The Apostolic SEE (APSA) administration, which manages the investment and property of the Vatican, showed a profit of EUR 62 million (approximately $ 63 million) in 2024, which is EUR 16 million from 2023, according to AP report.
Of which EUR 10.5 million came from good investment revenues, while its real estate profits were equal to the results of 2023, AP said and quoted data from the APSA 2024 report. This is a good news for the Holy See, as Pope Leo XIV fights with the ongoing financial crisis, noted.
APSA, created in 1967, since 2021 published annual reports of its share, led by the previous Pope Francis supporting transparency.
So how will the profits be used?
According to a report on the balance sheet APSA 2024, it will be used to finance the operating costs of the Holy table and the Roman Curia – its central government will be used 46.1 million euros. This is eight million euros more than last year, according to AFP.
AFP also calculated the total increase in profits over 35 % (year -on -year).
Vatican Financial Crisis: Structural deficit, lack of pension …
The report noted that the Vatican had faced a structural deficit of EUR 50-60 million for years; In addition to the lack of pension fund 1 billion euros.
Reuters quoted sources that the lack in the Vatican pension fund was estimated in 2022 a total of approximately EUR 631 million. There was no official update on this issue, but the initiates said it was only “balloon”.
This problem was among the urgent matters facing the new Pope Leo. The first weeks of the Mathematical Major in Chicago were fulfilled with meetings on various financial subjections of the Vatican.
How much does the Vatican Holdings cost?
According to AP, the Vatican has 4,234 real estate in Italy and another 1200 in London, Paris, Geneva and Lausanne in Switzerland. Of these, 2 % are rented for real market value; While about 70 percent generates no income because the Vatican or other church offices are located; And the remaining 11 % are rented for reduced rent of Vatican employees.
In 2024, these properties generated only EUR 35 million, which was essentially equal to the profit of 2023.
Financial analysts believe that the Vatican can “unlock” potential income through an undervalued property. The big challenge, however, is that APSA does not have little money for investment in reconstructions that would justify higher rent.
APSA noted that the revenue was flat due to the higher costs of maintaining real estate – in 2024 only 3.8 million euros were spent on maintenance, said the report.
APSA added that it reassessed the total value of its shares of EUR 2.6 billion from EUR 2.74 billion, Reuters reported.
The AFP report further noted that in June gifts increased to the Popes to support charity missions – in 2023 to EUR 58 million in 2024 increased from EUR 52 million.
(With AP, AFP and Reuters inputs)
(Tagstotranslate) Vatican City
