FRANKFURT, Germany (AP) — Majority state-owned oil company Saudi Aramco on Tuesday reported a 35% increase in third-quarter net profit as earnings were boosted by higher oil prices and the sale of its stake in a Malaysian refining and petrochemical company.
Net profit rose to $36.3 billion from $26.9 billion in the year-earlier quarter. Adjusted net profit, which leaves out the sale of a stake in PRefChem to Malaysian state oil company Petronas, rose 9% to $31.2 billion.
The company also benefitted from high profit margins at its refineries turning crude into useable products such as diesel fuel.
Saudi Aramco sold its oil for an average of $95.20 a barrel during the quarter, compared to $70.10 in the year-before quarter, the company said in a news release. Oil prices surged after the outbreak of the Iran war due to disruption of supply and uncertainty about the course of the conflict.
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