Saudi energy giant Saudi Aramco reported a sharp rise in first-quarter 2026 profits, underscoring the strength of global oil markets amid geopolitical disruption and supply chain volatility linked to the Iran conflict.
The company posted net income of 120.1 billion Saudi riyals, a 26% year-on-year increase, beating analysts’ expectations of around 111.6 billion riyals, according to market estimates. It marked the strongest quarterly performance since Q3 2023.
Revenue rose 7% to 433.1 billion riyals over the same period.
The earnings surge was supported by higher global oil prices, which climbed significantly during the quarter following disruptions in maritime shipping through the Strait of Hormuz—one of the world’s most critical energy corridors.
Benchmark crude prices briefly approached $120 per barrel during peak tensions before stabilizing at elevated levels compared with earlier quarters.
Aramco said it was able to maintain strong export flows despite regional instability, partly by increasing reliance on the East–West pipeline, which transports crude to the Red Sea port of Yanbu, bypassing vulnerable shipping routes.
The company also announced cash dividends of 82.1 billion riyals for the first quarter, equivalent to 0.33 riyals per share, reinforcing its position as one of the world’s most profitable and high-yielding energy companies.
Chairman and CEO Amin H. Nasser said the results highlight the company’s operational resilience and ability to adapt to complex geopolitical conditions.
He emphasized the strategic importance of infrastructure such as the East–West pipeline, which operates at up to 7 million barrels per day and played a key role in sustaining global supply flows during the disruption.
Nasser added that recent developments underline the continued importance of oil and gas in ensuring global energy security, particularly in periods of heightened geopolitical uncertainty.
Follow the latest news on Google News
