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Repatriation of profit surges to $485m in 4MFY24

Repatriation of profit surges to $694m in 7MFY24
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November 28, 2023 (MLN): Repatriation of profit and dividends by foreign investors soared by 6.8x YoY in 4MFY24 to $485.4 million compared to $71.3m 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 $456.2m worth of profit against the foreign direct investments (FDI) in various businesses compared to $58.5m in SPLY, marking an increase of around 7.8x YoY in 4MFY24.

The outflow as payment against portfolio investment stood at $29.2m, compared with $12.8m in the same period a year earlier, witnessing a growth of 2.28x YoY in 4MFY24.

Meanwhile, in the month of October 2023 alone, repatriation of profits and dividends by foreign firms stood at $272.5m, up 66.45% MoM.

Sector-wise:

The data shows that the major sectors that repatriated relatively higher profits include the Food, Transport, Petroleum Refining, Financial Business, Power, and Transport Equipment (Automobiles) sectors among which the Food sector repatriated the highest profits of $68.4m in 4MFY24 to overseas.

The data further revealed that Profit outflows from the Transport sector clocked in at $67.2m while during July-October FY23, the sector fetched a net $1.8m as profit.

Profits outflow from the Petroleum Refining sector increased significantly to $55.5m in 4MFY24.

The Financial Business sector repatriated $54.4m during the period under review, which was significantly higher when compared with $5.3m 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 in the UAE dispatched the single largest profit of $99m during 4MFY24 compared to $8.3, in the same period prior fiscal year.

To note, in the month of October alone, UAE dispatched $30.3m.

The United Kingdom witnessed the repatriation of the second-highest profits as the country repatriated $62.1m abroad during 4MFY24, compared with $4m in 4MFY23.

Third in line is France which repatriated $36.3m from Pakistan during 4MFY24, significantly up as compared to the number during July-Oct FY23, when the country remitted $58,849 as profit income from Pakistan.

Next followed by Switzerland with a profit repatriation of $35.1m during the review period.

In the month of October, the UK held dominance with a repatriation worth $46.5m.

Copyright Mettis Link News

Posted on: 2023-11-28T10:07:19+05:00