S-Oil's Q3 Operating Profit Surges 513.7%

en.Wedoany.com Reported - On November 2, South Korean refining and petrochemical company S-Oil Corporation announced its Q3 2026 results. The company's operating profit for the quarter reached KRW 1.4067 trillion (approximately USD 10.4 billion), up 513.7% year-on-year and 45.8% quarter-on-quarter; revenue stood at KRW 11.9687 trillion, up 42.2% year-on-year. Net profit reached KRW 1.4356 trillion, compared with KRW 63.2 billion in the same period last year.

By business segment, the lube business became a key driver of profit growth this quarter. The segment posted revenue of KRW 1.5424 trillion and operating profit of KRW 742.7 billion, up 55.5% quarter-on-quarter and more than 4-fold year-on-year. Widening base oil spreads, particularly tightening supply of high-grade Group III base oils, drove the segment's earnings growth.

The refining business recorded revenue of KRW 9.0647 trillion and operating profit of KRW 690.4 billion, up 29.7% quarter-on-quarter. The company disclosed that rising international crude prices and strong export margins on refined products drove the improvement in refining profitability. The petrochemical business posted revenue of KRW 1.3616 trillion and an operating loss of KRW 26.4 billion, narrowing from the KRW 44.8 billion loss in the second quarter.

S-Oil is advancing the Shaheen petrochemical project at the Onsan National Industrial Complex in Ulsan, South Korea. According to the company's Q3 earnings report, the project's main units have completed mechanical completion, and pre-commissioning and commissioning work is currently being carried out in phases, with supporting systems including power, steam, water supply, storage facilities and external pipelines also gradually entering the commissioning stage.

The Shaheen project involves a total investment of approximately KRW 9.26 trillion. The company plans to hold a project completion and 50th anniversary event in Q4 2026, with early 2027 as the target for project startup. The project is scheduled to start up in phases beginning with the polyethylene unit, followed by the startup of the steam cracker and the crude-to-chemicals (TC2C) unit.