RIYADH: Saudi Aramco’s net profit rose 34.5 percent year on year to $36.3 billion in the third quarter, boosted by higher revenue and a gain from the sale of its stake in Malaysian refining and petrochemicals venture PRefChem. 

Adjusted net income, which excludes certain items, increased 9 percent to $31.2 billion from $28.6 billion a year earlier, the world’s largest oil exporter said in a statement. 

The increase in net profit was primarily driven by higher revenue and other income related to sales, as well as a gain from the disposal of Aramco’s equity interest in PRefChem, which was sold to Malaysia’s PETRONAS in September. Higher operating costs partly offset the increase. 

Aramco’s board also declared a base dividend of $21.9 billion for the third quarter, an increase of 3.5 percent year on year, which will be paid in the fourth quarter. 

The results come as geopolitical tensions and disruptions to shipping through the Strait of Hormuz have increased the importance of alternative energy export routes. Saudi Arabia has relied more heavily on its East-West Pipeline, also known as Petroline, which transports crude from Abqaiq in the Eastern Province to the Red Sea port of Yanbu. 

Amin Nasser, president and CEO of Aramco said: “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.” 

He added: “Despite challenges, the unwavering dedication of our workforce, our operational excellence, the flexibility of our system, and the strength of a supply network built over decades enabled us to continue delivering reliably to our customers through this extraordinary period.” 

Aramco is continuing to explore additional overseas storage capacity and alternative export routes to further strengthen its global supply network. 

Cash generation strengthens 

According to the statement, cash flow from operating activities reached $38.7 billion in the third quarter, up from $36.1 billion a year earlier. 

Free cash flow stood at $28.2 billion, compared with $23.6 billion in the corresponding quarter of 2025. 

The gearing ratio stood at 5.5 percent as of Sept. 30, compared with 6.2 percent as of June 30. 

Return on average capital employed, calculated on a 12-month rolling basis, was 22.1 percent, compared with 20.1 percent in the same period of the previous year. 

“Backed by our strong balance sheet, we remain focused on the disciplined execution of priority projects and on leveraging advanced technologies to enhance performance and unlock new opportunities,” said Nasser. 

He added: “This is how we will continue to meet the world’s evolving energy needs and deliver value for our shareholders and customers.” 

Upstream projects advance 

Aramco said it continued to advance major Upstream projects during the third quarter, including Jafurah phase two, the Fadhili Gas Plant expansion and the Dammam development project. 

Following the end of the quarter, the company commenced production at the Zuluf crude oil increment in October after completing construction activities. The facility is expected to process up to 600,000 barrels per day of crude oil from the Zuluf field through a central facility before the end of 2026. 

Aramco said the East-West Pipeline continued to provide export flexibility despite some disruptions during the quarter. The company was able to quickly restore loadings in the western region using the pipeline’s multiline configuration. It is also exploring additional overseas storage capacity and new export routes. 

AI and mining expansion 

After the end of the third quarter, Aramco completed a transaction with the Public Investment Fund to acquire a 49 percent stake in Humain, involving the transfer of certain AI assets and approximately $2.6 billion in cash contributions. PIF retained the remaining 51 percent stake. 

The transaction, concluded on Nov. 1, expands Aramco’s presence in the artificial intelligence sector and is expected to strengthen its industrial AI applications and digital capabilities. 

Separately, during the third quarter, Aramco signed a shareholders’ agreement with Saudi Arabian Mining Co., or Maaden, to establish a joint venture focused on mineral exploration and hard-rock mining. 

Nine-month results 

For the first nine months of 2026, net income totalled $101.5 billion and adjusted net income reached $98.4 billion. 

Free cash flow for the nine-month period was $59.1 billion, while capital expenditures amounted to $35.8 billion. 

Aramco’s Downstream business also recorded a sharp improvement, with adjusted earnings before interest and taxes rising 234 percent year on year to $10.3 billion in the third quarter, supported by stronger refining margins.