Logo ofPublic Investment Fund (PIF)
Saudi Arabia’s Public Investment Fund (PIF) published today, June 30, its independently audited consolidated financial statements for 2025 on the London Stock Exchange. 
The financial statements showed that the fund delivered strong year-on-year (YoY) profit growth last year, with net profit more than doubling, alongside increases in operating profit and income.
Net profit rose 153% to SAR 65.2 billion in 2025, from SAR 25.8 billion in 2024, according to PIF’s financial statement.
The increase was driven by higher total revenue, a larger share of profit from associates and joint ventures, and lower general and administrative (GA) expenses.
Total revenue rose 8.8% to SAR 449.9 billion in 2025 from SAR 413.4 billion a year earlier.
Operating revenue increased to SAR 312.0 billion from SAR 284 billion in 2024, while investment income climbed to SAR 137.9 billion from SAR 129.4 billion.
Operating profit surged 125% to SAR 77.9 billion in 2025, compared to SAR 34.7 billion in 2024.
The fund’s share of profit from associates and joint ventures increased to SAR 9.8 billion, up from SAR 2.8 billion in 2024.
Meanwhile, GA expenses declined 8.7% YoY to SAR 157 billion last year.
Profit attributable to the owner rose to SAR 46.4 billion in 2025, from SAR 11 billion in 2024. Meanwhile, profit attributable to non-controlling interests increased to SAR 18.8 billion in 2025, up from SAR 14.8 billion.
Key Items in PIF’s Income Statement (SAR bln)
Item
2024
2025
YoY Change
Operating revenue
284.00
312.03
+9.9%
Investment income
129.42
137.91
+6.6%
Total revenue
413.42
449.94
+8.8%
Cost of revenue
189.16
207.03
+9.4%
GA expenses
171.91
156.98
(8.7%)
Share of profit from associates joint ventures
2.77
9.76
+252.0%
Operating profit
34.68
77.98
+125.0%
FCs
14.64
18.69
+27.7%
Profit before Zakat income tax
31.79
70.62
+122.0%
Zakat income tax
5.97
5.43
(9.1%)
Net profit
25.82
65.19
+153.0%
Total assets increased to SAR 4.54 trillion by the end of 2025, from SAR 4.32 trillion a year earlier, an increase of SAR 219.6 billion, or 5.1%. The increase reflects the PIF’s continued asset growth while maintaining a strong financial position to support its long-term strategy.
Logo ofPublic Investment Fund (PIF)
Saudi Arabia’s Public Investment Fund (PIF) published today, June 30, its independently audited consolidated financial statements for 2025 on the London Stock Exchange.
The financial statements showed that the fund delivered strong year-on-year (YoY) profit growth last year, with net profit more than doubling, alongside increases in operating profit and income.
Net profit rose 153% to SAR 65.2 billion in 2025, from SAR 25.8 billion in 2024, according to PIF’s financial statement.
The increase was driven by higher total revenue, a larger share of profit from associates and joint ventures, and lower general and administrative (GA) expenses.
Total revenue rose 8.8% to SAR 449.9 billion in 2025 from SAR 413.4 billion a year earlier.
Operating revenue increased to SAR 312.0 billion from SAR 284 billion in 2024, while investment income climbed to SAR 137.9 billion from SAR 129.4 billion.
Operating profit surged 125% to SAR 77.9 billion in 2025, compared to SAR 34.7 billion in 2024.
The fund’s share of profit from associates and joint ventures increased to SAR 9.8 billion, up from SAR 2.8 billion in 2024.
Meanwhile, GA expenses declined 8.7% YoY to SAR 157 billion last year.
Profit attributable to the owner rose to SAR 46.4 billion in 2025, from SAR 11 billion in 2024. Meanwhile, profit attributable to non-controlling interests increased to SAR 18.8 billion in 2025, up from SAR 14.8 billion.
Key Items in PIF’s Income Statement (SAR bln)
Item
2024
2025
YoY Change
Operating revenue
284.00
312.03
+9.9%
Investment income
129.42
137.91
+6.6%
Total revenue
413.42
449.94
+8.8%
Cost of revenue
189.16
207.03
+9.4%
GA expenses
171.91
156.98
(8.7%)
Share of profit from associates joint ventures
2.77
9.76
+252.0%
Operating profit
34.68
77.98
+125.0%
FCs
14.64
18.69
+27.7%
Profit before Zakat income tax
31.79
70.62
+122.0%
Zakat income tax
5.97
5.43
(9.1%)
Net profit
25.82
65.19
+153.0%
Total assets increased to SAR 4.54 trillion by the end of 2025, from SAR 4.32 trillion a year earlier, an increase of SAR 219.6 billion, or 5.1%. The increase reflects the PIF’s continued asset growth while maintaining a strong financial position to support its long-term strategy.
