Aramco’s profit rises to $31.2B as it takes 49% of Saudi AI firm HUMAIN
Saudi Aramco reported third-quarter adjusted net income of $31.2 billion, up from $28.6 billion year-over-year. As part of its business expansion, the state oil company acquired a 49% stake in HUMAIN, the kingdom's state-backed artificial intelligence firm, in exchange for AI assets. This move signals Saudi Aramco's strategic pivot toward AI capabilities.
Key points
- Saudi Aramco secures 49% stake in state-backed AI firm HUMAIN
- Payment made with key AI assets rather than cash
- Q3 net income rose to $31.2B from $28.6B year-over-year
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