Aramco's Q3 net income attributable to shareholders rises 41%, while adjusted income grows 9%

Aramco reported third-quarter net income attributable to shareholders of 137.4 billion riyals, up 41.3% from a year earlier, and declared 82.1 billion riyals in dividends payable in the fourth quarter. The apparent mismatch with other profit reports comes from the company’s adjusted income measure: 117 billion riyals, up 9%, after setting aside specified adjustments as well as certain financing, tax, and zakat effects. Revenue rose 20.2% to 464.3 billion riyals as higher prices for crude, refined products, and chemicals more than offset lower sales volumes, while stronger refining margins boosted the downstream business. The important distinction is that operations did improve, but the much larger headline profit jump was also helped by a gain from selling a stake in a company Aramco invests in.