SK Innovation’s sales in the first quarter of 2021 reached 9239.8 billion won, up 1562.2 billion won from the previous quarter, due to a rise in prices of oil and petrochemical products.
The company has made a successful turnaround, recording an operating profit of 502.5 billion won in the first quarter, up 2317.9 billion won from the same period last year, and up 745.9 billion won from the last quarter of 2020.
However, its pre-tax profit recorded a loss of 527.6 billion won. This is attributable to non-operating losses of 1,030.1 trillion won, including exchange rate losses and the battery-related dispute settlement.
Refining business recorded an operating profit of 416.1 billion won, up 608.6 billion won from the previous quarter, as refining margins improved significantly due to supply disruptions caused by the U.S. cold wave and inventory-related profits increased due to the rise in oil prices.
CEO of SK Innovation Kim Jun said, “As the business environment is gradually recovering from the pandemic, we are seeing an improvement in our main businesses such as the petrochemical business.”
He added, “Simultaneously, new businesses such as the battery and material businesses are continuously showing growth. We will focus on strengthening our core competitive power to evolve into a Green Energy & Material Company through green-centered, full-scale, fundamental innovation.”