Saudi Arabia’s Public Investment Fund (PIF) has reported a major financial performance boost in 2024, with total assets rising by 18 per cent to SR4.32tn ($1.15tn), up from SR3.66tn ($980bn) in 2023.
The Fund’s total revenues surged by 25 per cent, reaching SR413bn ($110bn) compared to SR331bn ($88.3bn) in the previous year, according to its newly released annual performance summary.
The growth was largely driven by robust earnings from major portfolio companies including Savvy Games Group, Ma’aden, STC, NCB, AviLease, and Gulf International Bank, along with dividends from Aramco and rising returns from new and maturing investments.
Saudi PIF financial highlights 2024
- Total assets: SR4.32tn ($1.15tn), up 18 per cent
- Total revenues: SR413bn ($110bn), up 25 per cent
- Net profit: SR26bn ($6.93bn)
- Cash reserves: SR316bn ($84.2bn)
- Debt: SR570bn ($151.8bn)
- Debt-to-asset ratio: 13 per cent
Despite headwinds such as global inflation, interest rate hikes, and minor impairment losses (less than 2 per cent of total assets), PIF maintained strong liquidity and a stable debt profile, reflecting resilient financial management and diversified revenue streams.
The Fund also highlighted its successful efforts to diversify funding sources, completing several major financing transactions in 2024, including a $2bn Sukuk issuance, £650m ($820m) debut bond in GBP and $15bn revolving credit facility refinancing.
These moves signal strong investor confidence in PIF’s creditworthiness and long-term strategy.
PIF continues to play a central role in Saudi Arabia’s Vision 2030, with significant progress across core sectors:
- Tourism and Hospitality: Openings of The St. Regis Red Sea Resort, Nujuma Resort, and Ritz-Carlton Reserve and the launch of Adeera, a Saudi hotel management brand
- Culture and Heritage: Development of new cultural districts in Diriyah, reinforcing Saudi Arabia’s heritage tourism efforts
- Housing: Launch of multiple branded residential communities in line with growing domestic demand
PIF noted that its ecosystem of companies is generating strong retained earnings and remains committed to launching new investments to support economic diversification and long-term growth.
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