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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  SK Innovation Co., Ltd.    A096770   KR7096770003

SK INNOVATION CO., LTD.

(A096770)
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South Korea's SK Innovation sees refining margins gradually improving in 2021

10/29/2020 | 09:45pm EST
FILE PHOTO: The logo of SK Innovation is seen in front of its headquarters in Seoul

SEOUL (Reuters) - SK Innovation Co Ltd, owner of South Korea's top refiner SK Energy, said on Friday refining margins in 2021 are expected to gradually improve as the COVID-19 situation gets better and demand recovers.

SK Innovation reported an operating loss of 29 billion won ($26 million) in the third quarter, due to weak refining margins and delayed demaind recovery, as well as thinner margins for aromatics in the petrochemical business, it said. It posted an operating profit of 330 billion won a year earlier.

It was the company's third straight quarterly operating loss, although losses were down sharply from the second quarter's 440 billion won.

Peer S-Oil Corp, whose main shareholder is Saudi Aramco, estimated earlier this week that refining margins are expected to improve in the fourth quarter, supported by increased demand for kerosene and diesel ahead of the winter season.

SK Innovation, which has a total refining capacity of 1.115 million barrels per day (bpd) at plants in Ulsan and Incheon, said it operated facilities at 72% of capacity on average in the third quarter, down from 90% a year earlier.

Reflecting the deterioration in market conditions, the company said in an earnings call that it conservatively expected the CDU utilisation rate to fall further in the current quarter from the third quarter.

SK Innovation said it expected next year's capital expenditures to be considerably less than this year's level of about the mid-4 trillion won mark.

The company, which is in the process of investing to expand its electric vehicle battery business, said it expects next year's battery business to double its revenue from the current year to the mid-3 trillion won level, and targeted reaching a breakeven point in 2022.

Shares of SK Innovation were down 2.3% by 0219 GMT, while the broader market KOSPI <.KS11> was 1% lower.

(Reporting by Joyce Lee; Editing by Krishna Chandra Eluri and Richard Pullin)

By Joyce Lee


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
KOSPI COMPOSITE INDEX 0.72% 3111.77 Real-time Quote.7.63%
LONDON BRENT OIL 0.36% 55.86 Delayed Quote.5.90%
S-OIL CORPORATION -1.09% 72800 End-of-day quote.5.20%
SAUDI ARABIAN OIL COMPANY -0.29% 34.8 End-of-day quote.-0.57%
SK INNOVATION CO., LTD. 1.67% 274500 End-of-day quote.44.47%
WTI 0.24% 53.069 Delayed Quote.8.53%
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Financials
Sales 2020 35 449 B 32,3 B 32,3 B
Net income 2020 -2 036 B -1,85 B -1,85 B
Net Debt 2020 10 790 B 9,82 B 9,82 B
P/E ratio 2020 -12,2x
Yield 2020 0,24%
Capitalization 22 831 B 20 746 M 20 777 M
EV / Sales 2020 644x
EV / Sales 2021 550x
Nbr of Employees 6 289
Free-Float 54,9%
Chart SK INNOVATION CO., LTD.
Duration : Period :
SK Innovation Co., Ltd. Technical Analysis Chart | A096770 | KR7096770003 | MarketScreener
Technical analysis trends SK INNOVATION CO., LTD.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 239 230,77 KRW
Last Close Price 274 500,00 KRW
Spread / Highest target 38,4%
Spread / Average Target -12,8%
Spread / Lowest Target -57,0%
EPS Revisions
Managers and Directors
NameTitle
Jun Kim President, Chief Executive Officer & Director
Jang-Woo Kim Head-Finance
Il-Soo Kim Head-Research & Development
Joon Kim Independent Director
Yoon-Kyung Ha Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
SK INNOVATION CO., LTD.44.47%20 360
EXXON MOBIL CORPORATION20.16%206 507
RELIANCE INDUSTRIES LTD1.57%174 883
BP PLC18.86%82 902
CHINA PETROLEUM & CHEMICAL CORPORATION17.29%74 939
NESTE OYJ2.87%56 643