KARACHI: Repatriation of profit and dividend by foreign companies operating in the country reached $ 2.3 billion by the end of last fiscal year (FY18).

The State Bank of Pakistan (SBP) reported Thursday that repatriation of profit and dividend by foreign investors maintained uptrend, rising by 10 percent during the last fiscal year compared to the same period of FY17.

With an increase of $ 210 million, foreign investors repatriated an amount of $ 2.32 billion as profit and dividend during July-June FY18 against $ 2.11 billion in the corresponding period of FY17.

Although Foreign Direct Investment maintained previous year’s level, profit and dividend payments on account of FDI increased by 16 percent in FY18.

An amount of $ 2 billion was repatriated as return on FDI during FY18 versus $ 1.735 billion in FY17, depicting an increase of $273 million. During the period under review, the country received net FDI worth $ 2.767 billion.

Payments on portfolio investment declined by 20 percent or $63 million as foreign investors transferred some $ 311.5 million on account of portfolio investment in FY18 down from $374.4 million in FY17.

Highest outflow of profit and dividend, ie, $ 330 million was from communication sector followed by $ 314 million from financial services during July-June FY18.

Oil and gas exploration was the third largest sector, from where foreign investors transferred some $ 260 million on account of profit and dividend.

Similarly, $ 241 million were sent aboard from power sector, $ 215 million from food sector, $ 136 million from chemical, $ 123 from transport sector and an amount of $ 83 million was repatriated from cement sector during the last fiscal year.