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[SK Innovation’s Q1 2024 Financial Results] Recording sales of KRW 18.86 trillion and operating profit of KRW 624.7 billion

■ Refining, petrochem, lubricants, and E&P business led to the steady growth while the refining business particularly broke away from operating losses in the previous quarter due to improvements in refining margins ■ Steady performance is expected to continue in the second quarter due to the entry into seasonal peaks and additional expansion of production in Block 17/03 in China ■ The battery business, a new growth engine, has obtained additional orders of KRW 180 trillion, resulting in KRW 400 trillion in total since the establishment of SK On, laying the foundation for improving revenue in the mid-to-long term based on large-scale orders   SK Innovation saw an improvement in operating profit thanks to its steady performance in the energy and petrochemical business compared to the previous quarter. On April 29, SK Innovation announced in its Q1 2024 earnings report that it recorded KRW 18.86 trillion in revenues and KRW 624.7 billion in operating profit. Compared to the fourth quarter of 2023, the company recorded a decrease in sales by KRW 674.2 billion while it achieved an increase in operating by 552.1 billion. When coming to the same quarter in the previous year, it recorded a decrease in sales by KRW 287.8 billion but saw an increase in operating profit by KRW 249.7 billion. SK Innovation said, “Due to the inventory-related profits and the improved refining margin caused by rising oil prices, it recorded a QoQ increase in operating profit in the energy and petrochemical business, which led to the achievement of the first quarter.” It added, “The battery business saw a relatively sluggish profitability in the first quarter because of declined sales volume and price caused by chasm (a temporary stagnation in demand), but its profitability is expected to improve in the mid-to-long term on the strength of the enhanced operation rate of global production facilities from large-scale orders and the expansion of Advanced Manufacturing Production Credit (AMPC).” The pre-tax profit recorded KRW 18.2 billion as non-operating loss of KRW 606.5 billion occurred by the increased loss related to the higher exchange rate as well as soaring oil prices and a decrease in product-related profits. The net debt recorded KRW 18.57 trillion, an increase by KRW 3.79 trillion compared to the end of the last year, due to the increased expenditure for investing in the battery business.   ■ Q1 2024 earnings by business The refining business achieved a turnaround as it recorded operating profit of KRW 591.1 billion, an QoQ increase by KRW 756.3 billion due to strong refining margin and rising oil prices compared to 2023 Q4. The petrochemical business achieved operating profit of KRW 124.5 billion, an QoQ increase by KRW 124.1 billion due to an increased margin from the improvement of Benzene and inventory-related profits from soaring naphtha price. The lubricants business recorded operating profit of KRW 220.4 billion, the QoQ increase by 3.4 billion due to the increase in sales volume caused by a steady demand and reduced fixed costs. The E&P business saw operating profit of KRW 154.4 billion, the QoQ increase by 47.3 billion thanks to an increase in sales volume from the continued production in Block 17/03 in China. The battery business achieved sales of KRW 1.68 trillion, the QoQ decrease by KRW 1.4 trillion due to a decline in sales volume and price. Its operating loss recorded KRW -331.5 billion. It was attributed to reduced operation rates from customer inventory adjustments and a cutback in Advanced Manufacturing Production Credit (AMPC) despite improved productivity from overseas corporations. The materials business recorded operating loss of KRW 64.4 billion due to aggravated fixed costs from a decrease in sales volume to customers as well as operation rate compared to the previous quarter.   ■ Q2 2024 market outlook In the second quarter, there is a promising outlook for the refining business that the refining margin is expected to show a steady performance due to the ongoing OPEC+ production cuts and improved demand from the driving season. For the petrochemical business, the spread for paraxylene (PX) is expected to gradually improve in the second half of the year due to increased gasoline blending demand, and spreads for polyethylene (PE) and polypropylene (PP) are expected to remain stable depending on the revitalization of China’s domestic demand. The lubricants business is expected to maintain a positive profitability due to increased demand from seasonal peaks, while the E&P business is anticipated to see external and profit growth as China's 17/03 block aims to reach its highest production volume in the third quarter of this year. The battery business obtained additional orders of KRW 180 trillion in just two years of the establishment of SK On, resulting in KRW 400 trillion in accumulated order backlog. It is expected that the shipment volume will gradually increase through the accumulation of customer inventory demand and ongoing optimization of line operations. Moreover, flexible management of the timing for expanding global production facilities in response to unfavorable market conditions are expected to improve profitability as well. [Attached] 1. SK Innovation quarterly earnings (based on K-IFRS)   (Unit: KRW hundred million) Q1 2023 Q4 2023 Q1 2024 YoY QoQ Revenue 191,429 195,293 188,551 -2,878 -6,742 Operating income 3,750 726 6,247 2,497 5,521 2. 2024 Q1 earnings by business (based on K-IFRS) (Unit: KRW hundred million) Refining* Petrochem* Lubricants E&P Battery Materials** Staff Total Revenue 128,548 27,590 11,373 3,701 16,836 317 186 188,551 Operating income 5,911 1,245 2,204 1,544 -3,315 -644 -698 6,247 (*) Refining: SKE, SKTI, SKIPC refining business/ Petrochem: SKGC, SKIPC petrochemical business (**) Materials: Based on consolidated financial statements of SK Innovation, which removed internal transactions of SK Innovation affiliates.

2024. 04. 29

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[SK Innovation’s Q1 2024 Financial Results] Recording sales of KRW 18.86 trillion and operating profit of KRW 624.7 billion

■ Refining, petrochem, lubricants, and E&P business led to the steady growth while the refining business particularly broke away from operating losses in the previous quarter due to improvements in refining margins ■ Steady performance is expected to continue in the second quarter due to the entry into seasonal peaks and additional expansion of production in Block 17/03 in China ■ The battery business, a new growth engine, has obtained additional orders of KRW 180 trillion, resulting in KRW 400 trillion in total since the establishment of SK On, laying the foundation for improving revenue in the mid-to-long term based on large-scale orders   SK Innovation saw an improvement in operating profit thanks to its steady performance in the energy and petrochemical business compared to the previous quarter. On April 29, SK Innovation announced in its Q1 2024 earnings report that it recorded KRW 18.86 trillion in revenues and KRW 624.7 billion in operating profit. Compared to the fourth quarter of 2023, the company recorded a decrease in sales by KRW 674.2 billion while it achieved an increase in operating by 552.1 billion. When coming to the same quarter in the previous year, it recorded a decrease in sales by KRW 287.8 billion but saw an increase in operating profit by KRW 249.7 billion. SK Innovation said, “Due to the inventory-related profits and the improved refining margin caused by rising oil prices, it recorded a QoQ increase in operating profit in the energy and petrochemical business, which led to the achievement of the first quarter.” It added, “The battery business saw a relatively sluggish profitability in the first quarter because of declined sales volume and price caused by chasm (a temporary stagnation in demand), but its profitability is expected to improve in the mid-to-long term on the strength of the enhanced operation rate of global production facilities from large-scale orders and the expansion of Advanced Manufacturing Production Credit (AMPC).” The pre-tax profit recorded KRW 18.2 billion as non-operating loss of KRW 606.5 billion occurred by the increased loss related to the higher exchange rate as well as soaring oil prices and a decrease in product-related profits. The net debt recorded KRW 18.57 trillion, an increase by KRW 3.79 trillion compared to the end of the last year, due to the increased expenditure for investing in the battery business.   ■ Q1 2024 earnings by business The refining business achieved a turnaround as it recorded operating profit of KRW 591.1 billion, an QoQ increase by KRW 756.3 billion due to strong refining margin and rising oil prices compared to 2023 Q4. The petrochemical business achieved operating profit of KRW 124.5 billion, an QoQ increase by KRW 124.1 billion due to an increased margin from the improvement of Benzene and inventory-related profits from soaring naphtha price. The lubricants business recorded operating profit of KRW 220.4 billion, the QoQ increase by 3.4 billion due to the increase in sales volume caused by a steady demand and reduced fixed costs. The E&P business saw operating profit of KRW 154.4 billion, the QoQ increase by 47.3 billion thanks to an increase in sales volume from the continued production in Block 17/03 in China. The battery business achieved sales of KRW 1.68 trillion, the QoQ decrease by KRW 1.4 trillion due to a decline in sales volume and price. Its operating loss recorded KRW -331.5 billion. It was attributed to reduced operation rates from customer inventory adjustments and a cutback in Advanced Manufacturing Production Credit (AMPC) despite improved productivity from overseas corporations. The materials business recorded operating loss of KRW 64.4 billion due to aggravated fixed costs from a decrease in sales volume to customers as well as operation rate compared to the previous quarter.   ■ Q2 2024 market outlook In the second quarter, there is a promising outlook for the refining business that the refining margin is expected to show a steady performance due to the ongoing OPEC+ production cuts and improved demand from the driving season. For the petrochemical business, the spread for paraxylene (PX) is expected to gradually improve in the second half of the year due to increased gasoline blending demand, and spreads for polyethylene (PE) and polypropylene (PP) are expected to remain stable depending on the revitalization of China’s domestic demand. The lubricants business is expected to maintain a positive profitability due to increased demand from seasonal peaks, while the E&P business is anticipated to see external and profit growth as China's 17/03 block aims to reach its highest production volume in the third quarter of this year. The battery business obtained additional orders of KRW 180 trillion in just two years of the establishment of SK On, resulting in KRW 400 trillion in accumulated order backlog. It is expected that the shipment volume will gradually increase through the accumulation of customer inventory demand and ongoing optimization of line operations. Moreover, flexible management of the timing for expanding global production facilities in response to unfavorable market conditions are expected to improve profitability as well. [Attached] 1. SK Innovation quarterly earnings (based on K-IFRS)   (Unit: KRW hundred million) Q1 2023 Q4 2023 Q1 2024 YoY QoQ Revenue 191,429 195,293 188,551 -2,878 -6,742 Operating income 3,750 726 6,247 2,497 5,521 2. 2024 Q1 earnings by business (based on K-IFRS) (Unit: KRW hundred million) Refining* Petrochem* Lubricants E&P Battery Materials** Staff Total Revenue 128,548 27,590 11,373 3,701 16,836 317 186 188,551 Operating income 5,911 1,245 2,204 1,544 -3,315 -644 -698 6,247 (*) Refining: SKE, SKTI, SKIPC refining business/ Petrochem: SKGC, SKIPC petrochemical business (**) Materials: Based on consolidated financial statements of SK Innovation, which removed internal transactions of SK Innovation affiliates.

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