[Mini Edition] How has Public Investment Fund's (PIF) acquisition impacted Al-Hilal's finances?
As part of the Sports Clubs Investment and Privatization Project, Al-Hilal was transformed into a company majority owned by PIF (75%) in 2023
Al-Hilal’s total revenue grew 464% from SAR 193,386,512 (2014/15) to SAR 1,090,609,000 (2023/24).
Al-Hilal’s member donation revenue grew 83% from SAR 103,319,615 (2014/15) to SAR 188,700,000 (2023/24).
Al-Hilal’s sponsorship revenue grew 576% from SAR 65,164,340 (2014/15) to SAR 440,400,000 (2023/24).
Al-Hilal’s profit turned from red (-) [SAR 47,744,360 (2014/15)] to black (+) [SAR 33,375,000 (2023/24)] while expenses ballooned 283%.
Pre-PIF
2 *Alternate calculation in footnote.
In the 2021/22 season, Al-Hilal sold 725,566 merchandise products and 341,824 tickets.
The remuneration for a 2022/23 Al-Hilal non-executive board and committee member was SAR 50,000.
Post-PIF
Al-Hilal’s total revenue grew 68% from SAR 650,900,000 (2022/23) to SAR 1,090,609,000 (2023/24).
Al-Hilal’s net profit grew 151% from SAR 13,300,000 (2022/23) to SAR 33,375,000 (2023/24).
Al-Hilal’s activity execution expenses were SAR 923,538,000 (2023/24).
HRH Prince Al-Waleed Bin Talal Al-Saud (Chairman, Kingdom Holding) donated the highest amount (SAR 182,600,000) to the club’s treasury in the 2023/24 season followed by Fahad Bin Saad Bin Nafel Al-Otaibi (Chairman, Al-Hilal Non-Profit Foundation) (SAR 1,000,000).
HRH Prince Al-Waleed’s donation accounted for 17% of the total revenue (2023/24).
Commercial revenue accounted for 59% of the total revenue (2023/24).
Sponsorship accounted for 40% of the total revenue (2023/24).3
FOR Hilal’s (Al-Hilal’s merchandising and licensing arm) net profit grew 35% from SAR 10,900,000 (2022/23) to SAR 14,700,000 (2023/24).
Academy’s (Al-Hilal’s private academies spread across Riyadh, Jeddah, and Khobar) net profit is SAR 7,788,489 (2023/24).
BLU Store (Al-Hilal’s e-commerce store) has served over 2,000,000 customers.
Please note that Al-Hilal did not report figures pertaining to the Player Acquisition Center of Excellence (PACE) program for the 2023/24 season. Also, the reported commercial revenue excludes government subsidy/support and bonus/incentive.
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Appendix
Source [X (formerly Twitter)]: Alhilal_FC
*Please note that a discrepancy was discovered in the 2021/22 Annual Report’s financial statement (30/06/2022).
The “Total audited revenue” does not equal to the sum of the “Revenue” rows (145.2 + 263 + 208.6 + 0 + 10.4 = SAR 627.2 million).
The “Total audited expenses” does not equal to the sum of the “Expenses” rows (588.8 + 36.8 = SAR 625.6 million).
Alternate calculation
“Revenue” (Growth %) = 4%
“Expenses” (Growth %) = 2%
“Net profit” = SAR 1.6 million (672.2 - 625.6)
“Net profit” (Growth %) = 731%
Another discrepancy was the reporting of the 2022/23 “Sponsorship” revenue. It was reported as “SAR 232.7 million” in the 2022/23 Annual Report while it was reported as “SAR 232.8 million” in the 2023/24 Annual Report.
[Associated Party Transactions (APT)] Majority of the Al-Hilal sponsors are PIF-portfolio companies, including front-of-shirt sponsor Savvy Games Group.