Foreign companies’ repatriation of profits and dividends rose to $2,215 million in the financial year 2023-24, up by 6.7x percent year-on-year (YoY) from $331 million in the same period last year.
According to Arif Habib Limited (AHL), this is the highest profit and dividend repatriation witnessed since FY18, as authorities cleared the backlog. This marked a significant repatriation high in six years.
During June 2024, the repatriation of profits and dividends in Pakistan increased by 23.1x YoY to 414.5 million.
The Financial Business sector had the highest payments on total foreign investments, totaling $638.6 million in FY24, up 17.6x compared to $36.2 million in the same period last year.
Profit repatriation from the Power sector clocked in at $245.8 million during the period in review, compared to $44 million in SPLY.
Outflows from the Petroleum Refining sector totaled $130.9 million in the 12 months and $0.1 million in June 2024. Meanwhile, payments from the Communications sector clocked in at $205.4 million during FY24 and $86.4 million in June.
The Chemicals sector returned $76.2 million in FY24 and $13.4 million in June 2024 in profits to their overseas outlets.
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Corporate taxes are so high that companies are not willing to reinvest their profits anymore. They are repatriating to invest elsewhere. This is the Complete failure of this inept government and SIFC
A country that is losing every drop of foreign exchange through its veins, and is faced with prosides who want to increase the speed of capital flight by 10 times.