South Korea's third-largest refiner S-Oil reported a net profit in the fourth quarter, attributing the turnaround to a weakening Korean won. The October-December net profit reached 265 billion won, reversing a 131.7 billion won loss from a year earlier. Operating profit rose 90.9 percent year-on-year to 424.5 billion won.
S-Oil Corp., South Korea's third-largest refiner by sales, announced on Monday that its fourth-quarter net profit reached 265 billion won ($183 million) for the October-December period, according to a regulatory filing. This marked a turnaround from a 131.7 billion won loss in the same period a year earlier. While revenue dipped 1.4 percent to 8.79 trillion won, operating profit surged 90.9 percent to 424.5 billion won.
The results fell short of market expectations, with analysts' average estimate at 278.1 billion won based on a Yonhap Infomax survey. The company credited the improved bottom line to a weaker Korean won, which enhanced won-denominated profits.
The flagship refining business saw more than a 50 percent year-on-year increase, driven by seasonal demand and lower crude oil prices, though the petrochemical division continued to report losses. Looking ahead, S-Oil anticipates that steady global demand and low crude prices will positively affect its refining operations in the first quarter.
For the full year 2025, S-Oil posted a net profit of 216.9 billion won, reversing a 193 billion won loss from the previous year. Annual operating profit declined 31.7 percent to 288.2 billion won, and sales fell 6.5 percent to 34.24 trillion won.
Headquartered in Seoul's Mapo District, S-Oil operates as a joint venture with the Abu Dhabi National Oil Company.
