SK Innovation (096770.KS) Q1 2026: ₩2.16T Profit on Hormuz Spike
Operating profit hits ₩2.16 trillion in a single quarter — 4.8x last year's full-year figure — yet operating cash flow turns negative as receivables balloon 52.8%.
Source: Quarterly Report (1Q of the 6th Fiscal Year) — Filed 2026-05-15 with DART | Consolidated Financial Statements | Unit: ₩ billions
A company that posted a record consolidated net loss of ₩5,436.4 billion in 2025 turned around the following quarter to deliver operating profit of ₩2,162.2 billion. That single-quarter figure is 4.8 times the entire ₩448.7 billion of operating profit generated in FY2025. Yet operating cash flow for the very same quarter was negative ₩438.1 billion — surging crude prices inflated revenue and reported earnings, but trade receivables ballooned from ₩6,103.5 billion to ₩9,326.2 billion (+52.8%) in three months, leaving cash collection trailing far behind reported income. The trigger was the US-Iran conflict and the Strait of Hormuz blockade, which drove Dubai crude from $61 to $127 per barrel within the quarter, producing a one-off cycle peak rather than a structural reset. Refining and petrochemicals are inherently a five-to-ten-year cyclical business, and SK Innovation remains in the midst of corporate restructuring following the November 2024 absorption of SK E&S and the 2025 consecutive mergers of SK Enmove, SK Entum, and SK Trading International.
