The company posted an operating profit of 288.2 billion won ($198.8 million) for the year, down from 422.1 billion won in 2024, according to a regulatory filing on Monday. Annual revenue slipped 6.5 percent to 34.25 trillion won as global oil prices softened throughout the year.
S-Oil swung to a net profit of 216.9 billion won, reversing the previous year's loss, buoyed by a robust fourth quarter that defied the broader annual decline. The October-December period delivered an operating profit of 424.5 billion won, surging 90.9 percent from a year earlier.
The refiner's lubricant business emerged as the sole bright spot, generating 582.1 billion won in operating profit. However, both the refining and petrochemical segments sank into the red, posting operating losses of 157.1 billion won and 136.8 billion won, respectively.
Looking ahead, S-Oil projected favorable market conditions for 2026, citing expectations that global demand growth would outpace capacity additions from new refineries and paraxylene plants. The company also anticipates continued support from low crude prices and subdued official selling prices.
The refiner's massive Shaheen Project, a crude-to-chemicals complex, has reached 93.1 percent completion as of Jan. 14. S-Oil said it aims to achieve mechanical completion by June and commence commercial operations by December.
S-Oil shares traded at 95,600 won on Monday morning, down 3.92 percent from the previous market closure.
reporter
Kim Dong-young
davekim0807@ajupress.com
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