GS Holdings reports net 2.48 trillion won in 2022

GS Holdings logged a net profit of 2.48 trillion won ($1.94 billion) for 2022, up 54 percent on year, despite a steep fall in earnings in the fourth quarter, weighed down by lower petroleum prices.

The yearly net figure missed the market forecast of 3.29 trillion won.

Operating profit rose 89 percent to 5 trillion won, and sales came in at 28.8 trillion won, up 43 percent on year.

For the October-December period, GS Holdings reported a quarterly net profit of 236.5 billion won, down 21 percent on year.

But the strong performance in the first half of the year, propelled by high petroleum prices worldwide, has boosted the bottom line for the yearly figures.

GS Caltex, an oil refining subsidiary 50 percent owned by GS Holdings, saw a 97 percent jump in the annual operating profit to 3.98 trillion won. GS Retail’s operating profit rose 12 percent to 245.1 billion won.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]