Financial Business, Oil & Gas Exploration sector dispatch highest profits during 11MFY20

July 03, 2020 (MLN): Foreign companies operating in Pakistan repatriated $20.2 million in profit and dividends on investments in the country during the month of May’20 which was 89% lower than the profits repatriated in the previous month and 95% lower than that of repatriated in May’19.

On cumulative basis, during 11MFY20, Profits and dividends repatriated by multinational firms stood at $1.2 billion, showing a decrease of 27% YoY as compared to $1.67 billion repatriated in the same period of last year.  

The latest data released by SBP today shows that the major sectors that repatriated relatively higher profits include Financial Business, Oil & Gas Exploration  sector, Transport sector, Chemical and Communication sector, among which Financial Businesses repatriated highest profits of $232.7 million during 11MFY20, against $251 million in the  corresponding period of last fiscal year, showing a decline of 7% YoY.

The data further revealed that profits outflow from the Oil and Gas Exploration sector increased to $231 million; against an outflow of $215 million in Jul-May FY19, marking a growth of 7% YoY.

The Transport sector repatriated $170.3 million, which was 3.3 times higher as they had sent $50.4 million during Jul-May FY19.

The Chemical sector repatriated 11% higher profits and dividend income during the period under review which amounted to $121.3 million, while in the corresponding period last year, the sector repatriated $109.5 million.

Meanwhile, other sectors such as Communication, Power and Food, also managed to dispatch reasonable profits of $73.2 million, $68.6 million and $59.3 million respectively during the period under study.

Copyright Mettis Link News

Posted on: 2020-07-03T15:39:00+05:00

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