Aramco’s profit rises as refining margins strengthen amid Iran war
Adjusted net income rose to $31.2 billion as higher refining margins and oil prices offset disruption to exports, Aramco said.
- On Tuesday, Aramco reported a 34 per cent annual increase in net income for the three months ended Sep 30, reaching $36.25 billion despite regional conflict.
- Higher revenue and refining operations drove strong financial performance, even as Iranian attacks on shipping in the Strait of Hormuz raised global supply concerns.
- Adjusted net income reached $31.2 billion, beating the median consensus of 12 analysts, as Aramco navigated disruptions from the US-Iran war.
- Increased earnings provide a critical financial cushion as Saudi Arabia faces pressure from Houthi attacks, supporting the kingdom's vast spending needs.
- Aramco president and chief executive Amin Nasser noted that geopolitical uncertainty continues to amplify the global supply crisis, with attacks targeting key energy facilities like the East-West pipeline.
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49 Articles
Business - Despite attacks, Saudi Aramco posts 34% rise in net profits in latest quarter
Saudi Arabia's state-owned oil giant saw its profits rise to $36.25 billion in the third quarter, despite seeing its infrastructure and even headquarters targeted by Houthi rebels. Elevated oil prices…
Saudi Arabian Oil Co. (Saudi Aramco) received a net profit of 135.94 billion rials ($36.25 billion) in the third quarter, an increase of 35 per cent over last July/September.
According to the results report released today by the Saudi company, the "improvement of results" was due to the rise in the prices of refined oil and chemicals, as well as to a higher volume of crude oil sales.
Saudi Aramco said on Tuesday that its third-quarter profit rose 34.6 percent from a year earlier. The Middle East conflict has kept crude prices high and Saudi Arabia's energy infrastructure under pressure. Yemen's Iran-backed Houthis have repeatedly attacked Saudi oil tankers, pipelines, storage facilities and refineries...
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