Aramco’s Adjusted Profit Rises 9% Amid Iran War Disruptions

Saudi Aramco’s adjusted third-quarter net income rose 9% to $31.2 billion as stronger refining margins lifted its downstream business amid Iran-war disruptions in global energy markets.

Net income was up from $28.6 billion in the same quarter a year earlier and exceeded the median analyst estimate of $30.66 billion. The downstream unit, which processes crude oil into fuels and other products, recorded $10.3 billion in adjusted earnings before interest and taxes, a 234% increase year over year.

Free cash flow reached $28.2 billion, compared with $23.6 billion a year earlier. Aramco CEO Amin H. Nasser said geopolitical uncertainty and attacks on key energy facilities intensified the global energy supply crisis during the quarter. He said the company’s operating flexibility and supply network helped it continue delivering energy to customers through the disruptions.

Aramco’s board declared a $21.9 billion base dividend for the quarter, up 3.5% from a year earlier. The payment is scheduled for the fourth quarter.