Saudi PIF Doubles Revenues in 2023

The Public Investment Fund (PIF) of Saudi Arabia has doubled its total revenues hitting SAR331 billion ($88.23 billion) last year, climbing from SAR165 billion ($43.98 billion) in 2022. This surge was driven by a growth in the market value of its investment portfolio.^[1]  

PIF's assets soared 28% to reach SAR3.7 trillion ($990 billion) by the end of 2023, up from SAR2.9 trillion ($770 billion) in 2022. This increase was bolstered by strategic acquisitions and the transfer of Saudi Aramco shares to a company within PIF's portfolio.

In addition, the PIF reported a net profit of $19.7 billion and a comprehensive income of $36.7 billion.

PIF also diversified its financing sources through debt instruments, accumulating an additional SAR45 billion ($11.99 billion) in 2023. Several portfolio companies secured financing for acquisitions, utilizing a mix of loans, debt instruments, and government capital injections.

The fund's non-investment portfolio grew by 15% to SAR238 billion ($63.44 billion), fueled by expansions in sectors such as financial services and communications.

Revenues from PIF's investment portfolio edged up to SAR98 billion ($26.12 billion) in 2023, a turnaround from losses recorded in 2022.

PIF's financial resilience and performance is rated an A1 by Moody’s with a positive outlook and an A+ rating with a stable outlook from Fitch.

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