Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, on Tuesday reported higher profit and revenue in the first half amid challenging market conditions exacerbated by geopolitical tensions.
For the six months ended June 30, the Saudi state-owned oil giant logged net income attributable to shareholders of the issuer of 241.64 billion Saudi riyals, compared with 181.31 billion riyals in the prior-year period. Revenue grew to 883.87 billion riyals from 784.48 billion riyals.
The group attributed the growth in revenue primarily to higher prices of refined and chemical products as well as crude oil despite lower volumes sold.
"Aramco's first half performance in 2026 has been defined by the remarkable resilience of our people and the agility of our business and operations to withstand and respond to rapidly changing market conditions. Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity by capitalizing on our diverse asset base and multi-decade planning, including strategic infrastructure such as the East-West Pipeline, storage capacity, and export terminals," said President and Chief Executive Officer Amin Nasser.
The company declared an increase in second-quarter base dividend to 0.3393 riyal per share from 0.3312 riyal per share. The new dividend will be paid Aug. 27 to shareholders on record Aug. 19.
"We have entered the second half of the year with solid financial and operating momentum with one of the strongest balance sheets in the sector, sustainable and progressive base dividend distributions, and a clear focus on our strategic growth objectives," Nasser added. "Even through periods of uncertainty, Aramco has stayed anchored to its long-term priorities. Our disciplined execution, combined with our lower-cost and higher-reliability operations, has supported our profitability."
Shares of the company rose marginally in early morning trading.
