Public Investment Fund achieves profits of 64 billion riyals for the year 2023

Public Investment Fund achieves profits of 64 billion riyals for the year 2023

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Achieve Public Investment Fund… profits of 64.4 billion riyals in 2023, compared to losses of 14.7 billion riyals in 2022, due to a 101% increase in total revenues as a result of achieving income from investment activities of 93.8 billion riyals, coinciding with SoftBank’s return to profitability after its losses in market value in 2022.

Revenues from non-investment activities increased by 15% to reach 237.6 billion riyals, as a result of growth in most sectors, especially financial services and communications. Note that the portfolio was somewhat affected by the decline in returns from the metals and mining sector due to the global decline in metal and raw material prices after an exceptional rise in 2022..














The most important items in the income statement of the Public Investment Fund (one billion riyals)

Period

2022

2023

the change

Investment activity income

(41.6)

93.8

Revenue from non-investing activities

206.6

237.6

+ 15%

Total revenue

165.1

331.4

+ 101%

Revenue costs

(117.2)

(152.6)

(30%)

Other operating income

4.3

0.7

(84%)

Share of associates

8.9

9.2

+ 3%

Operating profit

(14.8)

69.9

Financing costs/revenues

3.7

1.1

(70%)

Profit

(14.7)

64.4

The value of its assets also increased by 26% to reach 3.7 trillion riyals ($990 billion) by the end of 2023, compared to 2.9 riyals at the end of 2022, supported by a number of acquisitions and the transfer of a percentage of Aramco shares to a company in the fund’s portfolio.














The most important items of the financial position (billion riyals)

Period

2022

2023

the change

Monetary institutions

257.5

329.8

+ 28%

Associated companies investments

147.3

165.0

+ 12%

Investments in securities

1266.4

1754.3

+ 39%

Financing and advances

592.2

658.8

+ 11%

Total Assets

2916.5

3663.6

+ 26%

Loans

321.8

466.0

+ 45%

Customer deposits

607.0

685.4

+ 13%

Total liabilities

1147.9

1450.8

+ 26%

Total Equity

1768.6

2212.8

+ 25%

The 2023 financial results of the Public Investment Fund confirm the strength and solidity of the Fund’s financial position and investment performance, as it obtained a rating of A1 By Moody’s with a positive outlook and rating A+ by Fitch with a stable outlook.

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