Saudi Arabia’s PIF reports 60% profit drop in 2024

Investing.com -- Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), reported a 60% drop in net profit for 2024 compared to the previous year.

The fund’s profit fell to 25.8 billion riyals ($6.9 billion) from 64.4 billion riyals in 2023, according to a statement released Monday.

PIF, which manages more than $1 trillion in assets, attributed the decline to high interest rates, inflation, and impairments on certain projects. The fund explained that these impairments were primarily related to changes in operational plans and increases in budgeted costs.

Despite the profit decline, the fund’s total assets increased by 18% to 4.321 trillion riyals in 2024, up from 3.664 trillion riyals in 2023.

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