February 27, 2024 (MLN): Foreign investors ' repatriation of profit and dividends rose 3.15x YoY in 7MFY24 to $694.28 million compared to $220.48m 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 $639.22m worth of profit against the foreign direct investments (FDI) in various businesses compared to $184.38m in SPLY,marking an increase of around 3.47x YoY in 7MFY24.
The outflow as payment against portfolio investment stood at $55.06m, compared with $36.1m in 7MFY24, witnessing a growth of 52.51% YoY in 7MFY23.
Meanwhile, in January 2024 alone, repatriation of profits and dividends by foreign firms stood at $126.6m, reflecting a rise of 3.58x YoY.
Sector-wise:
Sectorial representation of the data shows that the sectors that witnessed the highest repatriation include the Petroleum Refining, Power , Food, Financial Business, and Transport.
Among these, the Petroleum Refining sector repatriated the highest profits of $126.38m in 7MFY24 to overseas.
The data further revealed that Profit outflows from the Power sector clocked in at $91.55m.
Profits outflow from the Food sector increased significantly to $85.12m in 7MFY24.
The payments made on total foreign investment under the Financial Business and Transport sector stood at $83.37m 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 U.A.E dispatched the single largest profit of $177.5m during 7MFY24, compared to $11.81m repatriated in the same period prior fiscal year.
To note, in the month of January alone, payments to U.A.E stood at $28.38m.
The United Kingdom witnessed the repatriation of the second-highest profits as the country repatriated $91.04m abroad during 7MFY24, compared with $15.07m in 7MFY23.
Third in line was China which repatriated $58.39m from Pakistan, up as compared to the number during SPLY, when the country remitted $32.71m as profit income from Pakistan.
Next was France, which followed with a profit repatriation of $51.01m during the review period.
Copyright Mettis Link News
Posted on: 2024-02-27T19:06:39+05:00
