Commodities
Aramco Profits Surge 44% Amid Ongoing Middle East Conflict
Saudi Aramco's profits soared 44% in the second quarter of this year, reaching SR122.6 billion ($32.7 billion) despite the ongoing war in the Middle East.
The oil giant attributed its success to its diverse asset base and multi-decade planning, which allowed it to maintain business continuity despite supply disruptions through the Strait of Hormuz.
Aramco's adjusted net income came in at SR125.1 billion, surpassing the median analyst consensus of 116.9 billion riyals.
The company's CEO, Amin H. Nasser, said that strikes targeting Saudi Arabia in July had 'no material impact on our capabilities.'