Saudi Aramco Q3 net profit rises 35% on higher oil prices, stake sale

Majority state-owned oil company Saudi Aramco on Tuesday reported a 35 per cent 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 USD 36.3 billion from USD 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 per cent to USD 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 USD 95.20 a barrel during the quarter, compared to USD 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. After the war began in February, Saudi Aramco was able to use its East-West pipeline to the R