According to regulatory filings released Monday, operating profit came in at 965.0 billion won ($674.2 million) for the three months ended June, reversing a year-earlier operating loss of 344.0 billion won.
Revenue climbed 40.9 percent from a year earlier to 11.34 trillion won, lifted by elevated oil prices, while net profit reached 514.6 billion won, against a loss of 66.8 billion won in the same period of 2025.
The rebound came even as operating profit fell 21.6 percent from the first quarter, when a one-off inventory gain had padded the refining division's earnings. The company said the lubricant business delivered its highest-ever quarterly operating profit, cushioning much of that decline.
"Refining margins rose sharply as the supply of oil products tightened," the company said, pointing to strained global inventories.
Crude prices held high through most of the quarter before tumbling in late June, when the blockade of the Strait of Hormuz was temporarily lifted.
S-Oil expects firm market conditions to persist into the second half, citing global crude and product stocks that sit near the bottom of their five-year range.
The refiner said tight refined-product supply should continue, driven by summer driving demand, heatwave-fueled power generation, Russian export curbs and disruptions at Middle Eastern facilities.
The company added that its Shaheen petrochemical project remains on track for commercial operation in early 2027, following test runs in the second half of this year.
Shares of S-Oil traded at 120,500 won at 10:00 a.m., 5.34 percent lower than the previous session.
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