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Biz News Korea(Eng)
S-oil Q4 OP up 24.6% on year, records highest net profit for full 2017
- Collected
- 2018.01.30
- Distributed
- 2018.01.31
- Source
- Go Direct
S-oil announced in its regulatory filing on Monday that its operating profit during the October to December period last year rose 24.6 percent on year to 458.6 billion won ($428.8 million). Sales were up 27.6 percent to 5.8 trillion won, and net profit soared 188.3 percent to 451.6 billion won.
As of 1:19 p.m. on Tuesday, shares of S-oil rose 0.81 percent to 124,500 won in Seoul trading. For full 2017, operating profit reached 1.5 trillion won, down 9.5 percent from the previous year. Revenue grew 28 percent to 20.9 trillion won, while net income rose 8.8 percent to 1.3 trillion won. The fall in operating profit was mainly due to the stronger won against the U.S. dollar, but its net income and yearly sales were historic highs, the company said.
It posted 693.5 billion won in operating profit from refining business, 341.4 billion won from petrochemical sector and 427.7 billion won from lubricants division in 2017. Non-refining business was credited for 52.6 percent of the earning. The company said it expects the demand in refining sector would continue to increase this year.
S-oil has invested 4.8 trillion won in its Onsan facility in Ulsan, South Gyeongsang Province, to set up a residue upgrading complex (RUC) and olefin downstream complex (ODC), which will further bolster its bottom line once operation begins.
By Kang Doo-soon and Choi Mira
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