News

Pakistan’s IT exports grow by 58 percent during March 2021

The fiscal year 2021 is proving to be beneficial for various sectors in Pakistan. This is especially true for the IT sector, which reported a 58 percent boost in exports during March 2021, compared to the corresponding period of last year.

As reported by Profit by Pakistan Today which quoted the data shared in a report from Arif Habib Limited, the Information technology (IT) exports of the country touched $213 million in March 2021.

Moreover, the data revealed that the technology products worth $1.512 billion were exported during the first nine months of fiscal year 2020-21, contributing 35 percent to the overall services exports and reporting a 44 percent year-on-year jump.

An Insight Securities analyst, Muhammad Ahmed said that the increase in the exports are the result of increased freelancing activities during COVID-19 pandemic.

Ahmed said that the fair value of Pakistani rupee against the US dollar was a huge contributor to the surge in exports alongside divergence of inflows through legal channels following suspensions of flights over the globe.

The efforts of the government to document the IT sector by offering tax credit of around 80 per cent of export revenue helped raise technology exports,” he said.

It is worth noting here that Systems Limited, one of the largest IT services and products exporters listed on Pakistan Stock Exchange (PSX), recently posted an all-time high yearly revenue of PKR 10 billion and reported a profit of PKR 2.1 billion.

According to Ahmed, Systems was able to surpass our estimates for revenue by 2 percent and for profit by 8 percent.

The IT company sustained growth momentum by posting 22 percent revenue growth in dollar terms in calendar year 2020, he added.

Sponsored
Hamza Zakir

Platonist. Humanist. Unusually edgy sometimes.

Share
Published by
Hamza Zakir

Recent Posts

VPN Ban Could Cost Pakistan’s IT Industry $1 Billion, Warns P@SHA

The Pakistan Software Houses Association (P@SHA) has raised alarms about the severe impact of the…

12 hours ago

WhatsApp Trials Group Chat Mentions in the Latest Status Update Feature

WhatsApp is rolling out a new feature in its latest Android beta version, allowing users…

12 hours ago

PTA Chairman Confirms No Orders for Mobile Service Shutdown

ISLAMABAD: Chairman of the Pakistan Telecommunication Authority (PTA), Major General (retd) Hafeez-ur-Rehman, confirmed that no…

13 hours ago

35,000 Students to Receive Free Laptops Under Punjab Government Scheme

Punjab Chief Minister Maryam Nawaz Sharif has announced the launch of a new initiative aimed…

13 hours ago

Meta Introduces New Features to Messenger: AI Backgrounds, HD Video Calls, and More

Meta has unveiled a set of new features for Facebook Messenger, designed to improve call…

15 hours ago

PTA Seeks Stakeholder Input on VPN Registration

Islamabad (21st November 2024): PTA hosted a stakeholder consultation on VPN registration, with key participants…

16 hours ago