Saudi Aramco’s third-quarter profit jumps 34.5% to $36.25 billion as higher revenue and one-off gain lift earnings

Saudi Aramco reported a 34.5% year-on-year increase in third-quarter net profit on Tuesday, as higher revenue and a one-off gain from exiting a joint venture boosted earnings despite attacks on some of the company’s facilities during the quarter.

The Saudi state oil giant posted net income of $36.25 billion for the three months ended September 30, up from $26.9 billion in the same period last year and $32.7 billion in the second quarter.

Adjusted net income, which excludes one-off items, reached about $31.2 billion, beating the median analyst estimate of $30.66 billion from a company-provided survey of 12 analysts.

Aramco attributed the increase primarily to stronger revenue and other income related to its exit from a joint venture, partially offset by higher operating costs.

The results came despite attacks on Aramco infrastructure during the quarter amid the wider regional conflict, which has placed renewed attention on the security of Gulf energy facilities and global oil supplies.

Aramco, the world’s largest oil exporter, remains central to Saudi Arabia’s public finances and to the kingdom’s efforts to fund economic diversification under its Vision 2030 program.

The company said its board declared a base dividend of $21.1 billion for the third quarter, alongside a performance-linked dividend of $0.2 billion, bringing the total quarterly payout to $21.3 billion.