Saudi Aramco reported a 44% increase in second-quarter net profit on Tuesday, buoyed by higher energy prices driven by the war in the Middle East.
The oil giant, the world's largest crude exporter and a cornerstone of the Saudi economy, is the latest major energy company to report strong earnings as the conflict has shaken global oil markets.
Net profit rose to 122.6 billion Saudi riyals ($32.7 billion) in the April-June period, up from 85 billion riyals a year earlier, according to the company's earnings statement.
The results came despite disruptions linked to Iran's closure of the Strait of Hormuz, a key route for Gulf oil exports, and attacks on Saudi vessels in the Red Sea by Yemen's Houthi rebels.
Crude oil prices remained volatile throughout the conflict and were significantly higher during the second quarter of 2026 than in the same period 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 Chief Executive Amin H. Nasser said in a statement.
He also cited the “diverse asset base and multi-decade planning, including strategic infrastructure such as the East-West Pipeline, storage capacity and export terminals”.
Excluding one-off items, adjusted net profit reached 125.1 billion Saudi riyals.
Analysts had forecast adjusted second-quarter net profit of 116.9 billion riyals on average.
“Ongoing regional uncertainty resulted in higher prices for hydrocarbons and lower volumes sold, as well as improved refining margins, compared with the previous quarter,” Aramco said.
Source: CNA
