RIYADH: Saudi Aramco reported third-quarter 2025 adjusted net income of $28 billion, up slightly from $27.7 billion a year earlier, as strong operating momentum and progress on key projects underpinned performance.
Cash flow from operating activities rose to $36.1 billion from $35.2 billion in the same period last year, while free cash flow increased to $23.6 billion from $22 billion. The company’s gearing ratio stood at 6.3 percent as of Sept. 30, compared with 6.5 percent at the end of the previous quarter.
The board declared a third-quarter base dividend of $21.1 billion and a performance-linked dividend of $200 million, both to be paid in the fourth quarter, the company said in a statement.
Commenting on the results, Aramco President and CEO Amin H. Nasser said: “Aramco’s ability to adapt to new market realities has once again been demonstrated by our strong third quarter performance."
He added: "We increased production with minimal incremental cost, and reliably supplied the oil, gas and associated products our customers depend on, driving strong financial performance and quarterly earnings growth.”
Nasser said the company continues to enhance its upstream capabilities, with major projects recently completed or due to come onstream soon. “We now target sales gas production capacity growth of approximately 80 percent between 2021 and 2030, capitalizing on advanced capabilities,” he said, adding that the Jafurah unconventional gas expansion has attracted significant global investor interest.
Aramco said its planned investment in Humain highlights its digital strategy and potential for new value creation. The company also revised its 2030 sales gas production capacity growth target upward — from more than 60 percent to around 80 percent above 2021 production levels — anticipating total gas and associated liquids output of about 6 million barrels of oil equivalent per day.
Nasser said Aramco’s strategy remains focused on value-accretive growth while meeting rising energy demand and leveraging technology to unlock new commercial opportunities. “Our deployment of advanced AI solutions and investment in digital infrastructure underpins this approach, and our plan to acquire a significant minority stake in Humain is expected to further drive innovation and progress our role in the crucial and rapidly evolving AI sector,” he added.
Completion of the $11.1 billion Jafurah midstream deal underscores the value of Aramco’s unconventional gas expansion, while the initial investment and establishment of Fujian Sinopec Aramco Refining & Petrochemical Co., Ltd. mark progress in the company’s downstream growth strategy.
Investor confidence in Aramco’s financial strength was further reflected in the strong response to its $3 billion international sukuk issuance.
