Saudi Aramco (Saudi Aramco) announced a net profit of $31.2 billion in its financial report for the third quarter of 2026, a significant increase compared to the company's profit of $28.6 billion in the same period last year. This figure also surpassed analysts' expectations, who had predicted an average profit of $28.7 billion for Aramco.
Profit increase due to high oil prices
The rise in crude oil and fuel prices has compensated for the impact of attacks on Aramco's infrastructure and disruptions in oil supply. Despite attacks on the East-West oil pipeline connected to the Strait of Hormuz and other attacks on Aramco facilities carried out by Iran-backed Houthis, the company has achieved higher productivity and capitalized on rising oil prices due to regional tensions.
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Increase in refining margins and ancillary revenues
The company's revenues in the downstream sector have increased by 234% compared to last year due to rising refining margins, reaching $10.3 billion. This figure represents a significant growth compared to $3.1 billion last year. Aramco has also decided to maintain its base dividend of $21.9 billion for the third quarter of 2026, which is a 3.5% increase from the previous year.
Most of this profit belongs to the Kingdom of Saudi Arabia, which holds over 90% of the company's shares. Aramco's CEO, Amin Nasser, referred to the threats posed by geopolitical uncertainties and added: "Geopolitical uncertainties and attacks on key energy facilities have exacerbated the global energy supply crisis in the third quarter of 2026, which has serious implications for global energy security. We continue to explore options for further diversifying our customer supply."
Future outlook for Aramco
Aramco is also exploring additional storage capacities abroad and alternative export routes to strengthen its global supply network. The strong operational and financial performance of the company during this unstable period demonstrates its resilience. Aramco's results come as the largest international oil companies also reported significant revenues in the third quarter of this year.
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