Energy giant Saudi Aramco reported a net profit of SR103.37 billion ($27.52 billion) in the third quarter of this year, exceeding analyst expectations, which projected a median net income of $26.9 billion.

In a statement, the firm revealed that its net profit for the third quarter witnessed a decline of 15.40 percent compared to the same period in 2023, due to challenging market conditions including lower market prices for crude oil, refined, and chemical products.

Saudi Arabia, aligned with the decision of OPEC+, reduced its oil output by 500,000 barrels per day in April 2023, and this cut has now been extended until December 2024.

“Aramco delivered robust net income and generated strong free cash flow during the third quarter, despite a lower oil price environment,” said Amin Nasser, president and CEO of the company.

He added: “We also progressed our upstream developments, strengthened our downstream value chain, and advanced our new energies program as we continue to invest through cycles.”

According to the statement, Aramco’s overall revenue from sales stood at SR416.63 billion in the third quarter, representing a marginal decline of 1.76 percent compared to the same period of the previous year.

In terms of capital investments, the energy giant allocated SR49.6 billion in the third quarter, showcasing its continued commitment to expansion and production capabilities.

Aramco also issued international sukuk worth $3 billion in the three months to the end of September, which further diversified the company’s investor base and enhanced liquidity profile.

“Our recent $3 billion international sukuk issuance highlighted strong investor confidence in Aramco and we can be proud of the significant strides the company continues to make, all while sustaining our high levels of profitability, operational performance and reliability,” said Nasser.

He added: “As we focus on strategic growth opportunities and capturing value through integration and diversification, we intend to maintain our positive momentum and cement our position as a leading global energy and petrochemicals player.”

In the first nine months of this year, Aramco reported a net profit of SR314.65 billion, representing a decline of 11.25 percent compared to the same period in 2023.

The statement added that the company’s overall sales revenue stood at SR1.24 trillion over the period, marking a marginal year-on-year rise of 0.02 percent.

In a separate bourse filing, the energy giant declared a base dividend of SR0.315 per share, totaling SR76.06 billion for the third quarter of 2024.

The company also announced the sixth payment of a performance-linked dividend of SR0.167 per share, totaling SR40.39 billion, based on the combined full-year financial results of 2022 and 2023.

Aramco said that it continued its progress in the renewable energy sector during the third quarter as it completed the financial close for three solar PV projects, with an anticipated combined capacity of 5.5 gigawatts.

In September, Aramco’s wholly-owned subsidiary SAPCO, along with partners ACWA Power and the Public Investment Fund announced the financial closure for three solar photovoltaic projects worth SR12 billion.

The Haden and Muwayh projects in Makkah province each have a planned production capacity of 2 GW, while the Al-Khushaybi project in Qassim province has a planned production capacity of 1.5 GW.