Saudi PIF Revenues Reach SAR 331 Billion in 2023

The Public Investment Fund (PIF) of Saudi Arabia has announced robust financial results for 2023, driven by substantial growth in its investment portfolio. Revenues surged to SAR 331 billion, more than doubling from SAR 165 billion in 2022, supported by increased market values of its investments.

Highlights from PIF's financial statements show its assets grew by 28% to SAR 3.7 trillion by the end of 2023, up from SAR 2.9 trillion the previous year. The fund achieved a net profit of SAR 74 billion, with total net income reaching SAR 138 billion.

Strategic initiatives, including diversification of financing sources through debt instruments, contributed to PIF collecting an additional SAR 45 billion during the year. After zakat and tax calculations, profits reached SAR 64 billion, a significant improvement from the SAR 17 billion loss in 2022.

The non-investment portfolio expanded by 15% to SAR 238 billion, driven by growth in financial services and communications, offset by declines in the metals and mining sector. PIF's investment portfolio generated revenues of SAR 98 billion, rebounding strongly from losses in the previous year, supported by profitable performances from key investments such as SoftBank.

PIF's financial strength and investment performance were underscored by credit ratings with Moody's rating it ‘A1’ with a positive outlook, and Fitch rating it ‘A+’ with a stable outlook.