S-Oil reported that its fourth-quarter performance last year showed sales of 8.9171 trillion won and an operating profit of 260.8 billion won on the 24th. While sales decreased by 9.3% compared to the same period last year, the company achieved a return to profitability.
The company noted, "Sales remained at a level similar to the previous quarter, while operating profit successfully turned profitable based on improvements in refining margins and positive inventory-related effects."
Overall performance last year reported sales of 36.637 trillion won and an operating profit of 460.6 billion won. Compared to the 2023 performance, sales increased by 2.5%, but operating profit decreased by 66%. The profit and loss by institutional sector were recorded as refining (-245.4 billion won), petrochemicals (134.8 billion won), and lubricants (571.2 billion won).
The company stated, "Due to weak refining margins and spreads between petrochemicals and lubricants compared to last year, operating profit decreased compared to 2023."
S-Oil mentioned regarding this year's outlook, "Although uncertainties both domestically and internationally have increased, the economic growth of developing countries in the Asia region is expected to continue robustly, and stable increases in oil demand are anticipated as China strengthens its economic stimulus measures."
It also added, "As facility expansion is expected to be limited, the supply and demand situation is likely to improve in the long term."