Saudi Aramco Q3 net profit rises 34.5% as higher oil prices offset lower volumes
Increased earnings are a boon for the kingdom as Houthi attacks pressure the economy
Saudi Aramco reported a 34.5% rise in net profit during the third quarter, reaching $36.25 billion despite ongoing attacks and lower oil volumes. The global oil exporter, the world's top oil producer, saw its adjusted net income at approximately $31.2 billion, surpassing analyst consensus by $0.54 billion. The surge in oil prices, driven by the US-Iran war, offset the decline in production volumes.
Aramco's revenue came from energy sales and hefty dividend payouts, supporting Saudi Arabia's extensive spending needs. The company ramped up crude shipments through the East-West pipeline to regain market share among buyers in Asia, and pivoted to the route through Hormuz after the alternative was disrupted. Despite multiple attacks on Saudi energy infrastructure, the kingdom continued to export oil to global markets in November.
Brent crude prices soared over 40% during the quarter, reaching over $100 a barrel due to supply concerns from attacks on shipping in the Strait of Hormuz.
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