Financial Businesses record highest Repatriation of Profits in Jul-Nov FY20

December 26, 2019 (MLN): The outflow of profits and dividends on foreign investments from the country during Jul-Nov 2019 remained the same as compared to the corresponding period of last year i.e. Jul-Nov 2018, the State Bank of Pakistan (SBP) data showed.

As per the SBP data on repatriation of profits by sector, Financial Businesses, Oil & Gas Exploration Sector, Chemicals and Transport sector remitted the higher profits to their headquarters abroad.

During the period, Financial Business repatriated $140.5 million worth profits which were 55% higher than the profits repatriated during Jul-Nov 2018. Similarly, the Oil & Gas Exploration sector repatriated profits worth $108.3 million, showing an upsurge of 37% YoY.

Profit outflows from Chemical and Transport sector also increased significantly by 218% and 300% when it compared with the same period last year, as they repatriated $79.5 million and $78.6 million profits respectively during the period under study.

On the other hand, the sectors which remitted lower profits compared to what they had repatriated in the same period last year include; Food Sector ($48.6 mln, down by 37%), Cement ($22.8 mln, down by 11%), Transport Equipment ($25.8 mln, down by 64%) and Power Sector ($28.7 mln, down by 56%).

With regards to Profits on Portfolio Investment, Financial Businesses and Chemical sector recorded the highest repatriation of $21.8 million and $12.4 million respectively.

Copyright Mettis Link News

Posted on: 2019-12-26T11:18:00+05:00

31770