Aramco posts 34.5% rise in third-quarter profit despite attacks

Aramco’s net earnings climbed 34.5% year on year to $36.25 billion in the quarter ending September 30, Business Recorder reported on Tuesday. The Saudi state oil producer attributed the increase mainly to stronger revenue and its departure from a joint venture. Its net profit had been $26.9 billion in the same period last year and $32.7 billion in the second quarter.

Adjusted third-quarter income came to about $31.2 billion, above the $30.66 billion median estimate from 12 analysts shared by Aramco. The US-Iran war has reduced the company’s output, but higher oil prices have counterbalanced the lower volumes. Aramco has used both eastern Gulf terminals and western Red Sea terminals, supplied through the East-West pipeline, which has faced repeated attacks; its headquarters and other Saudi energy facilities have also been targeted amid renewed conflict involving Yemen’s Houthis.