Saudi Aramco reported a roughly 35% rise in third-quarter net profit
Saudi Aramco reported third-quarter net profit rose 35%, boosted by higher oil prices and sale of its PRefChem stake to Petronas, the Associated Press reported. Bloomberg said adjusted profit, excluding the sale, rose 9% to $31.2 billion, beating estimates. Aramco President Amin Nasser said attacks on key energy facilities amplified global supply concerns.
More context
Saudi Aramco reported a roughly 35% rise in third-quarter net profit, boosted by higher oil prices and the sale of its stake in Malaysian refining and petrochemical company PRefChem to Petronas, the Associated Press reported. The AP put profit at $36.3 billion, up from $26.9 billion a year earlier. The Economic Times reported a 34.5% increase to $36.25 billion and said profit was also above the $32.7 billion recorded in the second quarter. Adjusted net profit, excluding the stake sale, rose 9% to $31.2 billion, Bloomberg reported, topping analysts’ $28.7 billion estimate. Bloomberg also reported that Aramco maintained its base dividend at $21.9 billion. Aramco President Amin Nasser said uncertainty and attacks on key energy facilities amplified the global energy supply crisis in the quarter. The results came amid attacks on energy infrastructure during the US-Iran conflict.
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Reporting
- The Economic Times — Saudi Aramco Q3 profit jumps 34.5% to $36.25 billion despite ongoing US-Iran conflict - The Economic Times
- ABC News — Higher oil prices boost Saudi Aramco profits despite disruption from attacks
- The New Region — Saudi Aramco reports 34.6% surge in third-quarter profit amid war
- Bloomberg — Aramco Profit Rises 9% as Refining, Oil Price Drive Earnings - Bloomberg
- Ottumwa Courier — Higher oil prices boost Saudi Aramco profits despite disruption from attacks | Business | ottumwacourier.com
- Reuters — Aramco's Q3 profit rises by a third despite attacks
Verifier’s note
The Economic Times, ABC News, The New Region, Bloomberg, the Ottumwa Courier, and Reuters all report Aramco’s higher third-quarter profits. Bloomberg and the AP report distinguish the 9% rise in adjusted net profit from the roughly 35% rise in reported net profit, so the figures are consistent rather than contradictory.