S-Oil, a South Korea-based oil refiner controlled by Saudi Aramco, has announced its return to profitability in the third quarter. The company recorded a net profit of 545.44 billion Korean won ($402.2 million), surpassing expectations and marking a substantial improvement from the previous quarter's net losses.
Operating profit also saw a significant increase, rising by 68% to reach 858.88 billion Korean won. However, revenue declined by 19% to 9.000 trillion Korean won compared to the same period last year.
S-Oil attributes its impressive earnings to several key factors. Firstly, the company benefited from higher crude prices as oil producers extended their output cuts. Additionally, robust demand-driven refining margins, along with strong oil demand during the summer driving and air travel peak season, contributed to the positive financial performance.
After experiencing losses in the second quarter, S-Oil's oil refining segment returned to profitability in the third quarter. Looking ahead, the company anticipates that regional oil refining margins will remain solid throughout the fourth quarter due to expected strong seasonal demand and low global inventory levels.
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