S-Oil reported an operating loss of 21.5 billion won and a net loss of 44.6 billion won in the first quarter of this year, marking a shift to losses compared to the same period last year, according to a disclosure on the 28th. During the same period, sales decreased by 3% to 8.9995 trillion won.
The company noted that "due to concerns about economic slowdown and weak demand, coupled with delays in regular maintenance at some local refineries, refining margins dropped, leading to losses." They added, "We expect refining margins to improve starting from the end of the first half, as demand recovers based on low oil prices."
The current progress rate of the Shahin project stands at 65%, and it is reported to be proceeding smoothly with a goal of completion in the first half of next year. An S-Oil representative said, "We will enhance corporate value by balancing the completion of the Shahin project and a dividends payout ratio of over 20% for shareholder returns."