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PIF’s revenue soars 100% to $88.3bn, latest figures show

 The Public Investment Fund (PIF) of Saudi Arabia has reported impressive financial results for 2023, underscoring its pivotal role in advancing the Kingdom's economic agenda. Here are the key highlights from PIF's consolidated financial statements for the year:

  1. Revenues: PIF achieved revenues of SR331 billion ($88.3 billion) in 2023, marking a significant increase from SR165 billion in 2022. The telecommunications sector was a major contributor, accounting for 30.03% of total revenue.

  2. Profitability: The fund reported a profit after tax and zakat of SR64 billion, a remarkable turnaround from a loss of SR17 billion in the previous year.

  3. Total Assets: PIF's total assets grew by 28% to reach SR3.7 trillion in 2023, up from SR2.9 trillion in 2022.

  4. Retained Earnings and Reserves: These increased by 21% to SR707 billion, reflecting strong financial management and strategic investments.

  5. Cash Position: The cash position at the end of 2023 stood at SR243 billion, up by more than 30% from SR187 billion in 2022.

  6. Strategic Investments: PIF's diversified investment strategy contributed significantly to its performance, with the investment portfolio generating revenues of SR98 billion in 2023, compared to a loss of SR41 billion in 2022.

  7. Debt Instruments and Financing: The fund diversified its funding sources by raising SR45 billion through debt instruments, supporting various acquisition activities.

  8. Market Value Growth: PIF's market value saw substantial growth throughout 2023, driven by strategic acquisitions and portfolio adjustments.

  9. International Recognition: Moody’s assigned PIF an A1 rating with a positive outlook, while Fitch rated it A+ with a stable outlook, reflecting strong financial health and performance.

  10. Governance and Transparency: The financial statements were audited by KPMG, confirming compliance with International Financial Reporting Standards (IFRS) and Saudi regulatory requirements.

Overall, PIF's 2023 financial results highlight its effective management, strategic investments, and commitment to transparency, positioning it as a key player in Saudi Arabia's economic diversification efforts.

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