Aramco posts 34% rise in Q3 profit and lifts dividend
Saudi Aramco reports third‑quarter net profit increased 34 percent year‑on‑year to $36.25 billion and approved a base dividend of $21.9 billion, a 3.5 percent rise. Revenue grew to $140.5 billion, driven by higher oil and chemical prices despite lower volumes. Downstream earnings before interest and tax jumped 234 percent, while adjusted net income rose 9 percent to $31.2 billion. The company says its Zuluf crude project has started production and it is pursuing extra overseas storage and new export routes amid Houthi attacks on Saudi energy infrastructure.
Key facts
- Free cash flow for Q3 totaled $28.2 billion, up from $23.6 billion a year earlier.
- Aramco acquired a 49 percent stake in Saudi AI firm HUMAIN.
- The profit surge includes a 25.9 billion‑riyal gain from selling a stake in the PRefChem joint venture to Petronas.
- CEO Amin H. Nasser says geopolitical uncertainty and attacks on energy facilities worsen the global energy supply crisis.
- Attacks on the East‑West onshore pipeline and other assets were carried out by Iran‑backed Houthis.
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Why it matters
The results show Aramco’s resilience and expanding cash flow despite regional security threats.
What changed
First published from The National, Asharq Al-Awsat, Euronews, CNBC and OilPrice.com