SK Innovation's net profit grows over 300% to reach nearly 2 trillion won in 2022

SK Innovation’s net profit surged 307.4 percent to 1.99 trillion won ($1.6 billion) last year compared to the previous year, boosted by high oil prices.

SK Innovation's plant in Ulsan

SK Innovation’s net profit surged 307.4 percent to 1.99 trillion won ($1.6 billion) last year compared to the previous year, boosted by high oil prices.

The company said in a regulatory filing Tuesday that it posted 3.99 trillion won in operating profit for 2022, compared with 1.74 trillion from the previous year. Annual revenue rose 66.6 percent to 78.05 trillion won.

Still, it swung to a loss in the fourth quarter, posting net loss of 386.8 billion won, turning from a profit of 151.4 billion won the year earlier.

The company said in a regulatory filing that it continued to post an operating loss of 683.3 billion won for the October-December period, compared with a loss of 62.3 billion won a year earlier. Revenue within the quarter rose 39.5 percent to 19.13 trillion won.

The loss was 342.8 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

BY PARK EUN-JEE, YONHAP [park.eunjee@joongang.co.kr]