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

Aircraft, Airliner, Airplane

Tunisair growth slows as costs rise

Tunisair’s revenue increased by only 3 percent year on year to TND695 million ($224 million) in the first half of 2024, as fuel costs rose and its market share shrank. Passenger numbers went up by 2 percent to 1.17 million, compared to 1.15 million a year ago, the state-run Tunis Afrique Presse reported. Average revenue […]

A cattle drive in the Pantanal region. Meat is a major component of Brazil's trade with Saudi Arabia

Brazil’s JBS to open Saudi food factory as trade ties deepen

Brazilian multinational JBS is to open a food factory in Saudi Arabia with an investment of SAR500 million ($133 million), in a further sign of the strengthening ties between the two countries. JBS, one of the largest meat and poultry producers in the world, will open the facility in Jeddah under its subsidiary Seara by […]

Architecture, Building, Convention Center

First Abu Dhabi Bank revenue rises on overseas growth

First Abu Dhabi Bank (FAB), the UAE’s biggest lender, said revenues rose 16 percent year on year to AED15.7 billion ($4.3 billion) in the first half of 2024, driven by 30 percent annual growth in international franchise. Net profit increased 3 percent to AED8.4 billion despite the impact of corporate tax, which came into effect […]