By Staff Reporter
KARACHI: Multinational companies’ (MNCs) profit and dividends on their investment rose by 6.95 percent in the first 11 months of current fiscal year, the central bank data showed on Monday.
The repatriation of profits in the July-May FY2022 period increased to $1.600 billion, compared with $ 1.496 billion sent by the MNCs to their headquarters in the same period of last fiscal year.
In May, foreign firms sent homes $136 million worth of profits and dividends.
Data issued by the State Bank of Pakistan showed that foreign firms repatriated profit of $1.447 billion against the foreign direct investments in various businesses in July-May FY2022. That compared with $1.382 billion in the corresponding period last year.
Moreover, they made a profit worth $153.3 million against investments in shares at the local bourse. These earnings stood at $114.2 million a year earlier.
Power, oil and gas exploration, chemicals, and information technology contributed to the increase in the profit outflows in 11 months of the current fiscal year.
The outflows from the power sector registered at $198.8 million in July-May FY2022. These outflows amounted to $45.2 million in the corresponding period of last year.
The outflows from the oil and gas exploration sector rose to $146.2 million from $107.9 million.
Profit outflows from the chemicals sector increased to $116.1 million from $110.7 million.
The outflows from the IT sector rose to $40.6 million from $19.6 million.
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