In brief
S‑Oil Corp. posted a net profit of 1.43 trillion won for July‑September, up 2,171.3% from a year earlier. Operating profit surged more than sixfold, while sales rose 42.2%. The surge is attributed to higher refining and lubricants margins and is expected to continue into the fourth quarter.
On Nov. 2, S‑Oil Corp. announced that its third‑quarter net income reached 1.43 trillion won (about US$1.1 billion), a jump of 2,171.3% from the same period last year.
Operating profit leapt more than sixfold to 1.4 trillion won from 229.22 billion won the prior year, a 513.7% increase, while revenue climbed 42.2% to 11.96 trillion won.
“A combination of high oil prices, improved export refining margins and improved profitability in the lubricants business pushed up the quarterly results,” the company said.
The sharp rise was driven by higher refining and lubricants margins amid robust oil prices, the company said. It added that refining operations remained stable despite Middle East tensions and a stronger won.
S‑Oil expects that the favorable refining margins will persist into the fourth quarter, supported by low global inventories and strong seasonal demand for heating oil. Lubricants supply is also expected to stay tight because of ongoing production disruptions and logistical constraints.
From January to September, the company swung to a net profit of 2.67 trillion won from a net loss of 48.13 billion won a year earlier, and its operating profit rose to 3.6 trillion won from an operating loss of 136.29 billion won. Sales climbed 26.7% to 32.25 trillion won overall for the period.
Meanwhile, S‑Oil is building the 9.26 trillion‑won Shaheen petrochemical complex adjacent to its Ulsan refinery. Trial operations began this year, and production of ethylene, propylene and butadiene is expected to start in early 2027. Saudi Arabia’s state‑owned Aramco holds a 63.4% stake in the company.
