Profit at Saudi’s PIF dips to $6.9bn as assets, revenue rise
Saudi Arabia’s sovereign wealth fund recorded a significant drop in net profit for 2024, impacted by rising interest rates, inflation and impairment losses.
The Public Investment Fund (PIF) raked in $6.88 billion (25.8 billion Saudi riyals) in net profit last year, falling 60% from $17.18 billion (64.43 billion Saudi riyals) in 2023.
The drop in net profit, which resulted from “adjustments to operational plans and cost estimates”, totalled less than 2% of total assets, state-run Saudi Press Agency said.
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