PIF logs SAR 14.7 bln loss in 2022

06/08/2023 Argaam
Logo of Public Investment Fund (PIF)

Logo of Public Investment Fund (PIF)


The Public Investment Fund (PIF) posted a SAR 14.7 billion loss in 2022, against SAR 85.7 billion profit a year earlier, after recording unrealized losses from securities and fund investments as well as some other investments, due to market decline especially in technology sector.

 

Meanwhile, PIF’s revenues from non-investment activities rose by 32% year-on-year (YoY) amid increased revenues from some local subsidiaries, as shown in the following table:

 

PIF's Income Statement (SAR bln)

Period

2021

2022

Change

Income from Investment Activities

71.4

(41.6)

(158%)

Revenues from Non-Investment Activities

156.9

206.6

+32%

Total Revenues

228.2

165.1

(28%)

Cost of Revenues

(82.2)

(117.2)

(43%)

Other Operating Revenues

7.6

4.3

(43%)

Share in Associates

8.6

8.9

+3%

Operating Profit

85.5

(14.8)

(117%)

Financing Costs/Revenues

4.5

5.7

+28%

Profit

85.7

(14.7)

(117%)

 

The value of PIF's assets jumped by SAR 377.5 billion (15%) in 2022, thanks to the increase in securities and financial derivatives investments, as a result of transferring 4% of Aramco's ownership to PIF in 2022, which represented SAR 296 billion.

 

Balance Sheet (SAR bln)

Period

2021

2022

Change

Fixed Assets

298.0

362.7

+22%

Investments in Associates

118.5

147.3

+24%

Investments in Securities

934.4

1266.4

+36%

Finance and Advances

535.4

592.2

+11%

Total Assets

2539.1

2916.5

+15%

Loans

249.3

321.8

+29%

Customer Deposits

603.4

607.0

+1%

Total Liabilities

1035.3

1147.9

+11%

Total Equity

1503.8

1768.6

+18%

 

PIF's results were attributed the performance of global equity markets in 2022, which saw many of the fund's assets listed in global markets.

 

PIF is a long-term investor, and its performance is unrelated to short-term financial results. Moreover, the fund aims to achieve a sustainable value in the long term in order to diversify the local economy and create sustainable returns.

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