The Administration of the Patrimony of the Apostolic See (APSA) — the body responsible for managing the properties and investments of the small city state — presented on July 28 its financial statement for the 2024 fiscal year, with net profits of 62.2 million euros ($72.1 million), one of the highest figures recorded since these reports began being published.

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In addition, it contributed 46.1 million euros ($53.4 million) to cover the Holy See’s deficit, 8 million euros ($9.27 million) more than in 2023.

“This is one of the best financial statements in recent years,” emphasized the president of APSA, Archbishop Giordano Piccinotti, in a statement to Vatican media. He explained that these results not only reflect effective management but also a growing commitment to the Church’s mission, a strategic vision of patrimony, and a working model based on transparency, collaboration, and the common good.

An ecclesial vision of patrimony

“APSA is not limited to offering operational services,” Piccinotti explained in the report’s introduction, “but is configured as an organization at the service of the mission of the Catholic Church.”

The report reflects the fruits of a strategy focused on three guiding principles. The first is an ecclesial vision of patrimony: understanding that the assets managed are not ends in themselves but rather instruments to serve ecclesial communion and promote a sense of belonging to the Church. The second principle is collaboration and transparency: investments have been made in inter-institutional relations, in strengthening internal competencies, and in clear and traceable processes with defined responsibilities. The third is the common good as a guiding criterion: Management has been oriented toward decisions that respond to ethical and pastoral criteria, seeking to build synergies with other entities of the Holy See.

Record profitability: Ethics and strategy

The 2024 result represents a surplus of 16 million euros ($18.5 million) higher than that of 2023, when the profit was 45.9 million euros ($53.2 million).

Part of the profit was allocated to the Vatican budget (known as “fabbisogno”) of the Roman Curia, which totaled 170.4 million euros ($197.5 million). APSA’s contribution was divided between a fixed portion of 30 million euros ($34.7 million) and a variable portion equivalent to 50% of the residual net profit, thus reaching 46.1 million euros ($53.4 million).

Piccinotti explained that the increase is due to better management and valuation of assets. “We are doing our duty: We provide significant coverage for the Curia’s financial deficit. It’s not just about renting out empty properties. We have restructured property management, allowing rentals at market prices, which generates additional resources.”

Regarding financial investments, in 2024 the APSA adopted the guidelines of the Holy See’s Investment Committee, using separate management accounts (SMAs) similar to private investment funds. This allowed for sales at high points and strategic reinvestment, achieving a return of 8.51%, representing 10 million euros ($11.6 million) more than in 2023.

Stability in real estate management

Real estate management — which represents a fundamental part of the Holy See’s assets—generated stable revenues of 35.1 million euros ($40.7 million). This result was possible thanks to a “combined effect”: an increase in rental income (+3.2 million euros [$3.7 million] in Italy and +0.8 million euros abroad [$.92 million]) and an increase in expenses, especially in maintenance (-3.9 million [-$4.5 million], of which 3.8 million euros [$4.4 million] was allocated to upkeep).

APSA currently manages 4,234 real estate units in Italy, of which 2,866 are its own. It also owns assets abroad through affiliated companies in England, France, Switzerland, and Italy.

Transparency and service to third parties

The 2024 financial report is the fifth to be published publicly since this transparency practice began in 2020, following the economic reforms promoted by Pope Francis. APSA was created by Pope Paul VI in 1967.

In 2024, the organization paid 6 million euros ($6.9 million) in municipal property tax (IMU) and 3.19 million euros ($3.69 million) in corporate income tax (IRES), thus refuting rumors of widespread tax exemptions.

Furthermore, nearly 40% of APSA’s staff work in services provided to other Vatican entities, such as accounting or maintenance of apostolic nunciatures. “We not only contribute profits but also essential services for the mission of the Church,” Piccinotti explained.

Renewable energy and future prospects

Among the notable projects is Fratello Sole (Brother Sun, an allusion to St. Francis of Assisi’s “Canticle of the Sun”), an initiative to install an agrovoltaic plant in the Santa Maria di Galeria area, geared toward the Vatican’s energy transition. The site was visited by Pope Leo XIV on June 19 as a sign of his support for integral ecology.

“The goal is to continue improving deficit coverage in 2025 as well,” Piccinotti said, summing up with a phrase inherited from his grandfather: “You can’t get more than 15 kilos [33 pounds] of cherries from a cherry tree. We are close to the limit, but there is still room for improvement. Management is already good, but we are not standing still,” he concluded.

This story was first published by ACI Prensa, CNA’s Spanish-language news partner. It has been translated and adapted by CNA.