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:
|
PIF's Income Statement (SAR bln) |
|||
|
Period |
2021 |
2022 |
Change |
|
Income from Investment Activities |
71.4 |
(41.6) |
(158%) |
|
Revenues from Non-Investment Activities |
156.9 |
206.6 |
+32% |
|
Total Revenues |
228.2 |
165.1 |
(28%) |
|
Cost of Revenues |
(82.2) |
(117.2) |
(43%) |
|
Other Operating Revenues |
7.6 |
4.3 |
(43%) |
|
Share in Associates |
8.6 |
8.9 |
+3% |
|
Operating Profit |
85.5 |
(14.8) |
(117%) |
|
Financing Costs/Revenues |
4.5 |
5.7 |
+28% |
|
Profit |
85.7 |
(14.7) |
(117%) |
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.
|
Balance Sheet (SAR bln) |
|||
|
Period |
2021 |
2022 |
Change |
|
Fixed Assets |
298.0 |
362.7 |
+22% |
|
Investments in Associates |
118.5 |
147.3 |
+24% |
|
Investments in Securities |
934.4 |
1266.4 |
+36% |
|
Finance and Advances |
535.4 |
592.2 |
+11% |
|
Total Assets |
2539.1 |
2916.5 |
+15% |
|
Loans |
249.3 |
321.8 |
+29% |
|
Customer Deposits |
603.4 |
607.0 |
+1% |
|
Total Liabilities |
1035.3 |
1147.9 |
+11% |
|
Total Equity |
1503.8 |
1768.6 |
+18% |
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.
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