Hyundai Oilbank's Operating Profit Last Year 522 Billion KRW... 21% Decrease Year-on-Year

[Asia Economy Reporter Park So-yeon] Hyundai Heavy Industries Holdings announced on the 6th that its subsidiary Hyundai Oilbank's consolidated operating profit for last year was tentatively estimated at 522 billion KRW, a 21% decrease compared to the previous year.

Sales amounted to 21.1168 trillion KRW, down 1.8% from the previous year. Net profit decreased by 22.5% to 312.9 billion KRW.

Operating profit for the fourth quarter was 109 billion KRW, turning to a profit compared to an operating loss of 175.3 billion KRW in the same period last year. Sales and net profit for this quarter were 5.3522 trillion KRW and 122 billion KRW, respectively.

Due to a decline in demand for major petroleum products such as gasoline, the Singapore refining margin recorded a negative value at one point last year, causing difficulties for domestic and international refiners. In the refining sector, Hyundai Oilbank posted an operating profit of 330.6 billion KRW and an operating margin of 1.7%.

It is analyzed that Hyundai Oilbank, which has traditionally shown strong performance in the refining sector through facility upgrading and crude oil diversification strategies, performed even better by quickly responding to the low-sulfur marine fuel market following IMO 2020.

In non-refining sectors such as petrochemicals, carbon black, and fuel storage business, an annual operating profit of 191.4 billion KRW was recorded.

This content was produced with the assistance of AI translation services.