S-Oil Corporation financial statements, 6 years: Back to a profit in 2025 after a net loss of KRW 193.0bn in 2024
Consolidated financial statements for 2020–2025 and the 2026 half-year report that S-Oil Corporation filed with DART, laid out by year. No interpretation or outlook.
S-Oil Corporation financial statements, 6 years: Back to a profit in 2025 after a net loss of KRW 193.0bn in 2024
The consolidated financial statements in the 2020–2025 annual reports that S-Oil Corporation (010950) filed with Korea’s DART electronic disclosure system, laid out by year. Figures from the 2026 half-year report cover a different period and are shown separately. Every figure below is taken as filed in the DART submissions; there is no interpretation or outlook. Amounts are in Korean won (KRW; bn = billion, tn = trillion).
1. Income statement — the sign of net income changed in 3 years
| Fiscal year | Revenue | Revenue change | Operating income | Op. income change | Operating margin | Net income |
|---|---|---|---|---|---|---|
| 2020 | 16.83tn | — | −1.10tn | — | −6.5% | −796.1bn |
| 2021 | 27.46tn | +63.19% | 2.14tn | turned to profit | 7.8% | 1.38tn |
| 2022 | 42.45tn | +54.55% | 3.41tn | +59.05% | 8.0% | 2.10tn |
| 2023 | 35.73tn | −15.83% | 1.35tn | −60.22% | 3.8% | 948.8bn |
| 2024 | 36.64tn | +2.55% | 422.2bn | −68.83% | 1.1% | −193.0bn |
| 2025 | 34.25tn | −6.52% | 235.6bn | −44.19% | 0.7% | 177.0bn |
Revenue was largest in 2022 at KRW 42.45tn and smallest in 2020 at KRW 16.83tn among the six years. It fell from the previous year twice: 2023 (−15.83%), 2025 (−6.52%).
Operating income was largest in 2022 at KRW 3.41tn and smallest in 2020 at KRW −1.10tn. The operating margin was highest in 2022 at 8.0%.
Net income was largest in 2022 at KRW 2.10tn and smallest in 2020 at KRW −796.1bn.
2. Financial position — equity became 1.56x
| Fiscal year | Total assets | Total equity | Debt ratio | Current ratio |
|---|---|---|---|---|
| 2020 | 15.69tn | 5.68tn | 176.1% | 76.1% |
| 2021 | 18.69tn | 6.99tn | 167.5% | 98.5% |
| 2022 | 19.61tn | 8.48tn | 131.2% | 112.1% |
| 2023 | 21.58tn | 9.04tn | 138.7% | 104.2% |
| 2024 | 24.45tn | 8.70tn | 181.2% | 86.2% |
| 2025 | 26.56tn | 8.89tn | 198.8% | 70.6% |
The debt ratio was highest in 2025 at 198.8% and lowest in 2022 at 131.2%.
Over the same period total assets went from KRW 15.69tn to KRW 26.56tn (1.69x), and total equity went from KRW 5.68tn to KRW 8.89tn and became 1.56x.
The current ratio was below 100% in 4 years, 2020, 2021, 2024 and 2025 — in those years current liabilities exceeded current assets.
3. Cash flow — positive in all six years
| Fiscal year | Operating cash flow | Net income | ROE |
|---|---|---|---|
| 2020 | 1.63tn | −796.1bn | −14.0% |
| 2021 | 1.48tn | 1.38tn | 19.7% |
| 2022 | 1.28tn | 2.10tn | 24.8% |
| 2023 | 2.53tn | 948.8bn | 10.5% |
| 2024 | 1.47tn | −193.0bn | −2.2% |
| 2025 | 3.94tn | 177.0bn | 2.0% |
Operating cash flow was positive in all six years. It was largest in 2025 at KRW 3.94tn and smallest in 2022 at KRW 1.28tn.
ROE was highest in 2022 at 24.8% and lowest in 2020 at −14.0%.
4. Latest half-year report (end of H1, 52nd fiscal period, consolidated basis)
The period differs, so these figures cannot be compared directly with the annual tables above. Only cumulative figures for the same period of the previous year are compared.
| Item | 2026 cumulative | Same period last year | Change |
|---|---|---|---|
| Revenue | 20.29tn | 17.04tn | +19.06% |
| Operating income | 2.20tn | −365.5bn | turned to profit |
| Net income | 1.24tn | −111.3bn | turned to profit |
| Finance income | 222.8bn | 428.4bn | −48.00% |
| Operating cash flow | −567.0bn | — | — |
At the end of the period, total assets were KRW 30.24tn, total liabilities KRW 20.16tn and total equity KRW 10.09tn.
The cumulative operating margin was 10.8%.
No rate of change is computed for operating income and net income, because the sign changed between the two periods.
5. Ownership, dividends and staff (as of the 2025 annual report)
- Largest shareholder: Aramco Overseas Company B.V., stake 63.41%
- Cash dividend per share KRW 330, payout ratio 21.80%, dividend yield 0.30%
- Employees: 3,537, average pay per employee KRW 139m
How to read this
This page lays out the filed figures by year and nothing more. Financial statements do not say why the numbers moved, so neither do we.
The order of publication follows revenue in the latest fiscal year and has nothing to do with the content.
To check the same figures, search for the company on DART and open the consolidated financial statements in its annual reports. Every number here was computed from the 2020–2025 annual reports and the interim report downloaded through the OpenDART API on 2026-09-24; ratios divide the filed account amounts.
This article is for information only and is not investment advice.