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Repatriation of profit surges to $694m in 7MFY24

Repatriation of profit surges to $759.2m in 8MFY24
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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.

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Posted on: 2024-02-27T19:06:39+05:00