DUBAI, United Arab Emirates — Saudi Arabia’s state-owned oil company Aramco (2222.SE) reported on Tuesday a 34.5-percent increase in net profit in the third quarter (Q3) despite attacks targeting it, mainly due to higher revenue and its exit from a joint venture.
The world’s top oil exporter reported a net profit of $36.25 billion in the three months ended Sept. 30 from $26.9 billion a year earlier. Net profit was $32.7 billion in the second quarter.
Adjusted net income in the third quarter was about $31.2 billion, beating a median analyst consensus shared by Aramco from 12 analysts of $30.66 billion.
The US-Iran war has cut Aramco’s output but higher oil prices have offset the reduced volumes.
Aramco has been exporting crude from its eastern terminals in the Gulf, its traditional outlet, as well as its western terminals in the Red Sea via the East-West pipeline, which CEO Amin Nasser has called a critical lifeline.
The pipeline, which ramped up flows after the war began when the United States and Israel struck Iran in late February, has come under attack several times throughout the conflict.
Other Saudi energy infrastructure and Aramco’s headquarters have also come under fire as fresh fighting erupted in the simmering war with Yemen’s Iran-aligned Houthis.
