Saudi Aramco, Saudi Arabia's state-owned oil giant, reported a 35% increase in net profit for the third quarter of this year, citing higher oil prices and proceeds from the sale of its stake in a Malaysian refining and petrochemicals company.
The company's net profit rose to $36.3 billion in the third quarter, up from $26.9 billion in the same period last year.
Excluding proceeds from the sale of its stake in PRefChem to Malaysia's state-owned oil company Petronas, Aramco's adjusted net profit increased by 9% to $31.2 billion.
The company also benefited from stronger refining margins, which reflect the profitability of processing crude oil into usable fuels such as diesel.
According to an Aramco press release, the company sold oil at an average price of $95.20 per barrel during the third quarter, compared with $70.10 per barrel in the same period a year earlier.
Global oil prices rose sharply following the outbreak of the war with Iran, as supply chains were disrupted and uncertainty grew over the conflict's future course. Oil exports continued despite disruptions Following the outbreak of the war in February, tanker movements through the Strait of Hormuz were disrupted. The threat of Iranian attacks made oil transportation through the strategically important waterway increasingly risky.
Against this backdrop, Saudi Aramco managed to maintain a significant portion of its oil exports through its East-West Pipeline, which carries crude to the Red Sea port of Yanbu.
The pipeline was attacked on September 10, but oil transportation through it resumed later.
Saudi oil is also being transported through the Strait of Hormuz using a US-protected corridor near the coast of Oman.
Despite attacks by Iran-backed Houthi rebels in Yemen on Aramco facilities, the company has continued its oil exports.
Aramco is one of the Saudi government's main sources of revenue. Its earnings play an important role in financing development projects aimed at diversifying the country's economy.
