email: [email protected] Abstract Fertilizer is the main ingredient of the agriculture sector which is the back bone of the Pakistan’s economy. Presently Pakistan contributes approximately 1/3 rd into the agriculture sector. In order to cultivate and promote the agriculture sector of the country, it is crucial for the fertilizer sector to nurture in a profitable manner. The main purpose of the financial analysis is to compare the profitability, expansion of the company and financial soundness of the sector. In this study, the researcher made an effort to explore the financial soundness and performance of the Fertilizer Sector in which 7 companies namely Engro Fertilizer Limited (EFL), Fatima Fertilizer Limited (FFL), Fauji Fertilizer Limited (FFL), Fauji Bin Qasim Limited (FBL), Dawood Hercules Fertilizers Limited (DHFL), Pak Arab Fertilizers Limited (PFL), Agritech Fertilizers Limited (AGL) are listed on Karachi Stock Exchange, KSE (100) for the period of 2010 – 2013, on the basis of setting up affiliation between the items of the financial position and financial performance. In order to build the relationship various types of ratios such as solvency, liquidity, activity, profitability and market ratios are used. The time frame obtained for the study is four years from 2010 – 2013. Keywords : Fertilizer Sector, Ratios, Financial Statements. 1. Introduction Undoubtedly, Agriculture acts as a back born of economic growth and development in Pakistan. It has a fundamental role in the economy. The role of agriculture in economic development has been viewed as an unseen pillar. Agriculture sector acts as a crucial part in any strategy of economic progress, especially for the 61 low income developing countries. The few reasons of low productivity of agriculture sector in developing countries are soil degradation (soil salinity, alkalinity, erosion and soil fertility depletion), depletion of water resources, mismanagement of irrigation system, the distribution of the land in small parts and poor farming practices. With all these, the use of agriculture inputs, particularly of fertilizer is scarce and inadequate and quality of seeds and pesticides are hard to available. 1.1. Fertilizer Fertilizer can be defined as a chemical or natural substance used to make soil or land more fertile. First used by ancient farmers, fertilizer technology developed significantly as the chemical needs of growing plants were discovered. Through fertilizers, farms get enable to produce a sustained high level of production. They are conceivably the extremely important agricultural input, since they are directly responsible for 40-60% of all food productions (Hoyum, 2012) . It is nearly impossible to inflate agricultural growth rates without increasing use of fertilizer (African Union, 2006). Hence, the usage of fertilizer would facilitate farmers to increase productivity or profits and would be able to produce marketable surplus and therefore move out of traditional agriculture towards commercial agriculture and into the main stream of market economy. The major dilemma which is being faced by our farmers is the declining land productivity with reduced crop yields. The main reason of reduced land productivity is poor soil caused by continuous cropping without using sufficient mineral fertilizers and manures. Crop fertilization is the main tool available. Fertilizers are those chemical compounds that helps plant to grow faster and earlier. The procedure of their application is through the soil or through leaves. There are two types of fertilizer, one is organic and the other is inorganic. Both are called "manure". The elements of the Fertilizer that provide vital plant nutrients are Nitrogen(N), Phosphorus(P),Zink(Zn), Boron(B) and Sulphur (S). The function of Nitrogen is that it provides instantly the green impact which the farmer thinks the real impact of any good fertilizer, while Phosphorus plays major role in root growth, energy transfer activities with in the plant and finally in crop yield. To attain the utmost productivity from land it is essential to have a balance in fertilization. It can be explained as for increased crop productivity, the effective use of fertilizers and other inputs are essential. 1.2. Key Divers of the fertilizer sector The key drivers of the fertilizer sector are shown in a figure below: 86 Research Journal of Finance and Accounting www.iiste.org ISSN 2222 -1697 (Paper) ISSN 2222 -2847 (Online) Vol.5, No.21, 2014 Fertilizer Price Industry Crop Fundamn Economic t-als s Key drivers of Input Fertilizer Industry Fertilizer Cost Demand Economi c Currenc Activity y and Policy Figure 1. Key drivers of the fertilizer sector 1.2.1. Fertilizer prices In fertilizer industry revenue depends on fertilizer prices and the quantity of fertilizer companies sell. Fertilizer prices are driven by industry capacity, rivalry companies (competition among firms), and marginal producers’ cost, proximity to customers, inventory, and demand. 1.2.2. Fertilizer demand and purchases Demand, in turn, is driven by fertilizer prices, crop economics, currencies, cycles, economic activity, and macro factors like subsidy programs. Crop economics consist of factors like crop inventory, crop demand and supply, and crop prices, which depend on economic activity, food consumption, diet patterns, crop yields, nutrient application, weather, plantation, and energy consumption. 1.2.3. The cost of raw-material input Expenses generally depend on changes in mining costs and fluctuations in raw material prices, which vary by location. Fluctuations in raw material prices or input prices depend on supply and demand dynamics for the specific raw material, which are affected by macro economic activity, weather, and industry trends. Movements in input price can have an impact on fertilizer prices, and therefore demand as well. 1.3. History of Fertilizer Industry in Pakistan The use of fertilizers in Pakistan began in 1957 with the operation of WPIDCs (West Pakistan Industrial Development Corporation) plant for single super –phosphate at Lyallpur (Currently Faislabad) and Ammonium sulphate at Daudkhel. Later on WPIDC established another factory in multan for the production of Ammonium Nitrate and Urea which went into production in 1962. The first plant in the private sector was established by Esso( Currently Engro) at Daharki, which went into production in late 1968, and another by Dawood Hercules at Chicho-ki-Mallian was commissioned in late 1971 before the separation of east and west Pakistan. Undoubtedly, the separation of East Pakistan was a gigantic disaster for the whole country but fortunately not for the fertilizer industry, although it was not that flourishing at that particular time but it had its big setup in West Pakistan. But Fertilizer industry in Pakistan had faced problems regarding the financial crunch because almost 80% of the wealth was in East Pakistan. This was one of the reasons that this industry could not flourish up to that extent. Another reason was low demand because the fertilizer which was being used mainly to fulfill needs was “Organic Fertilizer.” At that time, there was only three foremost companies in this industry exist namely, Dawood Hercules (formed in 1968), National Gas & Fertilizer (1962) and Esson (currently named as Engro, formed in 1965). 1.3.1. Impact of Nationalization Through nationalization started in 1972, almost 80% of the sectors of Pakistan get effected but again fortunately fertilizer sector did not get nationalized because companies at that time were less in numbers, and didn’t generating that much credit. Therefore, the nationalization process could not have impact on this particular sector. 1.4. Fertilizers Production Capacity in Pakistan The demand for fertilizer today surpasses the country’s manufacturing capacity. 87 Research Journal of Finance and Accounting www.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.5, No.21, 2014 At present there are eleven plants running for the manufacture of fertilizers, 2 at Bin Qasim, 1 at Sheikhupura, 2 at Sadiqabad, Rahim Yar Khan, 1at Multan, 2 at Haripur, 1 at Faisalabad, 1at Mirpur Mathelo, Dist Gotki and 1 present at Daudkhel. the production capacity of fertilizers are shown in appendix. However, the fulfillment of fertilizer demands mainly depends upon the performance of fertilizer sector. 1.5. Key Players of the Fertilizer Industry in Pakistan The seven key players of the fertilizer sector that are listed on Karachi Stock Exchange are: 1. Engro fertilizers Limited 2. Fatima Fertilizer Limited 3. Fauji Fertilizer Limited 4. Fauji Bin Qasim Limited 5. Dawood Hercules Fertilizers Limited 6. Pak Arab Fertilizers Limited 7. Agritech Fertilizers Limited 1.5.1. Engro Fertilizers Limited In 1978, there was no Engro Fertilizers limited rather a company named as Esso was there. After getting international recognition, the Company was, therefore, renamed Exxon Chemical Pakistan Limited. In 1991, Exxon decided to divest its fertilizer business on a global basis. The employees of Exxon Chemical Pakistan Limited
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