GS Reports Record High Operating Profit of 2.58 Trillion Won Last Year (Update)
Impact of Refining Margin and Oil Price Increase... Energy Subsidiary Performance Improvement
[Asia Economy Reporter Moon Chaeseok] GS recorded its highest-ever operating profit last year, driven by strong performance in its refining sector.
On the 10th, GS announced that its consolidated sales for last year reached KRW 20.1802 trillion, with an operating profit of KRW 2.5803 trillion. Compared to the previous year, sales increased by 30.66% and operating profit rose by 180.3%. Net profit turned positive at KRW 1.6003 trillion compared to a loss the previous year.
The strong performance of its energy subsidiaries had a significant impact. In the refining sector, improvements in refining margins due to recovering oil demand and increased inventory valuation gains from rising oil prices were cited as key factors.
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GS's sales for the fourth quarter of last year were KRW 5.9411 trillion, with an operating profit of KRW 751.5 billion. Compared to the same period last year, sales increased by 62.6% and operating profit by 168.6%. Net profit turned positive at KRW 286.1 billion compared to a loss in the same quarter of the previous year.
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