Repatriation of profit surges to $759.2m in 8MFY24
MG News | March 27, 2024 at 02:00 PM GMT+05:00
March 27, 2024 (MLN): Foreign investors ' repatriation of profit and dividends rose 3.37x YoY in 8MFY24 to $759.2 million compared to $225.4m 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 $703.7m worth of profit against the foreign direct investments (FDI) in various businesses compared to $188.5m in SPLY, marking an increase of around 3.73x YoY in 8MFY24.
The outflow as payment against portfolio investment stood at $55.5m, compared with $37m in 8MFY23, witnessing a growth of 50.17% YoY.
Meanwhile, in February 2024 alone, repatriation of profits and dividends by foreign firms stood at $64.9m, reflecting a fall of 48.71% MoM.
Sector-wise:
Sectorial representation of the data shows that the major sectors that witnessed the highest repatriation include the Petroleum Refining, Power , Financial Business, Food and Transport sectors.
Among these, the Petroleum Refining sector repatriated the highest profits of $126.39m in 8MFY24 to overseas.
The data further revealed that Profit outflows from the Power sector clocked in at $109.12m.
Profits outflow from the Financial Business sector increased significantly to $104.02m in 8MFY24.
The payments made on total foreign investment in the Food and Transport sector stood at $97.41m 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 $177.78m during 8MFY24, compared to $11.84m repatriated in the same period prior fiscal year.
To note, in the month of February, payments to U.A.E amounted to just $0.28m.
The United Kingdom witnessed the repatriation of the second-highest profits as the country repatriated $106.99m abroad during 8MFY24, compared with $15.11m in 8MFY23.
Third in line was China which repatriated $75.96m from Pakistan, up as compared to the number during SPLY, when the country remitted $34.4m as profit income from Pakistan.
Next in line was France with a profit repatriation of $51.01m during the review period.
In February, China held dominance with a repatriation worth $17.56m.
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