Aramco’s profit rises to $31.2B as it takes 49% of Saudi AI firm HUMAIN

Saudi Aramco’s adjusted net income rose to $31.2 billion in the third quarter, from $28.6 billion a year earlier. The state oil company reported the figures in its results on Tuesday. Its report also highlights a new 49% stake in HUMAIN, Saudi Arabia’s state-backed AI company.

Aramco is paying with key AI assets and about SAR 9.9 billion ($2.6 billion) in cash in 2026. It announced the terms when the deal closed on 1 November. The Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, keeps the other 51%.

“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.

What HUMAIN does

HUMAIN launched in May 2025. It builds data centres, cloud platforms and AI models, including the Arabic language model ALLaM. It plans 3 gigawatts of AI data centre capacity by 2030. It 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. A significant portion came from AI.

“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,” said Yazeed A. Al-Humied, deputy governor at PIF.

The two sides first agreed non-binding terms in October 2025.

Aramco and PIF are already close

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

The quarter

Aramco’s free cash flow rose to $28.2 billion, from $23.6 billion. Adjusted earnings in its downstream business, which turns crude into fuels and chemicals, rose 234% on stronger refining margins. The board declared a base dividend of $21.9 billion, up 3.5% from a year earlier.

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

Aramco Digital teamed up with OrbitronAI in October. In Abu Dhabi this week, ADNOC signed a deal with OpenAI and G42, and Sam Altman signed four deals in the emirate.