Skip to content Skip to Search
Skip navigation

Public Investment Fund reports 13% profit hike to $22.8bn

The Aramco IPO raised $30 billion and industry observers believe now is the right time for a second listing that could raise a further $10 billion Reuters/Ahmed Yosri
The kingdom is currently in talks with more banks as it aims to get advisers on board for Aramco's upcoming IPO

Saudi Arabia’s Public Investment Fund (PIF) reported profit of SAR 85.7 billion ($22.81 billion) in 2021, a year-on-year increase of 13 percent, according to the Saudi Gazette newspaper.

The PIF’s revenue rose 27 percent year-on-year to SAR 228.2 billion and profit from associate companies hit SAR 8.6 billion, a 75 percent increase.

Its other operating incomes jumped 204 percent year-on-year to SAR 7.6 billion, while the costs of financing income grew 87 percent year-on-year to SAR 4.5 billion.

The value of the fund’s fixed assets jumped 43 percent year-on-year to SAR 292.8 billion. The value of investments in its associate companies edged up 2 percent year-on-year to hit SAR 118.5 billion.

The PIF’s investments in securities classified as assets grew by 29 percent year-on-year to SAR 535.3 billion. Total assets reached about SAR 2.54 trillion, up 23 percent year-on-year.

The fund owns shares in 22 Saudi-listed companies, valued at about SAR 896.17 billion. These include Saudi Telecom Co, Saudi National Bank, Saudi Electricity Co, ACWA Power, Riyad Bank, Alinma Bank, Kingdom Holding Co and Saudi Aramco.

The PIF launched a Local Content Growth Program earlier this year, aiming to boost its contribution to local content to 60 percent by the end of 2025.

Latest articles

Flooding in Dubai affected many people's homes. Emaar has promised .free repairs for its residents, and an upgraded sewerage system is planned

Emaar promises free repairs as Dubai launches sewerage system

Emaar Properties is offering free repairs to residents whose homes were damaged during this week’s extreme flooding, as Dubai also announced a AED80 billion ($22 billion) sewerage system, following a review of infrastructure ordered by the UAE president. The developer, which is listed on the Dubai stock exchange, announced on Friday it would repair all […]

A customer paying with a credit card inside the Black Friday Market in Beirut. Lebanon wants more people to move away from cash

Lebanon launches plan to promote use of bank cards

Lebanese central bank Banque du Liban announced a new agreement on Thursday that it hopes will result in a rebound in the use of bank cards. As part of the agreement, Mastercard and Visa will lower card fees on transactions, particularly for people with bank accounts based outside Lebanon. In a press release, the bank […]

Construction work in Kuwait. Nurseries, schools and shops are being built for the new residential district of Al Metlaa

Kuwait signs $140m contracts for Al Metlaa development

Kuwait’s Public Authority for Housing Welfare (PAHW) has signed two contracts worth KD42 million ($140 million) to construct public buildings in Al Metlaa, a new residential district north of Kuwait City. Nurseries, stores, schools and shops will be included, state news agency Kuna reported. Electricity connections have been provided for 109 buildings in the district, […]

Iraq gas oil

Iraq to auction 30 oil and gas projects this month

Iraq will auction 30 new oil and gas projects in two licensing rounds before the end of April. The bidding round will be held on April 27, Reuters reported, citing an oil ministry statement. Last October Iraq passed a long-awaited oil and gas law, which will help the country attract more international investments into the hydrocarbon industry and boost government revenues.  Ali Metwally, an […]