Aramco reported third-quarter net profit of 135.9 billion riyals, helped by high crude prices and a refinery stake sale, while adjusted income rose 9% and the war keeps weighing on Saudi growth.
Saudi oil giant Aramco said on Tuesday that its third-quarter net profit rose 34.6% to 135.9 billion riyals (about €32.3 billion), up from roughly 101 billion riyals a year earlier. According to Euronews, the result was supported by crude prices that remain elevated because of the Middle East war, and by a 25.9 billion riyal gain from the sale of its stake in the PRefChem refining and petrochemicals joint venture to Malaysia's Petronas.
The headline jump is flattered by that one-off gain. Aramco's adjusted net income came in at nearly 117 billion riyals (about €27.8 billion), which is 9% higher than a year ago but about 7% lower than in the second quarter, when net profit had risen 44% to 122.6 billion riyals. Euronews, citing Reuters, reports that the adjusted figure beat a median analyst forecast of $30.66 billion compiled from 12 analysts. Robert Mogielnicki of the Arab Gulf States Institute told AFP the results look better than a year ago, when oil prices were much lower, but less promising than last quarter.
The earnings arrived while Saudi energy infrastructure remains under pressure. Euronews reports that Yemen's Houthis have regularly targeted Saudi tankers, pipelines, storage sites and refineries since hostilities resumed in July, while traffic through the Hormuz and Bab al-Mandeb straits has been complicated. Chief executive Amin Nasser said attacks on key facilities continued to amplify the global energy supply crisis. The Saudi finance ministry now projects a 2026 budget deficit of 245 billion riyals (4.9% of GDP) and a 3.6% economic contraction, while the IMF expects a 3.3% contraction. Oil prices fell more than 7% on Monday on signs that Washington and Tehran are renewing dialogue, so the outlook for next quarter's earnings remains uncertain.
