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April 28, 2021

Profits repatriation rises to $1.12bln in July-March

Business

April 28, 2021

KARACHI: Repatriation of profits and dividends on foreign investment in Pakistan increased to $1.129 billion in the nine months of this fiscal year from $1.004 billion in the same period last year, latest data showed on Friday.

Multinational companies repatriated $79.2 million as profits and dividends to their headquarters in March, significantly higher when compared with $24.9 million in the previous month.

The country drew $1.395 billion in foreign direct investment (FDI) in July-March FY2021.

The State Bank of Pakistan’s data revealed that profit repatriation on FDI rose to $1.053 billion in July-March FY2021 from $894.7 million a year ago.

The outflow as payment against portfolio investment stood at $75.7 million, compared with $109.9 million in July-March FY2020.

Food, communications, transport and financial businesses contributed to the increase in the profit outflows in the nine months of the current fiscal year.

The outflows from the food sector registered at $220.9 million in July-March FY2021. These outflows amounted to $55.1 million in July-February FY2020.

The outflows from tobacco and cigarettes makers stood at $84.7 million in nine months of FY2021. This sector repatriated $36.3 million a year ago.

Profit outflows from the communications sector increased to $119.7 million from $33.7 million.

The increase in the repatriation of profits and dividends is attributed to higher earnings of foreign firms, stable currency and signs of revival in the country’s economy.