Aramco Reports Increase in Third Quarter Net Profit Due to Production Boost

CNBC reported that Saudi Aramco recorded a 0.9% increase in third-quarter profits on Tuesday, exceeding expectations due to increased production, even as oil prices remain under pressure.

The world's largest oil company reported an adjusted net income of 104.92 billion Saudi Riyals ($27.98 billion) for the quarter, surpassing analysts' expectations of 98.47 billion Saudi Riyals, according to a consensus gathered by LSEG.

The results come at a time when Aramco is facing profit pressures amid weak oil prices, which have dropped by more than 6% this year through September, except for a brief uptick in the second quarter due to tensions between Israel and Iran.

The CEO of Aramco noted that they have increased production at low additional costs and have reliably supplied oil, gas, and related products, leading to strong financial performance and quarterly profit growth.