Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), reported record financial results for 2023, achieving revenues of SR331 billion ($88.3 billion) from its diverse investment portfolio, marking over 100% growth from 2022. The fund’s profit after tax and zakat soared to SR64 billion, a dramatic turnaround from a loss of SR17 billion in the previous year. Total assets increased by 28%, rising from SR2.9 trillion to SR3.7 trillion, while retained earnings and reserves grew by 21%, from SR583 billion to SR707 billion.
Prepared in accordance with International Financial Reporting Standards (IFRS), the report by KPMG confirmed PIF’s robust financial health. The fund’s diversified strategy, including significant acquisitions and the transfer of Aramco shares, contributed to its strong performance. Despite global price drops impacting the metals and mining sector, PIF’s investment portfolio recorded revenues of SR98 billion, a sharp contrast to the SR41 billion loss in 2022. The fund’s impressive results earned it an A1 rating from Moody’s and an A+ rating from Fitch, reflecting its solid position in the global market.