Saudi Aramco’s adjusted net income rises 9% in Q3

Saudi Aramco posted a 9% year-on-year rise in its third-quarter adjusted net income to $31.2 billion, supported by operational flexibility and stronger refining margins, the state energy giant said Tuesday.

Cash flow from operating activities reached $38.7 billion during the July-September period, while free cash flow rose to $28.2 billion from $23.6 billion in the same quarter last year.

Aramco’s board declared a third-quarter base dividend of $21.9 billion, up 3.5% year-on-year, to be paid in the fourth quarter, it said.

Downstream adjusted earnings before interest and taxes (EBIT) surged 234% year-on-year, driven by stronger refining margins.

President and CEO Amin Nasser highlighted that geopolitical instability and attacks targeting key energy infrastructure had exacerbated global supply security concerns in the three months to September.

The energy giant is assessing alternative export routes and additional overseas storage capacity, alongside a possible expansion of its East-West Pipeline capacity to strengthen international delivery channels, according to Nasser.

“We continue to explore additional overseas storage capacity and alternative export routes to further strengthen our global supply network, and our robust operational and financial performance during this volatile period demonstrates the value of our resilience,” he said.

The CEO stressed that key upstream projects remain on track, supported by the group’s strong financial position.

Aramco also expanded into adjacent sectors through the acquisition of a 49% stake in artificial intelligence (AI) firm HUMAIN, involving the transfer of assets and approximately $2.6 billion in cash contributions, and a joint venture agreement for hard-rock mineral exploration.