The Saudi Public Investment Fund's profits jumped 152% to 65.1 billion riyals ($17.3 billion) last year, supported by revenue growth, improved operational performance, lower administrative expenses, and an improved contribution from associate companies to profits.
The consolidated financial statements of the Saudi sovereign wealth fund, published on the London Stock Exchange on Tuesday, revealed that net profits attributable to the fund's owner, represented by the Saudi government, more than quadrupled compared to their level in 2024, reaching 46.4 billion riyals.
These results come at a time when the fund continues to expand its asset base and investments at a rapid pace, with assets rising from about 720 billion riyals in 2017 to 4.54 trillion riyals ($1.2 trillion) by the end of last year, with a target of reaching 10 trillion riyals by 2030, according to the annual report of the Kingdom’s Vision 2030.
The growth in profits was supported by a rise in total revenues to about 449 billion riyals, as a result of increased operating revenues and income from investment activities, reflecting the continued growth in the fund’s portfolio and the increasing maturity of its long-term investments, while operating profit jumped by 125% to reach 77.9 billion riyals in 2025.
Saudi Arabia's new sovereign strategy
At the beginning of this year, the fund announced its new strategy for the period 2026-2030, which aims to shift from building strategic sectors to achieving integration within economic systems and accelerating growth. This will position the private sector as a partner in value creation, not merely an implementer of projects. This strategy aligns with the third phase of the Kingdom's Vision and opens the door to deeper partnerships in long-term investment.
As part of the new strategy, the fund’s investments are distributed across 3 investment portfolios: the Vision portfolio, the Strategic Investments portfolio, and the Financial Investments portfolio.
The Fund's Governor, Yasser Al-Rumayyan, stated at the time that the new strategy represents a natural progression from a phase of growth and expansion to a new phase of achieving sustainable value, maximizing impact, and enhancing investment efficiency. He indicated that this would be achieved by transforming 13 strategic sectors from previous plans into six integrated economic ecosystems based on targeted companies, with a focus on enhancing financial returns, adhering to investment efficiency standards, and continuously evaluating the performance of investments and projects.
Improved operational efficiency of the investment fund
The fund’s results last year were also supported by an increase in its share of profits from associates and joint ventures to 9.8 billion riyals, compared to 2.8 billion riyals in the previous year, coinciding with a decrease in administrative expenses by about 9% to 157 billion riyals, reflecting an improvement in operational efficiency despite continued investment expansion.
On the financial side, the value of cash and deposits with banks and financial institutions increased by 12% to more than 350 billion riyals, which enhances the liquidity available to finance the Fund’s projects and investment activities.
The fund's portfolio is diversified to include a 16% stake in oil giant Aramco. Alongside investments in major mining and telecommunications companies, local and international sports sectors, significant stakes in video game and electric vehicle manufacturing companies, as well as the development of new projects and cities such as NEOM, Diriyah Gate, Qiddiya, the new square in Riyadh, the Red Sea islands, and Roshan residential projects.
Continued expansion through financing
In contrast, the loan balance increased by 27% to SAR 725.3 billion, and total liabilities increased by 17% to reach SAR 1.91 trillion, indicating the Fund’s continued reliance on financing tools to support its long-term projects and investments.
The financial statements also showed that the value of the fund’s investments in associates and joint ventures rose to 212.8 billion riyals, while the value of investment securities remained stable at around 2.16 trillion riyals, remaining the largest component of the fund’s assets.
The results reflect the Public Investment Fund’s continued success in enhancing its profitability while simultaneously expanding its local and international investments, maintaining an asset base exceeding 4.5 trillion riyals.
