Saudi Aramco reported a 9% increase in adjusted net income for the third quarter, reaching $31.2 billion, compared to $28.6 billion in the same period last year. This figure exceeded the median analyst consensus estimate of $30.66 billion.
The significant growth in Aramco's downstream business, which includes refining operations, was particularly noteworthy, with adjusted earnings before interest and taxes soaring 234% to $10.3 billion due to improved refining margins. CEO Amin H.
Nasser pointed out that ongoing geopolitical uncertainties and attacks on energy facilities have exacerbated the global energy supply crisis, impacting energy security worldwide. Despite these challenges, Aramco's operational flexibility allowed it to maintain energy deliveries.
The company also reported a free cash flow of $28.2 billion, an increase from $23.6 billion a year earlier, and declared a third-quarter base dividend of $21.9 billion, reflecting a 3.5% year-on-year increase.
Additionally, Aramco is pursuing further overseas storage capacity and alternative export routes to enhance its supply network and has made a strategic investment by acquiring a 49% stake in the Saudi AI company HUMAIN