April 29, 2024 (MLN): Foreign investors ' repatriation of profit and dividends rose 3.56x YoY in 9MFY24 to $830.51 million compared to $233.14m worth of repatriation in the same period last year, the latest data issued by the central bank revealed.
The data further revealed that during the period, foreign companies repatriated $768.77m worth of profit against the foreign direct investments (FDI) in various businesses compared to $194.53m in SPLY,marking an an increase of around 295.19% YoY in 9MFY24.
The outflow as payment against portfolio investment stood at $61.74m, compared with $38.61m in 9MFY24, witnessing a growth of 59.92% YoY in 9MFY23.
Meanwhile, in March 2024 alone, repatriation of profits and dividends by foreign firms stood at $71.33m.
Sector-wise:
Sectorial representation of the data shows that the major sectors that witnessed the highest repatriation include the Financial Business, Petroleum Refining, Power , Food and Transport sectors.
Among these, the Financial Business sector repatriated the highest profits of $133.32m in 9MFY24 to overseas.
The data further revealed that Profit outflows from the Petroleum Refining sector clocked in at $131.9m.
Profits outflow from the Power sector increased significantly to $113.49m in 9MFY24.
The payments made on total foreign investment under the Food and Transport sector stood at $109.07m and $68.38m respectively during the review period.
Country-wise:
A country-wise break up of data on repatriation of profit released by SBP revealed that firms and individual investors in the U.A.E dispatched the single largest profit of $183.69m during 9MFY24, compared to $12.05m repatriated in the same period prior fiscal year.
To note, in the month of March alone, payments to U.A.E stood at $5.91m.
The United Kingdom witnessed the repatriation of the second-highest profits as the country repatriated $152.84m abroad during 9MFY24, compared with $15.18m in 9MFY23.
Third in line was China which repatriated $79.68m from Pakistan, up as compared to the number during SPLY, when the country remitted $37.02m as profit income from Pakistan.
Next in line was France with a profit repatriation of $51.01m during the review period.
Copyright Mettis Link News
Posted on: 2024-04-29T19:31:12+05:00
