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.

Its comprehensive income statement showed that the 138.1 billion riyals reported for 2023 in July last year had swung to a loss of 140 billion riyals this year. A comprehensive income statement includes items such as unrealised gains and losses as well as the change in value of some of a company's assets.

Total assets in 2024 rose 18% to 4.321 trillion riyals from 3.664 trillion riyals a year earlier, the fund said.

The PIF is steering Saudi Arabia's ambitious economic agenda aimed at weaning the Gulf country's economy off oil.

($1 = 3.7502 riyals)

(Reporting by Federico Maccioni and Hadeel Al Sayegh; Editing by Emelia Sithole-Matarise)