Saudi Aramco recorded a 34.5 percent annual increase in third-quarter net profit, reaching $36.3 billion. Aramco Profit Growth reflected higher revenue, sales-related income and proceeds from selling its PRefChem stake. The company also benefited from a gain following the disposal of its Malaysian refining venture interest.
Adjusted net income, which excludes certain items, climbed 9 percent to $31.2 billion. The figure compares with $28.6 billion during the same quarter last year. However, higher operating expenses partly offset the benefits of stronger revenue and other income.
Aramco sold its equity interest in PRefChem to Malaysia’s PETRONAS in September. The transaction contributed to the increase in reported net profit. Meanwhile, the company’s board declared a third-quarter base dividend worth $21.9 billion. This represents a 3.5 percent increase compared with the previous year, with payment scheduled for the fourth quarter.
The results arrived amid geopolitical tensions and disruptions affecting shipping through the Strait of Hormuz. Consequently, alternative routes have become increasingly important for maintaining international energy supplies. Saudi Arabia has relied more heavily on its East-West Pipeline, also known as Petroline.
The pipeline transports crude from Abqaiq in the Eastern Province to Yanbu on the Red Sea. Aramco President and CEO Amin Nasser said geopolitical uncertainty and attacks on energy facilities intensified supply concerns. He also highlighted the company’s ability to maintain deliveries despite challenging operating conditions.
Nasser credited the workforce, operational flexibility and established supply network for supporting reliable customer deliveries. Furthermore, he said Aramco would continue strengthening its international network. The company is exploring additional overseas storage capacity and alternative export routes.
Aramco also reported stronger cash generation during the third quarter. Operating cash flow reached $38.7 billion, compared with $36.1 billion a year earlier. Free cash flow increased to $28.2 billion from $23.6 billion over the same period.
The company’s gearing ratio stood at 5.5 percent on September 30. That compared with 6.2 percent at the end of June. Additionally, return on average capital employed reached 22.1 percent on a rolling 12-month basis. The corresponding figure a year earlier stood at 20.1 percent.
Nasser said Aramco would use its strong financial position to advance priority projects. He also pointed to advanced technologies as tools for improving performance and identifying opportunities. The company aims to meet changing global energy demand while creating value for shareholders and customers.
During the quarter, Aramco continued developing several major upstream projects. These included the second phase of Jafurah, the Fadhili Gas Plant expansion and the Dammam development. After the quarter ended, the company began production at the Zuluf crude oil increment in October.
Aramco expects the Zuluf facility to process up to 600,000 barrels of crude daily. The central facility will handle production from the Zuluf field before the end of 2026. Meanwhile, the East-West Pipeline helped the company maintain export flexibility during disruptions. Its multiline configuration also allowed Aramco to restore western-region loadings quickly.
The company also expanded its interests in artificial intelligence and mining. On November 1, Aramco completed a transaction with the Public Investment Fund involving Humain. The deal gave Aramco a 49 percent stake, while the fund retained 51 percent ownership.
The transaction involved transferring certain artificial intelligence assets and approximately $2.6 billion in cash contributions. Aramco expects the move to strengthen industrial AI applications and expand its digital capabilities. Separately, the company signed an agreement with Saudi Arabian Mining Co., known as Maaden, to establish a mineral exploration and hard-rock mining joint venture.
For the first nine months of 2026, Aramco reported net income of $101.5 billion. Adjusted net income reached $98.4 billion during the same period. Free cash flow totalled $59.1 billion, while capital expenditure amounted to $35.8 billion.
Aramco’s downstream business also delivered a significant improvement during the third quarter. Adjusted earnings before interest and taxes rose 234 percent year on year to $10.3 billion. Stronger refining margins supported that increase, adding another positive contribution to the company’s quarterly performance.
Overall, Aramco Profit Growth accompanied stronger adjusted earnings, cash generation and downstream results. The company also advanced projects across energy production, artificial intelligence and mineral exploration. Its latest figures highlight the financial performance and strategic investments shaping its operations.
