Despite attacks, Saudi Aramco posts 34% rise in net profits in latest quarter

DUBAI — Saudi Arabian oil giant Aramco disclosed on Tuesday a 34.5% surge in net profit for the third quarter, even amid attacks on its facilities. The world's leading oil exporter posted a net profit of $36.25 billion, up from $26.9 billion a year ago for the period ending September 30. Revenue growth and the company's exit from a joint venture played a significant role in the profit boost.

The third-quarter net profit surpassed the median analyst consensus of $30.66 billion, as estimated by 12 industry experts. Adjusted net income also came in at approximately $31.2 billion, further exceeding expectations. Despite the US-Iran conflict impacting Aramco's production levels, higher oil prices managed to offset the decline in output.

Aramco has continued exporting crude from its eastern Gulf terminals and western Red Sea ports via the East-West pipeline. This critical lifeline has been vital for the company's operations, especially after the war's commencement in late February when the US and Israel launched attacks on Iran. The pipeline has faced multiple attacks throughout the conflict, and Aramco's headquarters, along with other Saudi energy infrastructure, have also been targeted in the ongoing war with Yemen's Houthis.