HD Hyundai Oilbank Sees 90% Plunge in Q1 Operating Profit

From 305.2 Billion Won in Q1 Last Year
to 31.1 Billion Won in Q1 This Year
A 90% Decrease Compared to the Same Period Last Year

HD Hyundai Oilbank's consolidated operating profit for the first quarter of this year plunged by 90% compared to the same period last year. In particular, operating profit in the refining segment dropped sharply, and the petrochemical segment posted a deficit of 101 billion won.

HD Hyundai Oilbank gas station exterior. Photo by Asia Economy DB

On April 29, HD Hyundai Oilbank announced its earnings results, reporting consolidated sales of 7.1247 trillion won and an operating profit of 31.1 billion won for the first quarter of this year. This represents a 90% decrease compared to the same period last year. The company explained that this was due to a decline in refining margins, which was influenced by concerns over a slowdown in global economic growth originating from the United States.

Oil prices are on a downward trend due to the United States' tariff policies and the agreement to ease production cuts by OPEC+ (the Organization of the Petroleum Exporting Countries and its allies). As a result, the company forecasts continued weakness in the refining segment for the entire year.