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SK Innovation’s 2016 OP nears $3 billion, a record for Korean refiner

Collected: 2017.02.04

Distributed: 2017.02.06

Source: Go Direct

SK Innovation Co., the energy solution unit of South Korean large conglomerate SK Group, raked in nearly $3 billion in operating profit last year, a milestone for a Korean refiner, as favorable oil price and foreign exchange conditions augmented profit in petrochemical and lubricant businesses.

The firm said in a regulatory filing on Friday that it posted an all-time high operating profit of 3.23 trillion won ($ 2.81 billion) last year, soaring 63 percent on year although sales were down 18 percent to 39.52 trillion won.

Shares of SK Innovation ended Friday at 156,500 won, down 2.8 percent or 4,500 won from the previous session.

Earnings mostly came from petrochemical and lubricant base oil units. Operating income margins of chemical and lubricant units were 12 percent and 18 percent respectively, surpassing that of the petroleum unit which stood at 7 percent. Profits from its petrochemical and lubricant units accounted for 25 percent in sales last year while they made up 49 percent of the company’s operating profits. Its fledgling battery division incurred an operating loss of 203.1 billion won as the business.

SK Innovation reaped fruit from its preemptive investment of more than 4 trillion won in the chemical and lubricant capacity. SK Innovation ranks No. 6 in global scale in paraxylene production and is the world’s largest producer of high quality lube base oil.

The company decided to pay out record-high dividend of 6,400 won per share from 2016 settlements.

By Jung Wook

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