Saudi Aramco stated on Tuesday that driven by stronger refining profit margins, the company's adjusted net profit for the third quarter increased by 9% year-on-year.

This Saudi oil giant announced that its adjusted net profit for the third quarter was $31.2 billion, compared to $28.6 billion in the same period last year. The company stated that this figure exceeded the median expectation of analysts, which was $30.66 billion.

The company's downstream business is responsible for processing crude oil into fuels and other products. In the third quarter, after adjustments, the earnings before interest, taxes, and depreciation (EBITDA) for this business amounted to $10.3 billion, a 234% increase from the same period last year, mainly driven by stronger refining profit margins.

Saudi Aramco's CEO, Amin Nasser, said in a statement: "Geopolitical uncertainties and attacks on critical energy facilities continued to exacerbate the global energy supply crisis in the third quarter of 2026, having a serious impact on global energy security."

Nasser stated that the company's operational flexibility and supply network enable it to continue supplying energy to customers in the event of disruptions. Saudi Aramco is also exploring ways to increase overseas storage capacity and alternative export routes in order to strengthen its global supply network.

The company stated that its free cash flow in the third quarter was $28.2 billion, which is higher than the $23.6 billion in the same period last year.

Saudi Aramco stated that the board of directors has announced the distribution of a basic dividend of $21.9 billion for the third quarter, representing a year-on-year increase of 3.5%, which will be paid in the fourth quarter.

The company also stated that its main upstream projects are still progressing as planned, and mentioned that it has acquired a 49% stake in the Saudi artificial intelligence company HUMAIN.

Emma Graham, CNBC, contributed to this report.