Islamabad July 26 2023: Profits repatriated by Multinational Corporations (MNCs) to their headquarters abroad slumped by 80 percent to USD 331 million in the fiscal year 2023 (Jul-Jun) as South Asian nation Pakistan facing shortages of US dollars in the domestic economy.
Foreign companies repatriated USD 1,680 million during the previous fiscal year.
Food companies repatriation declined the most by 99.5 percent in fiscal year 2023 to less than a million compared with USD 152.7 million last year. Tobacco and Cigarattes companies profit repatriation dropped 96 percent to USD 3.4 million in fiscal year 2023.
Power companies repatriated USD 44.0 million in fiscal year 2023 which is 78 percent lower when compared with outflow of USD 199.9 million in fiscal year 2022. Minning & Quarrying companies were least affected as their profit repatriation dropped 17 percent to USD 46.3 million in fiscal year 2023.
Of the total profit repatriation of USD 331 million, Hong Kong based MNCs repatriated USD 84.5 million to their origion, followed by Chinese based companies that sent home USD 83.1 million. US and UK firms dispatched profits and dividends amounting to USD 38.9 million and USD 20.1 million respectively. UAE based firms sent USD 14.8 million back home when compared with USD 60.1 million last year.