GS reports significant improvements in its financial performance for the second quarter of 2026, with revenue reaching 7.4 trillion won and operating profit reaching 1.7 trillion won, representing a substantial increase compared to the previous year

GS announced that its consolidated revenue for the second quarter of 2026 reached 7.4131 trillion won, with an operating profit of 1.7174 trillion won and a net profit of 1.1302 trillion won. This represents an increase of 8.3% in revenue, 36.5% in operating profit, and 36.9% in net profit compared to the previous quarter (the first quarter of 2026). Compared to the same period last year (the second quarter of 2025), the improvement in performance is even more significant. Revenue increased from 5.9336 trillion won to 7.4131 trillion won, a 24.9% increase. Operating profit surged from 486 billion won to 1.7174 trillion won, a 253% increase, and net profit jumped from 88.4 billion won to 1.1302 trillion won, an increase of over 1180%. Consequently, the cumulative revenue for the first half of 2026 reached 14.2555 trillion won, with an operating profit of 2.9760 trillion won and a net profit of 1.9587 trillion won. The operating profit for the first half of the year increased by 130.8% compared to the same period last year, which was 1.2893 trillion won. The primary driver of this improved performance is GS Caltex. The expansion of refining margins, driven by rising international oil prices and strong export prices for petroleum products, contributed significantly. Additionally, temporary inventory valuation gains also had an impact. The lubricants division achieved record-high performance due to global supply disruptions, and the resource development division of GS Energy also saw an increase in operating profit, benefiting from rising oil prices. However, there are differences in performance across different divisions. The petrochemical division, despite rising naphtha prices, experienced a shift to a loss compared to the previous quarter because product selling prices did not keep pace. The performance of the power generation subsidiary was poor throughout the first half of the year due to a combination of falling system marginal prices (SMP) and reduced operating rates. Regarding the outlook for the third quarter, GS stated that oil price volatility remains high due to the situation in the Middle East, and that the temporary inventory effect that boosted performance in the second quarter is expected to dissipate. The company anticipates that flexible business strategies will be a key factor in determining the performance in the second half of the year, given these uncertainties.