Saudi Aramco reports a sharp rise in quarterly profits as higher oil prices offset disruptions tied to regional conflict. The company says its net income for the April-to-June period reaches 122.6 billion Saudi riyals (US$32.7 billion), up from 85 billion riyals (US$22.7 billion) in the same quarter a year earlier, representing a 44% increase. Other coverage describes the results as a profit surge of around one-third, also attributing the increase largely to higher crude prices.
Aramco also says it maintains business continuity despite supply disruption related to the Strait of Hormuz. The New York Times reports that the company uses pipelines and other routes to work around disruptions, while Aramco’s leadership says there is no material operational or financial impact from targeting of Aramco facilities earlier in July. Overall, the accounts converge on the same theme: earnings rise mainly because market prices increase, while Aramco continues efforts to manage logistics and maintain operations during the disruptions.
