Aramco’s Q3 profit climbs 35% despite attacks on oil facilities
Saudi Aramco reported a 35% jump in third-quarter net profit, reaching 135.9 billion riyals (€32.3 billion), up from about 101 billion riyals a year earlier. The result includes a one-off gain of 25.9 billion riyals from the sale of its stake in PRefChem to Malaysia’s Petronas. Excluding that, adjusted net income was roughly 117 billion riyals, 9% higher than the same period last year but 7% lower than the previous quarter.
The earnings beat the median forecast of $30.66 billion from 12 analysts, according to Reuters. The company’s second-quarter net profit was 122.6 billion riyals, up 44% year-on-year. The latest figures come amid heightened geopolitical tensions in the region.
Attacks on Saudi infrastructure
Iran-backed Houthi forces in Yemen have been targeting Saudi tankers, pipelines, storage facilities and refineries since hostilities resumed in July, with strikes intensifying in recent weeks. Last month, the Houthis said they targeted Aramco’s headquarters, a vast complex in the kingdom’s east. Saudi officials confirmed a building was hit in an area housing Aramco’s operations centre, and two employees told AFP that a tower in the headquarters was struck.
The Houthis and Iran have also been hampering traffic in the straits of Bab al-Mandeb and Hormuz. The Middle East war began on 28 February with US and Israeli strikes on Iran, upending global energy markets, drawing down strategic reserves and spurring inflation. Ukrainian drones have battered Russian energy infrastructure, and Moscow has restricted exports of fuels including petrol and diesel.
US naval support and oil prices
US naval support has helped millions of barrels of crude per day move through the Strait of Hormuz. US Central Command said last month it had helped Gulf countries export more than 1.5 billion barrels of crude through the strait since summer and facilitated the passage of over 3,000 commercial vessels over the past six months. Oil prices fell more than 7% on Monday on signs that Tehran and Washington were renewing dialogue.
Amin H. Nasser, Aramco’s president and CEO, 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.” Robert Mogielnicki, a research fellow at the Arab Gulf States Institute, told AFP: “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.”
Saudi budget and economic outlook
Saudi Arabia’s 2026 budget deficit has been revised up to 245 billion riyals (€58.2 billion), or 4.9% of GDP, from an initial 165 billion riyals. Government spending is expected to exceed initial projections by 9.3%. The finance ministry forecasts the Saudi economy will contract 3.6% in 2026, driven by a 21.8% decline in oil-related activity. The kingdom expects the deficit to fall to 191 billion riyals in 2027, or 3.6% of GDP. The IMF expects Saudi GDP to contract 3.3% this year, five percentage points below its July forecast.
