SK Innovation‘s Q1 operating profit up 19% to W1tr

South Korea’s leading oil refiner SK Innovation said Tuesday that its operating profit increased 19 percent to surpass 1 trillion won ($887 million) in the first quarter. 

The firm’s sales also reached 11.3 trillion won during the same period, up 20 percent from the same period last year.

SK Innovation said the increases in sales and profit are largely contributed to the success of non-refining businesses, including its chemical and lubricating oil businesses.

The operating profit in non-refining businesses in the first quarter recorded an all-time high of 549.6 billion won, accounting for 55 percent of total operating profit, the first time for the chemical business to exceed 50 percent.

In particular, the chemical business alone generated 454.7 billion won of profit, which is almost 40 percent of the chemical business’s annual operating profit made in 2016.

SK innovation said in February the firm would take over Dow Chemical‘s ethylene acrylic acid unit and invest some 3 trillion won in petroleum, chemicals and batteries businesses.

By Shim Woo-hyun (ws@heraldcorp.com)