April 20, 2024

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[THE INVESTOR] Korean oil refiners, led by SK Innovation, delivered strong earnings for the third quarter of the year on the back of good refining margins, their filings showed on Nov. 10.

SK Innovation, the top oil refiner, reported an 87 percent rise in its third-quarter net profit from a year earlier thanks to higher oil prices and improved cracking margins.

Net profit stood at 696 billion won (US$625 million) in the July-September months, compared with a profit of 372 billion won a year earlier, the company said in a regulatory filing.

Operating income more than doubled from a year earlier to reach 964 billion won in the third quarter, with sales rising 17.5 percent to 11.76 trillion won over the cited period.

GS Caltex, the No. 2 refiner in Korea, also reported a strong third-quarter bottom line. Its third-quarter net profit reached 362 billion won, up 13.6 percent from a year earlier, with operating income surging 76.8 percent on-year to 578 billion won.

S-Oil, the No. 3 oil refiner, reported that its third-quarter profit more than doubled from a year earlier, largely thanks to higher oil prices and refining margins.

The country‘s four major oil refiners reported a combined operating income of 8.03 trillion won last year, an all-time high.

By Alex Lee and newswires (alexlee@heraldcorp.com)