Highest profits repatriated to UK in FY24

The United Kingdom, not China, received the highest amount of profits and dividends on foreign investments in FY24, showed the State Bank of Pakistan’s data on Wednesday. China has been in the media regarding profits of independent power producers (IPPs) as solid resistance from all sections of Pakistani society has emerged against the staggering capacity payments to all IPPs. The SBP data showed that the profit outflow to the UK was $558.6 million and that to China was $193m in FY24. In the preceding fiscal year, the outflow to the UK was just $20m and China $83m. In FY24, almost a quarter of the total profit and dividends were repatriated to the UK, while China stood fourth. The profits outflow on foreign investments was restricted to $331m in FY23 against a record $2.215 billion in the outgoing fiscal year.