PIF logs SAR 14.7 bln loss in 2022

Logo of Public Investment Fund (PIF)

The Public Investment Fund (PIF) posted a SAR 14.7 billion loss in 2022, against SAR 85.7 billion profit a year earlier, after recording unrealized losses from securities and fund investments as well as some other investments, due to market decline especially in technology sector.

Meanwhile, PIF’s revenues from non-investment activities rose by 32% year-on-year (YoY) amid increased revenues from some local subsidiaries, as shown in the following table:

The value of PIF's assets jumped by SAR 377.5 billion (15%) in 2022, thanks to the increase in securities and financial derivatives investments, as a result of transferring 4% of Aramco's ownership to PIF in 2022, which represented SAR 296 billion.

PIF's results were attributed the performance of global equity markets in 2022, which saw many of the fund's assets listed in global markets.

PIF is a long-term investor, and its performance is unrelated to short-term financial results. Moreover, the fund aims to achieve a sustainable value in the long term in order to diversify the local economy and create sustainable returns.