RIYADH, Aug 4 — Oil giant Saudi Aramco reported a 44 per cent surge in net profits today after the Middle East war sent energy prices soaring.

Aramco, the world’s biggest oil exporter and engine of the Saudi economy, is the latest in a string of energy giants to report bumper profits as the war roils markets.

Its net income of 122.6 billion Saudi riyals (RM133 billion) from April to June was up from 85 billion riyals a year prior, a quarterly statement said.

Aramco’s profits came despite Iran’s blockade of the Strait of Hormuz, the key conduit for Gulf oil, and attacks on Saudi ships in the Red Sea by Yemen’s Houthi rebels.

Crude prices have been volatile throughout the war and were far higher in the second quarter of 2026 compared with a year earlier.

“Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity,” Aramco president and CEO Amin H. Nasser said in a statement.

He cited Aramco’s “diverse asset base and multi-decade planning, including strategic infrastructure such as the East-West Pipeline, storage capacity, and export terminals”.

Stripping out exceptional items, adjusted net income came in at 125.1 billion Saudi riyals.

The median analyst consensus for second quarter adjusted net income was 116.9 billion riyals—an external estimate based on 12 forecasts.

‘Too much money’ 

Aramco’s announcement coincided with a complaint from US President Donald Trump that oil companies are making “too much money” because of the war.

America’s ExxonMobil and Chevron are among the other oil majors that have announced blow-out profits in recent days.

“I don’t like it. They’re making too much money, okay? Based on a shortage, they’re making too much money,” said Trump, for whom high gasoline prices are a key political issue ahead of November’s mid-term elections.

The Saudi economy has been buoyed by its ability to re-route oil via its massive East-West pipeline, which allows millions of barrels of crude to be delivered daily to export terminals on its Red Sea coastline.

According to Riyadh-based think tank Jadwa, Saudi oil output dropped from 10.1 million barrels per day (mbpd) in January to 6mbpd in early April, recovering to 7.1mbpd in June.

“Ongoing regional uncertainty resulted in higher prices for hydrocarbons and lower volumes sold, as well as improved refining margins, compared to the previous quarter,” Aramco said.

Last month, Yemen’s Iran-backed Houthis announced a maritime blockade of Saudi Arabia, hitting Saudi tankers in the Red Sea and raising questions about Riyadh’s continued ability to deliver vast quantities of crude to international markets.

The Houthis claimed multiple attacks targeting Saudi energy installations, while Riyadh also accused Iranian-backed militias in Iraq of targeting its petroleum infrastructure.

During a call with reporters today, Aramco’s CEO said strikes targeting Saudi Arabia in July had “no material impact on our capabilities”.

Riyadh has sought to diversify Saudi Arabia’s economy through de facto ruler Crown Prince Mohammed bin Salman’s ambitious Vision 2030 reforms.

But Aramco remains the flagship company of the Saudi economy and one of the largest firms in the world by market capitalisation.

The oil- and gas-rich Gulf has borne the brunt of Iran’s attacks during the war, which came in response to US-Israeli strikes in late February that triggered the conflict.

During the earlier stages of the five-month conflict, Saudi facilities in Riyadh, the Eastern Province and the industrial city of Yanbu were all targeted.

They included infrastructure for oil and gas production, transport and refining, and petrochemical plants and power facilities. — AFP