In brief
S‑Oil Corp. reported a 2,171.3% jump in Q3 net profit to 1.43 trillion won, with operating profit up more than sixfold to 1.4 trillion won and revenue rising 42.2%. The company cites high oil prices and tightening lubricants supply as key drivers and expects margins to stay strong in Q4, while new petrochemical complex under Shaheen project is entering trial operation.
S‑Oil Corp. announced on Monday a record third‑quarter net profit of 1.43 trillion won (US$1.1 billion), up 2,171.3% from a year earlier, in a regulatory filing released in Seoul on Nov. 2.
The refinery said its operating profit surged to 1.4 trillion won, a 513.7% jump according to one source, or over sixfold relative to the prior year’s 229.22 billion won, and that total sales rose 42.2% to 11.96 trillion won.
S‑Oil cited higher oil prices, improved export refining margins and stronger lubricants profitability as the main reasons for the surge.
"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 company also noted that it had maintained stable operations at its facilities despite geopolitical tensions in the Middle East and the Korean won’s appreciation against the U.S. dollar.
S‑Oil projects that refining margins will remain high into the fourth quarter, supported by low global inventories and strong seasonal demand for heating oil, and that lubricants supply will 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, and an operating profit of 3.6 trillion won from an operating loss of 136.29 billion won, with sales climbing 26.7% to 32.25 trillion won.
In parallel, S‑Oil is advancing its 9.26 trillion‑won Shaheen petrochemical complex, located adjacent to its Ulsan refinery, and the facility has entered trial operations with a view to producing ethylene, propylene and butadiene in early 2027.
Saudi Arabia’s state‑owned Aramco holds a 63.4% stake in S‑Oil, positioning the company for continued growth in the region’s energy market.
