Saudi Aramco Profit Rises 35% As Higher Oil Prices Lift Revenue

State-run Saudi Aramco on Tuesday reported significant profit growth in its third quarter compared to the same period of the previous year amid rising prices.

The company said that revenues benefited from higher prices of refined and chemical products and crude oil, despite weak volume.

In the third quarter, net income climbed to $36.252 billion from last year’s $26.937 billion.

Adjusted net income grew 9 percent to $31.198 billion from prior year’s $28.581 billion, benefited from operational excellence, rapid restoration capabilities, flexibility, and resilience, the company noted.

Revenue and other income related to sales climbed to $140.492 billion from $111.509 billion last year.

The increase in revenue was mainly driven by higher prices of refined and chemical products and crude oil, partially offset by lower volumes sold of crude oil and refined and chemical products.

Average realized crude oil price grew to $95.20 per barrel of crude oil (bbl) from last year’s $70.1/bbl.

Further, the Board declared a third-quarter base dividend of $21.9 billion, up 3.5 percent year-on-year, to be paid in the fourth quarter.