Riyadh – Mubasher: The Saudi Public Investment Fund (PIF) posted a more than 100% leap in total revenues to SAR 331 billion ($88.50 billion) in 2023, compared to SAR 165 billion ($44 billion) in 2022.

The fund attributed the annual growth in revenues to a rise in the market value of its investment portfolio, according to a press release.

The value of PIF assets increased by 28% year-on-year (YoY) to SAR 3.70 trillion by the end of 2023 compared to SAR 2.90 trillion. This was boosted by several acquisitions and the transfer of a percentage of Saudi Aramco’s shares to a company in the PIF’s portfolio.

As of 31 December 2023, the PIF achieved a net profit of SAR 74 billion ($19.70 billion), while the fund’s net income, including comprehensive income, reached SAR 138 billion ($36.70 billion).

The fund reinforced its strategy aimed at diversifying its sources of financing through debt instruments, as it collected an additional SAR 45 billion ($11.90 billion) during the full-year period.

Some of the fund’s portfolio companies also obtained financing for a number of acquisitions, and the fund used various sources of financing, which include loans and debt instruments, profits from investments, capital injections from the government and government assets transferred to it.

PIF’s profits after Zakat and taxes reached SAR 64 billion ($17 billion) last year, against losses amounting to SAR 17 billion ($4.50 billion) in 2022.

General reserves and retained earnings from investments hiked by 21% to SAR 707 billion ($188 billion), compared to SAR 583 billion ($155 billion) in 2022.

Meanwhile, the size of the fund’s non-investment portfolio surged by 15% YoY to SAR 238 billion ($63.40 billion) in 2023 from SAR 207 billion ($55 billion).

The revenues of the fund’s investment portfolio hit SAR 98 billion last year, marking an increase of SAR 135 billion ($36 billion) over the results of 2022, during which the portfolio recorded losses of SAR 41 billion.