GS, Operating Profit of 3.7179 Trillion KRW Last Year... 27% Decrease YoY

GS announced on the 14th that its consolidated operating profit for last year was 3.7179 trillion KRW, a decrease of 27.4% compared to the previous year.

During the same period, sales fell 9.1% to 25.9785 trillion KRW, and net profit dropped 36.2% to 1.5835 trillion KRW.

GS Group headquarters building (GS Tower) exterior view.

Looking at the fourth quarter of last year alone, sales were 6.5593 trillion KRW, operating profit was 695.3 billion KRW, and net profit was 126.3 billion KRW. Compared to the same period last year, sales and operating profit decreased by 7.6% and 22.5%, respectively, while net profit declined by 46.8%.

GS Caltex recorded sales of 48.6075 trillion KRW and operating profit of 1.6838 trillion KRW last year. Due to a decline in oil prices and refining margins, these figures decreased by 17% and 58%, respectively, compared to the previous year.

GS Energy also saw sales of 6.519 trillion KRW and operating profit of 2.6415 trillion KRW, down 16% and 31% year-on-year.

A GS official explained, "Overall, the performance was favorable thanks to GS Caltex’s strong refining and lubricant margins last year. However, global oil prices, refining margins, and SMP (wholesale electricity prices) gradually declined, resulting in a decrease compared to the previous year."

He added, "This year, market conditions are expected to be challenging due to weak demand for petroleum and chemical products amid concerns over a global economic downturn. The recovery of the global economy will be a key factor for future performance."

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