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Research forecasts 8.5% profit drop for Saudi Aramco in Q3 2026
Aljazira Capital expects Aramco's profits to decline by 8.5% in the third quarter of 2026, with net earnings reaching 113.6 billion riyals, driven by falling oil prices and a decline in the upstream sector's contribution, despite improvements in refining margins. Nevertheless, the forecast indicates a 16.8% increase in the company's profits year-over-year and a 26.8% rise in revenues compared to the previous year, supported by higher oil and gas production and better refining margins, although the average price of a barrel of oil is expected to decrease to $91. The recommendation remains to increase holdings in the Aramco stock, with a target price of 29.6 riyals, amid expectations that the company's revenues will reach 2.078 trillion riyals and net profits will amount to 488 billion riyals in 2026.
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