Saudi Aramco profits jump 35% despite attacks on oil facilities

Saudi oil giant Aramco on Tuesday announced a 34. 6% surge in third-quarter net profit, as the Middle East war keeps crude prices high while the kingdom's energy infrastructure comes under regular attack. Yemen's Iran-backed Houthis have targeted Saudi tankers, pipelines, storage facilities and refineries regularly since hostilities resumed in July, intensifying their strikes in recent weeks.

The kingdom has also had to contend with the Houthis and Iran hampering traffic in the straits of Bab al-Mandeb and Hormuz, complicating exports. Yet Aramco — the cornerstone of Saudi Arabia's economy and one of the world's most valuable companies — saw its profits soar during the third quarter, helped by higher oil prices and a gain from selling its stake in a joint venture. The firm said net profit hit 135.

9 billion riyals (€32. 3bn) in the third quarter, compared with around 101 billion riyals (€24bn) in the same period a year earlier. The result included a 25.

9 billion riyal (€6. 2bn) gain from selling its stake in the PRefChem refining and petrochemicals joint venture to Malaysia's Petronas. The results come as energy majors around the world have seen earnings surge because of disruptions to oil and gas supplies in the Middle East, pushing up refining margins and prices.

But Aramco's boss warned that the conflict continued to weigh heavily on energy security. "Geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter of 2026, with serious implications for global energy security," president and CEO Amin H. Nasser said in a statement.

Adjusted net income came in at nearly 117 billion riyals (€27. 8bn), up 9% from a year earlier but down about 7% from the second quarter. That beat a median forecast of $30.

66 billion (€27. 3bn) from 12 analysts, according to Reuters, citing consensus estimates shared by Aramco. "The earning results are likely to be rosier compared (with) a year ago, when oil prices were much lower, but less promising relative to last quarter," Robert Mogielnicki, a research fellow at the Arab Gulf States Institute, told AFP.

In the second quarter, Aramco reported a 44% year-on-year increase in net profit to 122. 6 billion riyals (€29. 1bn).

The Middle East war, which began on 28 February with US and Israeli strikes on Iran, has upended global energy markets, led to the widespread drawing down of strategic reserves and spurred inflation. And while the war rages in the Gulf, Ukrainian drones have also battered Russian energy infrastructure, prompting Moscow to restrict exports of fuels including petrol and diesel. Last month, the Houthis said they targeted Aramco's headquarters, a vast complex comprising numerous buildings and residential compounds in the kingdom's east.