GS Corp. Posts Q2 Operating Profit of 1.7174 Trillion Won, Up 253% Year-on-Year
Revenue of 7.4131 Trillion Won, Net Profit of 1.1320 Trillion Won
GS Caltex Delivers Strong Results on Expanded Refining Margins and Inventory Effects
Record-High Performance in Lubricants... "Monitoring Oil Price Volatility in Q3"
GS Corp. reported that its operating profit in the second quarter of this year more than tripled compared to the same period last year, fueled by strong performance from GS Caltex driven by higher refining margins and temporary inventory effects. The lubricants business also posted its best-ever results, supported by improved profitability amid global supply disruptions.
On August 11, GS Corp. announced that its consolidated revenue for the second quarter of 2026 reached 7.4131 trillion won, with operating profit at 1.7174 trillion won and net profit at 1.1320 trillion won.
Compared to the previous quarter, revenue increased by 8.34%, operating profit by 36.45%, and net profit by 36.93%.
The improvement was even more pronounced compared to the same period last year. Revenue grew by 24.93%, operating profit surged by 253.37%, and net profit jumped by 1,180.54%.
As a result, GS Corp.'s cumulative revenue for the first half of this year was tallied at 14.2555 trillion won, with operating profit at 2.9760 trillion won and net profit at 1.9587 trillion won.
Compared to the first half of last year, revenue rose by 17.22%, operating profit by 130.82%, and net profit by 415.58%, respectively.
The strong performance of GS Caltex was the main contributor to the improved results. Increased international oil prices and export prices of petroleum products have expanded refining margins, while temporary inventory effects further enhanced profitability.
In particular, the lubricants segment posted record-high performance due to global supply disruptions. The resource development segment of GS Energy also saw increased operating profit, supported by rising oil prices.
On the other hand, the petrochemical segment turned to a loss compared to the previous quarter, as it was unable to fully reflect the increased naphtha prices in final product prices. Power generation subsidiaries also posted sluggish performance in the first half of the year due to declining SMP (system marginal price) and operating rates.
A GS official said, "In the second quarter, GS Caltex delivered strong results thanks to higher refining margins and inventory effects resulting from increased international oil prices and export prices of petroleum products. The lubricants business also achieved record-high performance due to global supply disruptions, and GS Energy's resource development segment saw higher operating profit supported by rising oil prices."
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The official added, "In the third quarter, oil price volatility is expected to continue due to tensions in the Middle East, while temporary inventory effects may disappear. How flexibly we respond to these uncertainties will significantly impact our performance."
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