Saudi Energy Giant Aramco reported a 25% year-on-year (YoY) increase in first-quarter (Q1) net profit for 2026, supported by operational resilience amid ongoing disruptions to shipping through the Strait of Hormuz, according to a press release by the company. The company recorded a net profit of $32.5 billion in Q1 2026, up from $26 billion during the same period in 2025.

Commenting on the results, Amin H. Nasser, President and CEO of Aramco, said: “Aramco’s first-quarter performance reflects strong resilience and operational flexibility in a complex geopolitical environment.”

Aramco revealed on May 10 that it ramped up operations at its East-West Pipeline to the maximum capacity amounting to 7 million barrels per day (mmbbl/d) during Q1 of 2026, helping sustain crude exports through Saudi Arabia’s west coast.

The pipeline can supply about 2 mmbbl/d to refineries on ​Saudi Arabia’s west coast, leaving 5 million bpd for export, according to Reuters.

Nasser noted that the East-West Pipeline “has proven itself to be a critical supply artery, helping to mitigate the impact of a global energy shock and providing relief to customers affected by shipping constraints in the Strait of Hormuz.”

Nearly 1 billion barrels of oil were lost to global markets during the first two months of the war, while Saudi Arabia reduced its own production by around 2 mmbbl/d following the blockade of the Strait of Hormuz, Reuters reported.

Despite the strong profit growth, Aramco’s free cash flow declined slightly to $18.6 billion in Q1 2026 from $19.2 billion a year earlier, impacted by a $15.8 billion increase in working capital. The company’s gearing ratio, which measures debt relative to equity, rose to 4.8% at the end of March 2026 from 3.8% at the end of 2025.

“Recent events have clearly demonstrated the vital contribution of oil and gas to energy security and the global economy, and are a stark reminder that reliable energy supply is critical,” said Nasser, adding that Aramco remains focused on its priorities and is leveraging both its domestic infrastructure and its global network to navigate disruption.

Aramco’s board declared a Q1 dividend of $21.9 billion, up 3.5% YoY and payable during the second quarter (Q2) of 2026.

The Saudi government, which directly owns around 81.5% of the company, relies heavily on Aramco’s dividend payouts to support public spending, while the Public Investment Fund holds an additional 16% stake.