Financial business, oil & gas exploration sector dispatch highest profits during 11MFY20
KARACHI: Foreign companies operating in Pakistan repatriated $20.2 million in profit and dividends on investments in the country during the month of May’20 which was 89% lower than the profits repatriated in the previous month and 95% lower than that of repatriated in May’19.
On cumulative basis, during 11MFY20, Profits and dividends repatriated by multinational firms stood at $1.2 billion, showing a decrease of 27% YoY as compared to $1.67 billion repatriated in the same period of last year.
The latest data released by SBP last week shows that the major sectors that repatriated relatively higher profits include Financial Business, Oil & Gas Exploration sector, Transport sector, Chemical and Communication sector, among which Financial Businesses repatriated highest profits of $232.7 million during 11MFY20, against $251 million in the corresponding period of last fiscal year, showing a decline of 7% YoY.
The data further revealed that profits outflow from the Oil and Gas Exploration sector increased to $231 million; against an outflow of $215 million in Jul-May FY19, marking a growth of 7% YoY.
The Transport sector repatriated $170.3 million, which was 3.3 times higher as they had sent $50.4 million during Jul-May FY19.
The Chemical sector repatriated 11% higher profits and dividend income during the period under review which amounted to $121.3 million, while in the corresponding period last year, the sector repatriated $109.5 million.
Meanwhile, other sectors such as Communication, Power and Food, also managed to dispatch reasonable profits of $73.2 million, $68.6 million and $59.3 million respectively during the period under study. - MLN