October 24, 2023 (MLN): Repatriation of profit and dividends by foreign investors soared by 3.66x YoY in 3MFY24 to $212.9 million compared to $58.1m worth repatriation in the same period last year, the latest data issued by the central bank revealed.
In the month of September 2023 alone, repatriation of profits and dividends by foreign firms stood at $163.7m.
The data further revealed that during the period, foreign companies repatriated $194.9m worth of profit against the foreign direct investments (FDI) in various businesses compared to $50.2m in SPLY, marking an increase of around 3.89x YoY in 3MFY24.
The outflow as payment against portfolio investment stood at $18m, compared with $7.9m in the same period a year earlier, witnessing a growth of 2.27x YoY in 3MFY24.
Sector-wise:
The data shows that the major sectors that repatriated relatively higher profits include the Petroleum Refining, Financial Business, transport, Minning & Quarrying, Power, trade and food sector among which the Petroleum Refining sector repatriated the highest profits of $53.79m in 3MFY24 to overseas.
The data further revealed that Profit outflows from the financial business clocked in at $37m while during July-September FY23, the sector fetched a net $5.1m as profit.
Profits outflow from the transport sector increased significantly to $21.8m against $1.8m in 3MFY23.
The Minning & Quarrying sector repatriated $13.9m during the period under review, which was 22.18% YoY lower when compared with $17.9m in the same period the previous fiscal year.
Country-wise:
A country-wise break up of data on repatriation of profit released by SBP revealed that firms and individual investors belonging to the UAE dispatched the single largest profit of $68.7m during 3MFY24 compared to $6.6, in the same period prior fiscal year.
To note, in the month of September alone, UAE dispatched $40.1m.
China witnessed the repatriation of the second-highest profits as the country repatriated $18.8m abroad during 3MFY24, compared with $16.7m in 3MFY23.
Third in line is the United States which repatriated $11.8m from Pakistan during 3MFY24, up by 0.58% YoY as last year during July-Sep FY23, the country remitted $11.7m as profit income from Pakistan.
Next followed by the France with profit repatriation of $11.2m which increased massively when compared with last year's figures.
Copyright Mettis Link News
Posted on:2023-10-24T20:51:28+05:00
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