Aramco's Profits Soar 44% Amid Middle East Conflict

Saudi Aramco, the world's largest oil exporter and engine of the Saudi economy, reported a significant increase in net profits due to the recent Middle East war. The company's net income rose by 44 per cent to 122.6 billion Saudi riyals (RM133 billion) from April to June, compared to 85 billion riyals a year prior. This surge in profits comes despite disruptions to oil supply through the Strait of Hormuz and attacks on Saudi ships in the Red Sea.

Aramco's president and CEO, Amin H. Nasser, stated that the company was able to maintain business continuity due to its 'diverse asset base and multi-decade planning'. This included strategic infrastructure such as the East-West Pipeline, storage capacity, and export terminals. The company's adjusted net income came in at 125.1 billion Saudi riyals, surpassing the median analyst consensus of 116.9 billion riyals.

The news coincided with a complaint from US President Donald Trump that oil companies are making 'too much money' due to the war. Trump expressed concern about high gasoline prices and their impact on the mid-term elections. Aramco's announcement highlights the significant role of Saudi Arabia in the global oil market, particularly during times of conflict.