The Vatican’s asset management body, known as the Administration of the Patrimony of the Holy See (APSA), reported a 45.9 million euro profit ($49.6 million) in its 2023 annual report on Tuesday, an increase of 13.6 million euros ($14.7 million) from the previous year.

Approximately 37.9 million euros ($41 million), which accounts for 82.6% of the total profit generated, will go toward supporting the work and activities of the Roman Curia. The remaining 7.9 million euros ($8.5 million) will be reinvested into APSA to further increase its assets.

“We have to work constantly to increase the income stream to cover expenses, but without affecting the Holy See’s assets or requiring the sale of institutional properties,” stated APSA president Archbishop Giordano Piccinotti, Vatican News reported.

Moveable assets and property are two major areas managed by APSA.

The Vatican’s buying and selling of “moveable assets” — including international securities, fixed-income, and other low-risk assets — are invested in projects that operate in accordance with the social doctrine of the Catholic Church.

Vatican News said that APSA adopted a “defensive approach” regarding its moveable assets in 2023 due to uncertain economic conditions but still reported a surplus of 27.6 million euros ($29.9 million), an increase from 2022.

In the area of property, the Holy See owns 4,249 real estate units in Italy, 92% of which are in the Rome province, including churches, farming land, and office buildings as well as residences for religious orders. 

The report also states that the leasing regulations, outlining conditions, procedures, and responsibilities of Vatican property renters have been updated. 

Nearly half of the Holy See’s Italian properties are rented in the open market, 1,203 properties are rented at a reduced rate, and the remaining 1,028 of properties do not generate an income. 

The Holy See owns an additional 1,200 real estate units located abroad in England, France, and Switzerland, according to the 2023 asset management report.    

Properties belonging to the Vatican are managed directly by APSA or by subsidiary companies, including the “agrivoltaic system” Pope Francis asked to be constructed for farming and solar energy production for the Vatican.  

In total, APSA valued the total patrimony managed by the Vatican at over 2.7 billion euros ($2.9 billion) in 2023.

“In the coming years, we will embark on a path to adjust the number of resources in order to effectively deal with new administrative responsibilities in view of APSA’s being entrusted with management of the real estate of other entities of the Holy See,” Piccinotti stated in Vatican News.