GS Group's holding company, GS Corp., disclosed on the 13th that under consolidation, first-quarter revenue this year was 6.8424 trillion won, up 9.88% from a year earlier.
GS Corp.'s operating profit and net profit also soared. Operating profit was 1.2586 trillion won, up 56.68% from the first quarter of last year. Net profit was 826.7 billion won, up 183.6% from the same period a year earlier.
Results were strong even compared with the previous quarter. Compared with the fourth quarter of last year, revenue rose 5.47%, operating profit 62.15%, and net profit 230.02%.
By subsidiary, GS Caltex posted revenue of 13.0347 trillion won and operating profit of 1.6367 trillion won. Year over year, GS Caltex revenue rose 17% and operating profit 1,310%. By business segment at GS Caltex, the refining segment logged revenue of 10.3486 trillion won and operating profit of 1.5285 trillion won, up 22% and 1,882%, respectively, from a year earlier. The petrochemicals segment recorded revenue of 2.1209 trillion won and operating profit of 35 billion won, swinging to a profit. The lubricants segment posted revenue of 565.3 billion won and operating profit of 73.3 billion won; revenue rose 32% from a year earlier, but operating profit fell 20%.
GS Energy recorded revenue of 1.9911 trillion won and operating profit of 1.0585 trillion won, up 20% and 64% year over year, respectively. GS Retail and GS P&L posted revenue of 2.8549 trillion won and 130.4 billion won, respectively, with operating profit of 58.3 billion won and 24.2 billion won. GS EPS recorded revenue of 401.6 billion won and operating profit of 32.3 billion won. GS E&R posted revenue of 341.8 billion won and operating profit of 48.9 billion won. GS Global reported revenue of 1.0991 trillion won and operating profit of 12.9 billion won.
GS Corp. said, "In 2026, consolidation results increased year over year due to a temporary inventory effect from the Middle East situation," but added, "In the refining segment, excluding the inventory effect, refining margin profit decreased from the previous quarter due to the impact of the oil price cap, and profitability also declined across petrochemicals and lubricants as product prices failed to keep pace with the rise in crude prices."
It added, "In the second quarter, oil price volatility stemming from the Middle East situation is likely to persist, and how flexibly the refining segment responds to this uncertainty will be the key factor determining performance."