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SK Innovation narrows Q3 losses from last year

Published: 31 Oct. 2025, 17:01

SK Innovation's petrochemical plant in Ulsan [YONHAP]

SK Innovation's leading refiner said on Friday that its third-quarter net losses had sharply narrowed from a year earlier, driven by higher oil prices and improved refining margins.

In the July-September period, net losses narrowed to 94.3 billion won ($65.9 million) from 588.12 billion won last year, the company said in a press release.

“The
petrochemical business turned profitable on the back of higher oil prices and improved refining margins. Robust earnings in the liquefied natural gas and renewable energy businesses also buoyed the earnings results,” the company said.

SK Innovation swung to an operating profit of 573.5 billion won in September from an operating loss of 423.3 billion won a year earlier.

Sales rose 16.3 percent to 20.53 trillion won during the same period, up from 17.66 trillion won the previous year.

The company said it plans to focus on winning contracts to supply energy storage systems (ESS) in major markets, such as the United States, amid sluggish demand for electric vehicles (EVs).

SK On, the refiner's wholly owned EV battery-making unit, recently signed a deal with the U.S.-based Flatiron Energy Development to supply ESS units starting in late 2026.

The merger between SK On and SK Enmove, a provider of EV lubricants and thermal management solutions, is scheduled to begin operations on Saturday as part of SK Innovation's business reorganization plan.

From January to September, net losses slightly narrowed to 1.25 trillion won from 1.33 trillion won in the same period last year.

Operating profit fell 28.5 percent to 111.27 billion won from 155.56 billion won a year before, while sales rose 10.3 percent to 60.99 trillion won from 55.31 trillion won.

Yonhap