KARACHI: Repatriation of profit and dividends from Pakistan by foreign investors increased to $759.2 million in the first eight months (July-Feb) of the ongoing fiscal year FY24, 3.37 times higher than $225.4 million in the same period last year.
According to the latest data shared by the State Bank of Pakistan (SBP), foreign companies repatriated $703.7 million in profits against foreign direct investments in various sectors during the eight months of FY24, up from $188.5 million in the same period last year, indicating a 3.73 times increase.
Portfolio investment saw an outflow of $55.5 million, up 50.17% from $37 million in the corresponding months of the previous year.
In February 2024, the repatriation of profits and dividends by foreign firms was recorded at $64.9 million, a 48.71% decrease from the previous month.
The data showed significant repatriation in sectors such as Petroleum Refining, Power, Financial Business, Food, and Transport.
The Petroleum Refining sector led with $126.39 million repatriated overseas. The Power sector followed with $109.12 million, and the Financial Business sector saw $104.02 million in profit outflows. The Food and Transport sectors recorded payments of $97.41 million and $68.38 million, respectively.
On a country basis, the SBP’s data indicated that the United Arab Emirates, the United Kingdom, and China were the top countries in profit repatriation during the first eight months of FY24.
The UAE led with $177.78 million, significantly higher than the $11.84 million repatriated in the same period of the previous fiscal year.
The UK and China followed with $106.99 million and $75.96 million, respectively. France also saw a considerable amount of profit repatriation at $51.01 million during the period.
