Saudi Aramco Q3 profit soars to $27.52 billion, surpassing expectations despite lower oil prices and OPEC+ output cuts

In Q3 2024, Saudi Aramco reported a net profit of $27.52 billion (SR103.37 billion), exceeding analyst forecasts despite a 15.4% year-on-year drop due to lower crude prices and tough market conditions. With revenues reaching SR416.63 billion, Saudi Aramco Q3 profit highlights the company’s resilience in adapting to reduced oil revenues and output cuts stemming from OPEC+ strategies to stabilize global markets.

CEO Amin Nasser highlighted Aramco’s strong cash flow and operational achievements during the period, alongside its continued expansion in both upstream and downstream sectors. Capital investment for Q3 amounted to SR49.6 billion, underscoring the company’s commitment to bolstering production capabilities. Additionally, Aramco issued an international $3 billion sukuk, enhancing investor confidence and its liquidity position.

A notable highlight was Aramco’s advancement in renewable energy, including financial closures on three solar photovoltaic (PV) projects in collaboration with ACWA Power and the Public Investment Fund. Located in Makkah and Qassim, these projects are projected to add 5.5 gigawatts of solar capacity.

Saudi Aramco’s strong Q3 performance underscores its strategic adaptability in a fluctuating energy landscape. Despite the decline in crude prices, the company has maintained robust cash flow, supporting investments in key areas like renewable energy and advanced technologies. This resilience not only strengthens Saudi Aramco’s market position but also reflects its ongoing commitment to diversifying revenue streams beyond traditional oil production, aligning with Saudi Arabia’s Vision 2030 goals to reduce reliance on fossil fuels and promote sustainable growth.

For the first nine months of the year, Aramco’s net profit reached SR314.65 billion, down 11.25% from 2023. Sales revenues during this period stood at SR1.24 trillion, showing a slight year-on-year increase. Aramco also declared base and performance-linked dividends for Q3, reflecting its strategy to maintain high shareholder returns while expanding its energy portfolio.