Saudi wealth fund net profit tumbles 60% in 2024

DUBAI (Reuters) -Saudi Arabia's sovereign wealth fund's net profit slumped 60% from a year earlier to 25.8 billion riyals ($6.9 billion) in 2024, it reported on Monday, hurt by high interest rates and inflation as well as impairments on some projects. The Public Investment Fund said in a statement that impairments primarily related to changes to operational plans and increases in budgeted costs. The fund, which has more than $1 trillion in assets under management, reported net profit of 64.4 billion riyals for 2023 in its consolidated statement on Monday.