Foreign companies’ repatriation of profits and dividends rose to $750 million in the first half of financial year 2023-24, up by 245 percent year-on-year (YoY) from $218 million in the same period last year.
In December 2023, this figure also saw a significant rise of 146 percent YoY to reach $218 million, according to data released by the State Bank of Pakistan.
The Petroleum Refining sector had the highest payments on total foreign investments, totaling $103.1 million in 1HFY24, up 500x compared to $0.2 million in the same period last year.
Profit repatriation from the Food sector clocked in at $68.8 million during the period in review, compared to $0.7 million in foreign investments in SPLY.
Outflows from the Financial Business sector totaled $61.5 million in the six months and $17.3 million in December 2023. Meanwhile, payments from the Power sector clocked in at Rs. 57.6 million during the 6 months and $31.8 million in December.
The Chemicals sector returned $29.6 million in 1HFY24 and $15.2 million in December 2023 in profits to their overseas outlets.
The long-standing queue of profits and dividends of foreign companies has continued to be gradually resolved which has massively improved the repatriation data. Notably, higher earnings in multiple sectors allowed overseas companies to repatriate higher returns.
