Saudi Aramco profits jump 35% despite attacks on oil facilities
Higher oil prices and a joint venture sale lifted the Saudi giant’s earnings, even as disrupted exports and prolonged conflict weighed on the kingdom’s economy.
Saudi Aramco, the cornerstone of the Saudi Arabian economy and a world-renowned oil company, reported a 34.6% increase in third-quarter net profit in July, despite facing attacks on its energy infrastructure. The Middle East conflict, which began in February, has resulted in high crude prices and regular strikes on Saudi tankers, pipelines, storage facilities, and refineries by Iran-backed Houthis.
Aramco's net profit reached 135.9 billion riyals (€32.3bn) in the third quarter, up from 101 billion riyals (€24bn) in the same period a year earlier. A significant 25.9 billion riyals (€6.2bn) gain was made from selling the company's stake in a joint venture to Malaysia's Petronas. However, despite the profit surge, Aramco's CEO, Amin H. Nasser, cautioned that the ongoing conflict continued to strain energy security.
The results were better than expected, with adjusted net income at nearly 117 billion riyals (€27.8bn), a 9% increase from a year earlier, but down 7% from the previous quarter. The improved profit figures come as energy companies worldwide have benefited from disruptions in Middle Eastern oil and gas supplies, leading to higher refining margins and prices.
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