South Korea's third-largest oil refiner, S-Oil, turned profitable in the second quarter, driven by higher sales prices for its key petrochemical products.
According to Arabia Net, net income of S-Oil, wholly owned by Saudi oil giant Aramco, was 410.7 billion won ($357.1 million) in the April-to-April period. June, up from a loss of 66.9 billion won a year earlier, the company said in a regular report.
Operating profit in the second quarter came to 571 billion won, after a loss of 164.3 billion won a year earlier, while sales jumped 94.4% on-year to 6.7 trillion won. During this period, according to the official Korean Yonhap News Agency.
S-Oil said higher prices for its key petrochemical products, including gasoline and diesel, improved its second-quarter net profit.
And it stated in a statement that refining margins remained weak due to the decline in the spread of fuel oil, however, the expansion of gasoline and diesel continued to rise thanks to the gradual recovery in demand amid the expansion of anti-Corona vaccination campaigns. .
The company recorded a record operating profit of 1.2 trillion won and 12 trillion won in sales in the first half.
The company said that the average sales prices of its oil and petrochemical products increased by 13.9% in the second quarter compared to the previous three months, while its sales volume increased by 11.6% on a quarter-on-quarter basis. annually during the period.
