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Repatriation of profit soars by 74% YoY to $49m in 2MFY24

Workers’ remittances drop 8.6% MoM to $2.25bn in November
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September 27, 2023 (MLN): Repatriation of profit and dividends by foreign investors soared by 74.47% YoY in 2MFY24 to $49.2 million compared to $28.2m in the same period last year, the latest data issued by the central bank revealed.

In the month of August 2023 alone, repatriation of profits and dividends by foreign firms stood at $47.1m.

The data further revealed that during the period, foreign companies repatriated $43.9m worth of profit against the foreign direct investments (FDI) in various businesses compared to $26.6m in SPLY, marking an increase of around 65.038% YoY in 2MFY24.

The outflow as payment against portfolio investment stood at $5.3m, compared with $1.6m in the same period a year earlier, witnessing a growth of 3.31x YoY in 2MFY24.

Sector-wise:

The data shows that the major sectors that repatriated relatively higher profits include the Petroleum Refining, Mining and quarrying, Financial Business, Oil & Gas Explorations, Electronics, and Tourism sectors among which the Petroleum Refining sector repatriated the highest profits of $27.4m in 2MFY24 to overseas.

The data further revealed that Profit outflows from the Mining and quarrying clocked in at $13.9m while during July-August FY23, the sector fetched a net $7.9m as profit.

Profits outflow from the Financial and insurance activities increased significantly to $3.7m against $0.3m in 2MFY23.

The Oil and gas exploration sector repatriated $0.6m during the period under review, which was 2x YoY higher when compared with $0.3m 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 $28.6m during 2MFY24 compared to $4.3, in the same period prior fiscal year.

To note, in the month of August alone, UAE dispatched $28.2m.

China witnessed the repatriation of the second-highest profits as the country repatriated $14.3m abroad during 2MFY24, compared with $3.1m in 2MFY23.

Third in line is the United States which repatriated $1.8m from Pakistan during 2MFY24, down by 78.82% YoY as last year during July-Aug FY23, the country remitted $8.5m as profit income from Pakistan.

Next followed by the United Kingdom with profit repatriation of $1.1m which was 62.07% YoY lower when compared with last year's figures.

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Posted on: 2023-09-27T17:22:20+05:00