DUBAI: Saudi Aramco, the world’s largest oil exporter, reported a 34.5 per cent increase in net profit for the third quarter, supported by higher revenues and the company’s exit from a joint venture, despite attacks targeting its energy infrastructure amid the ongoing regional conflict.
Thank you for reading this post, don't forget to subscribe!The Saudi state-owned oil giant posted a net profit of $36.25 billion for the three months ended September 30, compared with $26.9 billion in the corresponding period last year. The figure was also higher than the $32.7 billion recorded in the second quarter.
Aramco’s adjusted net income stood at approximately $31.2 billion, exceeding the median analyst estimate of $30.66 billion based on forecasts from 12 analysts shared by the company.
The results came despite production and export disruptions caused by the US-Iran war, which has affected the company’s operations and reduced crude oil output. Higher international oil prices, however, helped offset the impact of lower production volumes.
Amid the disruption, Aramco has continued exporting crude through its traditional eastern terminals in the Gulf, as well as its western terminals on the Red Sea coast using the East-West pipeline.
Aramco Chief Executive Officer Amin Nasser has described the pipeline as a critical lifeline for maintaining the kingdom’s oil exports during the conflict.
The pipeline increased its flows after the war began in late February, following US and Israeli strikes on Iran. However, it has reportedly come under attack several times during the conflict.
Other Saudi energy infrastructure facilities and Aramco’s headquarters have also been targeted as fighting intensified in the wider regional conflict involving Yemen’s Houthi movement.
Despite these operational and security challenges, higher oil prices and improved financial performance enabled Aramco to deliver strong quarterly earnings, highlighting the resilience of its business amid continuing geopolitical uncertainty.
By Reuters
