Saudi Aramco on Tuesday said its net profit rose 44 per cent in the second quarter year-on-year as the Middle East war pushed oil and gas prices higher.
Aramco, majority-owned by the state, reported net income of 122.6 billion Saudi riyals ($32.7 billion) from April to June, up from 85 billion riyals ($22.67 billion) in 2025.
Crude prices have been volatile throughout the war and were far higher in the second quarter of 2026 compared with a year earlier.
“Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity,” Aramco president and CEO Amin H. Nasser said in a statement.
He cited Aramco’s “diverse asset base and multi-decade planning, including strategic infrastructure such as the East-West Pipeline, storage capacity, and export terminals”.
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Fighting in the Gulf continues to restrict the passage of hydrocarbons through the strategic Strait of Hormuz, while Iran’s Houthi allies in Yemen announced a maritime blockade against Saudi Arabia in the Red Sea last month.
Stripping out exceptional items, adjusted net income came in at 125.1 billion Saudi riyals ($33.4 billion).
The median analyst consensus for the second quarter adjusted net income was $31.16 billion — an external estimate based on 12 forecasts.
AFP
