Saudi Aramco reported an annual jump of about 42 per cent in its second-quarter net profit, as the world's largest oil exporter tackled a quarter marked by regional war and repeated attacks on Saudi export infrastructure.
Net profit attributable to shareholders of the company for three months to the end of June climbed to 121.5 billion Saudi riyals ($32.4 billion), the company said in a filing on Tuesday to Tadawul stock exchange, where its shares are traded.
Revenue rose 19 per cent to 450.7 billion riyals "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", the company said.
"Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity by capitalising on our diverse asset base and multi-decade planning, including strategic infrastructure such as the East-West pipeline, storage capacity and export terminals," said Aramco president and chief executive Amin Nasser. "That enabled us to sustain production and exports while advancing key projects, despite the challenging regional environment."
Adjusted net income rose to $33.3 billion in between April and June, compared with $25 billion in the same period last year.
Realised crude price averaged $108.10 a barrel during the quarter compared with $66.7 a barrel for the same period last year and $76.9 a barrel in the first quarter.
Hydrocarbon production averaged 9.46 million barrels of oil equivalent a day, down from 12.61 million barrels in the first quarter of 2026, after Iran closed the Strait of Hormuz, leading to production cuts.
The quarter unfolded against the backdrop of the regional war, which resumed on July 11 after a collapsed interim peace deal with Iran and the US. Washington and Tehran exchanged strikes for 13 consecutive nights, before a lull. Iran has attacked tankers transiting the strait in response, squeezing the kingdom's primary export route.
Aramco leaned on its East-West pipeline, which ran at its seven million barrels per day maximum capacity in the first quarter, to reroute crude to Red Sea terminals. In late July, Yemen's Iran-backed Houthi rebels declared a "maritime blockade" of Saudi ports, threatening the Bab Al Mandeb strait that has been vital to exporting Saudi oil to customers in Asia.
