The company’s financial strength was driven primarily by its downstream division, where adjusted earnings before interest and tax leaped 234% to $10.3 billion. This triple-digit growth reflects the massive surge in refining margins as global markets grappled with supply constraints and record-high product prices. By comparison, Aramco posted an adjusted net income of $28.6 billion during the same period last year, handily clearing the $28.7 billion consensus estimate compiled by Bloomberg.

Despite the volatility, the board maintained a base dividend of $21.9 billion, a 3.5% year-on-year increase that primarily benefits the Saudi state, the company’s majority shareholder. President and CEO Amin Nasser emphasized that geopolitical instability remains a persistent threat to energy security. To mitigate these risks, the firm is actively pursuing alternative export routes and expanded overseas storage capacity to insulate its supply network from further regional conflict.