Saudi Aramco's adjusted net income rose to $31.2 billion in the third quarter, up from $28.6 billion a year earlier. The state oil company is also buying a 49% stake in HUMAIN, Saudi Arabia's state-backed AI company, for key AI assets and about SAR 9.9 billion ($2.6 billion) in cash, with payment due in 2026.

How much did Aramco's profit rise in the third quarter?

Saudi Aramco’s adjusted net income rose to $31.2 billion in the third quarter, up from $28.6 billion a year earlier, the state oil company said in results released Tuesday. The report also highlights a new 49% stake in HUMAIN, Saudi Arabia’s state-backed artificial intelligence company, which Aramco is buying with key AI assets and about SAR 9.9 billion ($2.6 billion) in cash. The payment is due in 2026.

What is Aramco paying for its 49% stake in HUMAIN?

Aramco announced the terms when the deal closed on November 1. The Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, keeps the remaining 51%. The two sides first agreed non-binding terms in October 2025.

“The HUMAIN deal is very important to Aramco, building on the company’s long track record of innovation and technology,” said Amin H. Nasser, Aramco’s president and chief executive.

HUMAIN launched in May 2025. It builds data centers, cloud platforms and AI models, including the Arabic language model ALLaM. The company plans 3 gigawatts of AI data center capacity by 2030 and aims to become one of the leading exporters of AI.

Aramco expects to use HUMAIN’s infrastructure to bring AI into its industrial operations. It also expects to earn more from its existing AI and digital assets. Nasser said Aramco has achieved $11.3 billion in “Technology Realized Value” since 2023, and a significant portion of that came from AI.

PIF’s deputy governor, Yazeed A. Al-Humied, framed the arrangement in similar terms. “Bringing PIF and Aramco’s AI portfolio of investments together under HUMAIN creates a powerful synergy that fuels talent growth, technological advancement, and intellectual property creation,” he said.

The companies have not said which assets Aramco is handing over, Matthew Martin reported for Semafor. The ties between the two are already close. PIF owns 16% of Aramco, and PIF governor Yasir Al Rumayyan chairs the oil company. HUMAIN’s chief executive, Tareq Amin, previously led Aramco Digital, the company’s technology unit.

The quarter’s numbers were strong across the board. Free cash flow rose to $28.2 billion from $23.6 billion. Adjusted earnings in the downstream business, which turns crude into fuels and chemicals, jumped 234% on stronger refining margins. The board declared a base dividend of $21.9 billion, up 3.5% from a year earlier.

Nasser tied the performance to a turbulent backdrop. “Geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter of 2026,” he said.

Aramco is not the only Gulf energy company moving into AI. Aramco Digital teamed up with OrbitronAI in October. This week in Abu Dhabi, ADNOC signed a deal with OpenAI and G42, and OpenAI chief executive Sam Altman signed four deals in the emirate.

Cet article a été rédigé avec l'assistance de l'IA.
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