SK Innovation stock posts record Q3 profit as battery unit loses

Published on 11/01/2026 at 00:16 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SK Innovation stock posted its strongest quarterly operating profit as refining and lubricants margins surged. SK On remained in the red.

Profit surge meets battery drag

Refining and lubricants margins drove SK Innovation's highest-ever quarterly operating profit.
SK On remained loss-making as the group pursues energy storage system orders and broader battery opportunities.
The oil and lubricants surge may weaken if supply disruptions ease.

SK Innovation, KR7096770003, Illustration mit AI erstellt.

SK Innovation reported record third-quarter operating profit on October 29, according to Seoul Economic Daily. Operating profit reached KRW 3.70 trillion, up 532.6% from a year earlier, while revenue rose 39.7% to KRW 28.77 trillion.

Oil margins drive earnings

Lower operating rates at Middle Eastern refineries and restrictions on Russian diesel exports lifted refined-product export margins. SK Energy's operating profit rose to KRW 1.21 trillion, while SK Enmove generated KRW 1.09 trillion from lubricants, its first quarterly result above KRW 1 trillion.

Management expects oil profitability to remain strong into next year, but the unusually high lubricant earnings may prove difficult to sustain if supply disruptions ease. That leaves future results exposed to refining conditions, base-oil availability and geopolitical developments.

Battery losses remain a drag

SK On reported revenue of KRW 1.53 trillion and an operating loss of KRW 80.5 billion. The battery unit cited lower sales volumes and the absence of one-off benefits from the previous quarter, while pursuing additional energy storage system orders in North America and South Korea.

SK Innovation stock traded at KRW 129,900 at 3:30 p.m. KST on Friday, October 30, 2026. The listing was KRW 100, or 0.08%, above its previous close of KRW 129,800.

SK Innovation operates across petroleum, petrochemicals, lubricants, batteries, battery separators and energy businesses. Its products include refined fuels, base oils, industrial lubricants, chemical materials and lithium-ion battery components for electric vehicles, backup power and renewable-energy systems. The company is headquartered in Seoul, South Korea, and serves industrial and energy markets through its global subsidiaries.