Saudi Aramco earns $36.25 billion in quarterly net profit
The state-owned oil company’s profit rose by more than a third from a year earlier as higher oil prices offset disruption caused by the war involving Iran.
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The state-owned oil company’s profit rose by more than a third from a year earlier as higher oil prices offset disruption caused by the war involving Iran.
Saudi Aramco earned $36.25 billion in net profit in the third quarter, up more than a third from a year earlier. The state-owned oil company had earned $26.9 billion in the comparable quarter a year earlier.
The Guardian printed the current-quarter profit as $3.25 billion, an apparent error inconsistent with its report of growth from $26.9 billion a year earlier. France 24 reported the current-quarter figure as $36.25 billion.
France 24 said higher oil prices offset supply disruption caused by the war involving Iran. The war reduced Aramco’s output, while Houthi rebels targeted the company’s infrastructure and headquarters.
Aramco President and CEO Amin H. Nasser said the company was continuing to explore additional overseas storage capacity and alternative export routes to strengthen its supply network.
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