SK Innovation's profit surges sixfold on strong oil, lubricants margins

What happened: SK Innovation reported record third-quarter operating profit, driven by strong refining margins amid Middle East tensions and record earnings at its lubricants business. Key numbers: Operating profit rose 532.5 percent on-year to 3.07 trillion won ($2.3 billion); revenue Why it matters: SK On said underlying profitability is improving after excluding one-off factors, and it is converting existing EV battery lines in South Korea and North America to make ESS batteries, expecting benefit from US restrictions on battery supply chains involving foreign entities of concern.

SK Innovation reported record third-quarter operating profit, driven by strong refining margins amid Middle East tensions and record earnings at its lubricants business.

SK On said underlying profitability is improving after excluding one-off factors, and it is converting existing EV battery lines in South Korea and North America to make ESS batteries, expecting benefit from US restrictions on battery supply chains involving foreign entities of concern.