In 2021, PIF’s profits increase 13% to SR86 billion.

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The Public Investment Fund (PIF) of Saudi Arabia saw a 13% increase in profits in 2021, totaling SR85.7 billion, compared to SR76.1 billion in profits in 2020.

In a single year, PIF’s revenues increased by 27%, reaching SR228.2 billion. Operating profits increased to SR85.5 billion, while profits from affiliated companies increased by 75%, reaching SR8.6 billion. Other operational revenue for the sovereign wealth fund increased by 204 percent to SR7.6 billion, while income from financing expenses increased by 87 percent to SR4.5 billion.

The value of investments in the Fund’s associate companies increased by 2% to SR118.5 billion, while the PIF’s fixed assets increased by 43% to SR292.8 billion. The PIF’s holdings in assets-classified securities climbed by 29% to SR535.3 billion. The overall assets of the Fund increased by 23% to around SR2.54 trillion.

The value of the PIF’s shareholding in the 22 locally listed firms is approximately SR896.17 billion. Along with owning 4% of Saudi Aramco, these businesses also include Saudi Telecom Co. (STC), Ma’aden, Saudi National Bank (Al-Ahli), Saudi Electricity Co., ACWA Power, Riyad Bank, Saudi Tadawul, Elm, Alinma Bank, Kingdom Holding Co., Southern Cement, Emaar, Bahri, Al Akaria, Qassim Cement, Yanbu Cement, Saudi Gas, Eastern C

About 21.03 billion shares in the listed firms are owned by the PIF. The PIF started the Local Content Development Program, which aims to increase the contribution of the Fund and its subsidiaries to local content to 60% by the end of 2025, as well as to support and empower the private sector, stimulate the competitive and innovative advantages of national industries, and increase government spending on local content.

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