Saudi Aramco reported stronger-than-expected results for the third quarter of 2025, posting adjusted net income of SAR 104.9 billion ($28 billion), supported by higher sales and increased other revenues.
The company maintained its robust dividend policy and continued to advance major gas projects that are nearing operational phases.
Net profit for the quarter slipped slightly by 2.3 percent year-on-year to SAR 101 billion ($26.9 billion) as lower crude, refined-product, and chemical prices weighed on earnings.
Even so, the figure exceeded analysts’ forecasts of SAR 88.8 billion, underscoring the company’s ability to sustain strong profitability despite market volatility.
Aramco declared total third-quarter dividends of SAR 80.12 billion ($21.37 billion), comprising SAR 79.3 billion in base payouts and SAR 0.82 billion in performance-linked dividends, the same level maintained for the past four quarters.
The performance component was based on 70 percent of 2024 free cash flow after base dividends and external investments.
Revenue and costs
Quarterly revenue fell 7.3 percent to SAR 386.17 billion ($103 billion) as lower energy prices offset higher sales volumes.
Adjusted net income rose to SAR 104.9 billion, up from SAR 104 billion a year earlier and SAR 92 billion in the previous quarter.
The improvement reflected increased non-sales income and lower operating expenses, partially offset by higher taxes and zakat.
Operating costs dropped to SAR 224.6 billion ($59.9 billion) from SAR 240.1 billion in the second quarter, driven by lower crude-purchase volumes despite higher refined-product and chemical costs.
Cash flow and spending
Operating cash flow reached SAR 135.4 billion ($36.1 billion), compared with SAR 132.1 billion a year earlier.
Free cash flow rose to SAR 88.4 billion ($23.6 billion) from SAR 82.5 billion.
Capital expenditure totaled SAR 47.1 billion, including SAR 34 billion for exploration and production and SAR 11.65 billion for refining, chemicals, and marketing.
CEO Amin Nasser said the quarterly results highlight Aramco’s financial resilience amid energy-price fluctuations.
He noted that the company increased production at minimal additional cost and maintained reliable supplies of oil, gas, and related products, contributing to the solid performance.
Aramco is strengthening its upstream capabilities as several large oil and gas projects move toward commissioning, leveraging digital and artificial intelligence technologies to enhance efficiency, he added.
Gas projects and outlook
Total hydrocarbon production averaged 13.3 million barrels of oil equivalent per day during the quarter. Aramco raised its gas-sales capacity-growth target from 60 percent to about 80 percent by 2030, expecting output of high-value liquids to exceed one million barrels a day and total gas and associated liquids to reach roughly six million barrels of oil equivalent daily by the end of the decade.
Construction is advancing on several major gas projects. The first phase of the Jafurah gas plant, due for completion in 2025, will deliver 2 billion standard cubic feet a day of sustained gas sales by 2030.
Work is also progressing on the Ras Tanajib gas facility under the Marjan development, expected to add 2.6 billion cubic feet of processing capacity in 2025, and on an expansion of the Fadhili plant, which will contribute an additional 1.5 billion cubic feet by 2027.
In October, Aramco completed a 20-year lease-and-lease-back agreement for the Jafurah and Riyadh gas facilities through its subsidiary Jafurah Midstream Gas Company, selling 49 percent of the unit to an investor group led by BlackRock-owned Global Infrastructure Partners for SAR 41.8 billion ($11.1 billion). Aramco retains full ownership of the assets and operational control.
Analyst Mohammed Al-Farraj of Arbah Capital told Asharq Al-Awsat that the company’s new gas targets and major investments, including the Jafurah project, reinforce Aramco’s value-driven growth strategy.
Expanding downstream partnerships, such as with China’s Sinopec in the Fujian Sinopec-Aramco Refining & Petrochemicals venture and the planned investment in HUMAIN, will strengthen the company’s presence in Asia and support future earnings growth, he stressed.
