{
  "id": 16999472,
  "title": "(LEAD) SK Innovation shifts to Q3 profit on lubricants, stronger refining margins",
  "url": "https://urgent.news/2026/10/29/lead-sk-innovation-shifts-to-q3-profit-on-lubricants-stronger",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-29T02:19:18.000Z",
  "source": {
    "name": "Yonhap News",
    "slug": "yonhap-news",
    "url": "https://en.yna.co.kr/view/AEN20261029005051320"
  },
  "original_language": "en",
  "account": "SK Innovation, South Korea’s largest energy company, reported a shift to a net profit in the third quarter of 2021, marking a significant turnaround from a net loss in the same period of the previous year. The profit surge was primarily attributed to enhanced refining margins and a robust performance in its lubricants business.\n\nDuring the three months ending September, the company's profit increased to 2.64 trillion won (approximately US$2 billion) from a net loss of 94.3 billion won in the comparable period last year. This improvement in performance was due to several factors, including reduced utilization rates at refineries in the Middle East and export restrictions on diesel from Russia.\n\nSK Innovation's lubricants division also recorded a record operating profit, even with a shortage of base oil. The profit for the lubricants segment jumped over sixfold, reaching 3.7 trillion won in the third quarter, up from 585.63 billion won a year earlier. Sales for the lubricants division rose by 39.7 percent, totaling 28.77 trillion won, compared to 20.59 trillion won in the same period last year.\n\nIn the face of geopolitical uncertainties arising from persistent tensions in the Middle East, SK Innovation aims to ensure a stable supply of petrochemical products and bolster the competitiveness of its core business. A company official expressed confidence in the company’s earnings expectations for the fourth quarter, citing scheduled maintenance at major refineries globally and ongoing export restrictions in key exporting nations.\n\nFor the January-September period, SK Innovation posted a net profit of 3.61 trillion won, a sharp contrast to a net loss of 1.25 trillion won a year before. The company's operating profit also witnessed a significant surge, reaching 9.35 trillion won compared to 153.33 billion won in the previous year, while sales grew by 34 percent, hitting 82.22 trillion won from 61.24 trillion won.",
  "summary": "SEOUL, Oct. 29 (Yonhap) -- SK Innovation Co., South Korea's major energy company...",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}