AI Summary
Logo of The Public Investment Fund (PIF)
The Public Investment Fund (PIF) generated SAR 25.8 billion in profits for 2024, compared to SAR 64.4 billion in 2023.
Moreover, total revenues advanced by 25% for the same year after achieving SAR 129.4 billion in income from investment activities.
Revenues from non-investment activities also rose by 20% to SAR 284 billion in 2024.
|
PIF's Income Statement (SAR bln) |
|||
|
Item |
2023 |
2024 |
Change (%) |
|
Revenue |
237.6 |
284.0 |
+19.5% |
|
Income from investment activities |
93.8 |
129.4 |
+38% |
|
Total revenues |
331.4 |
413.4 |
+24.8% |
|
Cost of revenues |
(152.6) |
(189.2) |
+24% |
|
Other operating revenues |
0.8 |
(0.05) |
-- |
|
Share from associates |
9.2 |
2.8 |
(70%) |
|
Operating profit |
69.9 |
34.7 |
(50%) |
|
Profit |
64.4 |
25.8 |
(60%) |
Total revenues increased by 25% to SAR 413 billion last year, compared to SAR 331 billion a year earlier. This uptrend was mainly driven by the following:
- Higher revenues from several PIF companies, including Savvy Games Group, Saudi Arabian Mining Co. (Maaden), telecom operator stc, Saudi National Bank (SNB), AviLease, and Gulf International Bank, as well as dividends from Saudi Aramco.
- Additionally, some of the national mega projects began generating increased revenues compared to the previous year.
The PIF posted a net profit of SAR 26 billion in 2024, maintaining stable returns on its investments.
- Several factors affected the fund’s 2024 earnings, including global economic challenges such as rising interest rates and inflation, as well as impairment losses associated with some projects due to the changes in operational plans and higher estimated costs, which accounted for less than 2% of total assets.
|
Balance Sheet (SAR bln) |
|||
|
Item |
2023 |
2024 |
Change (%) |
|
Monetary institutions |
329.8 |
315.9 |
(4%) |
|
Investments in associates |
165.0 |
196.9 |
+19% |
|
Investments in securities |
1754.3 |
2204.4 |
+26% |
|
Finance and advances |
658.8 |
713.0 |
+8% |
|
Total assets |
3663.6 |
4321.4 |
+18% |
|
Loans |
466.0 |
570.4 |
+22% |
|
Customer deposits |
685.4 |
646.0 |
(6%) |
|
Total liabilities |
1450.8 |
1638.1 |
+13% |
|
Total equity |
2212.8 |
2683.3 |
+21% |
Total assets increased to SAR 4.32 trillion by the end of 2024, up 18% from SAR 3.66 trillion in 2023. This came as the fund further strengthened its financial position, in line with its strategic goals.
The PIF’s cash position remained stable at SAR 316 billion by year-end, maintaining a strong liquidity position.
Loans and advances rose slightly to SAR 570 billion, as the PIF and its subsidiaries continued to diversify their funding sources through successful transactions in global capital markets.
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