Saudi Aramco announced on Tuesday that its net profit for the third quarter of 2026 increased by 34.6%, reaching 135.9 billion riyals (36.2 billion dollars). This is compared to a net profit of approximately 101 billion riyals in the same period last year.
Profit Increase and Analyst Forecasts
The adjusted net profit, excluding exceptional items, reached 116.9 billion riyals. Analysts had forecasted an adjusted net profit of 30.66 billion dollars. In the second quarter of this year, Aramco reported a 44% increase in net profit compared to last year.
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Impact of War and Geopolitical Instabilities
Amin Hassan Nasser, President and CEO of Aramco, stated: "Geopolitical uncertainties and attacks on key energy facilities intensified the global energy supply crisis in the third quarter of 2026, with serious implications for global energy security."
The Houthis in Yemen, collaborating with Iran, have repeatedly attacked oil tankers, pipelines, storage facilities, and Saudi refineries, with these attacks increasing in recent weeks. Last month, the Houthis announced they had attacked an Aramco facility in eastern Saudi Arabia. Saudi officials reported that one of the buildings in the area where Aramco's operations center is located was hit.
The war that began on February 28 with U.S. and Israeli airstrikes on Iran has affected global energy markets, leading to a reduction in the strategic reserves of various countries and increased inflation. Despite this, oil prices fell by more than 7% on Monday, indicating a resumption of talks between Tehran and Washington.
Robert Mogilnicki, a researcher at the Arab Gulf States Institute, added: "Financial results are likely to be better than last year, while oil prices were significantly lower, but less promising compared to the previous quarter."
Domestically, months of uncertainty have impacted the economic situation. While government revenues have been higher than initial forecasts, Saudi Arabia has increased its projected budget deficit for 2026 to 245 billion riyals, equivalent to 4.9% of GDP. The Ministry of Finance expects the country's economy to shrink by 3.6% this year, due to a 21.8% decrease in oil-related activities.
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