ESG Performance
Key ESG Performances
S-OIL has continued to enhance ESG value by addressing climate change, managing environmental impacts, strengthening its occupational safety and health management system, promoting workforce diversity, and upholding compliance and ethical management. Going forward, we will consistently manage our key ESG issues and work together with our stakeholders, including shareholders, employees, customers, suppliers, and local communities, to create long-term corporate value and achieve sustainable growth.
Summarized Financial Statement (Unit : KRW in million)
Summarized Financial Statement : Account headings, 2022, 2023 Table.
| Account headings |
2022 |
2023 |
| Current assets |
9,205,981 |
9,647,760 |
| Non-current assets |
10,407,154 |
11,928,363 |
| Total assets |
19,613,135 |
21,576,123 |
| Current liabilities |
8,213,158 |
9,254,520 |
| Non-current liabilities |
2,916,508 |
3,284,038 |
| Total liabilities |
11,129,666 |
12,538,558 |
| Capital stock |
291,512 |
291,512 |
| Capital surplus |
379,190 |
379,190 |
| Reserves |
986,123 |
989,140 |
| Treasury stocks |
(1,876) |
(1,876) |
| Retained earnings |
6,828,520 |
7,379,599 |
| Total equity |
8,483,469 |
9,037,565 |
| Total liabilities and equity |
19,613,135 |
21,576,123 |
- Based on consolidated financial statements prepared in accordance with K-IFRS
Summarized Income Statement (Unit : KRW in million)
Summarized Income Statement : Account headings, 2022, 2023 Table.
| Account headings |
2022 |
2023 |
| Sales |
42,446,028 |
35,726,694 |
| Cost of sales |
(38,291,440) |
(33,620,949) |
| Gross profit |
4,154,588 |
2,105,745 |
| Selling & administrative expenses |
(749,422) |
(751,163) |
| Operating profit |
3,405,166 |
1,354,582 |
| Other income |
1,147,592 |
802,824 |
| Other expenses |
(1,329,905) |
(826,809) |
| Financial income |
432,487 |
299,062 |
| Financial expenses |
(756,627) |
(500,292) |
| Share of net profit of joint venture |
(171) |
2,338 |
| Profit before income tax |
2,898,542 |
1,131,705 |
| Corporate tax |
(794,155) |
(182,857) |
| Net profit |
2,104,387 |
948,848 |
| Other comprehensive income |
8,165 |
(22,111) |
| Total comprehensive income |
2,112,552 |
926,737 |
- Based on consolidate financial statements prepared in accordance with K-IFRS.
Economic Value Created (Unit : KRW in million)
Economic Value Created : Account headings, 2022, 2023 Table.
| Account headings |
2022 |
2023 |
| Sales |
42,446,028 |
35,726,694 |
| Cost of sales |
(37,709,401) |
(33,008,769) |
| Other income |
1,579,908 |
1,104,224 |
| Other expenses |
(1,928,330) |
(1,080,669) |
| Depreciation cost |
(586,326) |
(656,886) |
| Economic value created |
3,801,879 |
2,084,594 |
- Based on consolidate financial statements prepared in accordance with K-IFRS
Economic Value Distributed (Unit : KRW in million)
Economic Value Distributed : Stakeholder, Account headings, 2020, 2021 Table.
| Stakeholder |
Account headings |
2022 |
2023 |
| Employees |
Salary & pension |
718,797 |
677,979 |
| Government |
Tax & dues |
820,493 |
211,335 |
| Local communities |
Social contribution expenditure |
7,053 |
9,556 |
| Creditors |
Interest costs |
151,149 |
236,876 |
| Shareholders & company |
Dividend & reserves |
2,104,387 |
948,848 |
| Economic value distributed |
3,801,879 |
2,084,594 |
- Based on consolidated financial statements prepared in accordance with K-IFRS
- Social contribution expenditure calculated as donations on the financial statements.
Procurement of Crude Oil (Unit : KRW in million)
Procurement of Crude Oil : Category, 2022, 2023 Table.
| Category |
2022 |
2023 |
| Crude oil |
25,860,588 |
20,735,053 |
Treatment of Crude Oil (Unit : thousand barrels)
Treatment of Crude Oil : Category, 2022, 2023 Table.
| Category |
2022 |
2023 |
| Crude oil treatment volume |
228,698 |
223,394 |
- Difficult to calculate renewable materials used.
Production Performance (Unit : thousand barrels, KRW in million)
Production Performance : Category, 2022, 2023 Table.
| Category |
2022 |
2023 |
| Total |
| Qty |
266,452 |
260,730 |
| Amount |
39,965,979 |
33,782,764 |
| Fuel |
| Qty |
228,961 |
225,832 |
| Amount |
33,605,843 |
27,663,628 |
| Lube Oil |
| Qty |
13,701 |
12,498 |
| Amount |
1,925,713 |
1,675,437 |
| Petrochemical |
| Qty |
23,790 |
22,400 |
| Amount |
4,434,423 |
4,443,699 |
Sales performance (Unit : KRW in million)
Sales performance : Category, 2022, 2023 Table.
| Category |
2022 |
2023 |
| Total |
| Domestic |
19,075,141
(45.4%) |
16,756,295
(47.5%) |
| Export |
22,941,938
(54.6%) |
18,494,736
(52.5%) |
| Total |
42,017,079 |
35,251,031 |
| Fuel |
| Domestic |
16,057,885 |
13,851,915 |
| Export |
17,947,044 |
14,405,139 |
| Sub-total |
34,004,929 |
28,257,054 |
| Lube Oil |
| Domestic |
566,302 |
530,741 |
| Export |
2,420,312 |
2,078,473 |
| Sub-total |
2,986,614 |
2,609,214 |
| Petrochemical |
| Domestic |
2,450,954 |
2,373,639 |
| Export |
2,574,582 |
2,011,124 |
| Sub-total |
5,025,536 |
4,384,763 |
Spending in Business Association (Unit : KRW in million)
Spending in Business Association : Category, Alignment with the Paris Agreement, 2022, 2023 Table.
| Category |
Alignment with
the Paris
Agreement |
2022 |
2023 |
| Total |
1,921 |
1,933 |
| Korea Petroleum Association |
O |
1,495 |
1,461 |
| Ulsan Chamber of Commerce & Industry |
O |
130 |
150 |
| Korea Petrochemical Industry Association |
O |
119 |
135 |
| Onsan Industrial Complex Association |
O |
86 |
86 |
| Korea Employers Federation |
O |
34 |
34 |
| Korea Listed Companies Association |
O |
15 |
16 |
| Korea Lubricating Oil Industries Association |
O |
12 |
11 |
| Others |
- |
30 |
40 |
- Through the Ethics Code, S-OIL strictly bans employees to use its organization, manpower, and assets for the purpose of providing political funds or for political purposes. The Company is only affiliated with associations aimed at promoting industries, which guarantee political neutrality, and joins the associations whose activities are aligned with the Paris Agreement to ensure a consistent response to climate change.
- Total expenses can differ due to rounding of expenses for each association
Spending on Business Issue-related Research (Unit : KRW in million)
Spending on Business Issue-related Research : Category, 2022, 2023 Table.
| Category |
2022 |
2023 |
| Spending on research |
184 |
172 |
- Indirect spending for research through a payment to business associations
- Key business issue studies conducted in 2023: Fuel business diversification and biofuel technology research (KRW 139 million), ESG trends and responses (KRW 33 million)
