Saudi PIF's Assets Surge to Over SAR4.3 Trillion in 2024, Driven by Strong Revenues and Strategic Growth
In its annual performance summary, the Fund highlighted the continued strengthening of its financial position in line with its long-term strategic objectives. The growth in revenues was primarily attributed to increased earnings from several of its major portfolio companies, including Savvy Games Group, Ma'aden, STC, NCB, AviLease, and Gulf International Bank, as well as dividend inflows from Aramco and returns from key projects that began generating higher revenues.
Net profits for the year reached SAR26 billion, with the Fund noting that this figure was impacted by broader global economic headwinds such as rising interest rates, inflation, and impairment losses on select projects. These losses, resulting from adjustments to operational plans and cost estimates, totaled less than 2% of total assets.
Despite global challenges, the Fund maintained stable cash reserves of SAR316 billion, while loans and facilities rose slightly to SAR570 billion.
The Fund emphasized its successful efforts to diversify funding sources, underscored by major financial moves in 2024, including a US$2 billion Sukuk issuance denominated in US dollars, a £650 million debut bond issuance in British pounds, and a US$15 billion refinancing of revolving credit facilities.
These milestones reflect investor confidence in the Fund's robust credit profile and long-term strategic vision. The debt-to-asset ratio remained steady at 13%, highlighting prudent financial management.
PIF also reported strong progress across its strategic sectors. In entertainment and tourism, Red Sea Global Company expanded its offerings with the opening of several luxury hotels, such as The St. Regis Red Sea Resort, Nujuma Resort, and Ritz-Carlton Reserve. The launch of Adeera, a Saudi-based hotel management company, further exemplifies PIF's commitment to developing homegrown brands.
In Diriyah, new cultural and heritage zones were unveiled, contributing to the Kingdom's efforts to boost its historical tourism footprint. The housing sector also saw strong momentum with the launch of multiple branded residential communities.
The Fund concluded that its ecosystem of companies continues to post growth in retained earnings and remains committed to launching new investments.
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