Riyadh:Saudi Aramco has announced a 9% year-on-year increase in its third-quarter adjusted net income, totaling $31.2 billion. This rise is attributed to operational flexibility and improved refining margins, the state energy giant revealed on Tuesday.

According to Anadolu Agency – English, the company's cash flow from operating activities during the July-September period reached $38.7 billion, while free cash flow increased to $28.2 billion from $23.6 billion in the same quarter of the previous year.

Aramco's board declared a third-quarter base dividend of $21.9 billion, marking a 3.5% increase year-on-year, which is scheduled to be paid in the fourth quarter. Additionally, downstream adjusted earnings before interest and taxes (EBIT) saw a significant surge of 234% year-on-year, driven by stronger refining margins.

President and CEO Amin Nasser emphasized that geopolitical instability and attacks on key energy infrastructure have heightened global supply security concerns in the past three months. In response, Aramco is evaluating alternative export routes, additional overseas storage capacity, and a potential expansion of its East-West Pipeline capacity to enhance international delivery channels.

Nasser stated, "We continue to explore additional overseas storage capacity and alternative export routes to further strengthen our global supply network, and our robust operational and financial performance during this volatile period demonstrates the value of our resilience." He also noted that key upstream projects are progressing as planned, bolstered by the group's solid financial standing.

In addition to these developments, Aramco has broadened its reach into adjacent sectors by acquiring a 49% stake in the artificial intelligence (AI) firm HUMAIN. This acquisition involves asset transfers and approximately $2.6 billion in cash contributions, along with a joint venture agreement for hard-rock mineral exploration.