South Korea · Delayed Price · Currency is KRW S-Oil Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw a sharp rise in operating income and revenue, driven by strong refining margins and inventory gains amid Middle East conflict. The company maintained stable operations and liquidity, advanced the Shaheen Project, and expects tight supply and firm margins to persist into Q2.
Fiscal Year 2025
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Q4 2025 saw a sharp rebound in operating income and net profit, driven by strong refining and lube margins and improved PX spreads. The Shaheen Project nears completion, with commercial operations targeted for early 2027. Dividend policy remains at 20%+ payout of net income.
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Q3 saw a strong rebound in operating income and profitability, driven by improved refining margins and steady lube demand. The Shaheen Project is progressing on schedule, with commercial operation expected in early 2027. Tight supply-demand fundamentals are forecast to persist into 2026.
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Q2 saw widened operating losses due to inventory and FX impacts, despite improved product spreads and stable revenues. The Shaheen project remains on track, and market fundamentals are expected to improve with tight supply and rising demand, especially in Asia.
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Q1 2025 saw operating losses in refining and petrochemicals, while lube business remained stable. The Shaheen Project is ahead of schedule and a 20%+ dividend payout is targeted for FY 2025–2026. Market outlook anticipates margin recovery as demand rebounds and new capacity additions remain limited.
Fiscal Year 2024
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Q4 2024 saw a return to operating profit, driven by refining margin recovery and FX gains, while petrochemicals posted losses and lube income declined due to seasonality. Major projects like Shaheen and GTG are progressing, with strong liquidity and stable CapEx plans.
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Q3 2024 saw a significant operating loss due to inventory and FX impacts, but lube margins remained strong and the Shaheen Project progressed to 42% EPC completion. Market fundamentals are expected to improve in Q4 with rising seasonal demand and supply constraints.
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Q2 2024 saw operating income of KRW 160.6 billion, with petrochemical and LBO segments offsetting weak refining margins. Sales rose 2.8% quarter-on-quarter, while net FX losses led to a pre-tax loss. Outlook for Q3 is positive, with expected margin recovery and continued safety and ESG focus.