DUBAI: Saudi Arabia’s sovereign wealth fund’s net profit slumped 60% from a year earlier to 25.8 billion riyals ($6.9 billion) in 2024, it reported on Monday, hurt by high interest rates and inflation as well as impairments on some projects.
The Public Investment Fund said in a statement that impairments primarily related to changes to operational plans and increases in budgeted costs.
The fund, which has more than $1 trillion in assets under management, reported net profit of 64.4 billion riyals for 2023 in its consolidated statement on Monday.
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Its comprehensive income statement showed that the 138.1 billion riyals reported for 2023 in July last year had swung to a loss of 140 billion riyals this year. A comprehensive income statement includes items such as unrealised gains and losses as well as the change in value of some of a company’s assets.
Total assets in 2024 rose 18% to 4.321 trillion riyals from 3.664 trillion riyals a year earlier, the fund said.
The PIF is steering Saudi Arabia’s ambitious economic agenda aimed at weaning the Gulf country’s economy off oil.
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