BUSINESS

S-Oil recognized for sustainable management

By Cho Hyee-su
  • Published : Oct 23, 2019 - 15:35
  • Updated : Oct 23, 2019 - 17:30

South Korean oil refiner S-Oil announced Wednesday it has made it on this year’s Dow Jones Sustainability Indices and has been awarded the 2019 Outstanding Companies Award handed out by the Korea Corporate Governance Service.

Both DJSI and KCGS measure corporate sustainability across economic, social and environmental aspects.

According to S-Oil, a total of 318 global firms were included in the 2019 DJSI World Index, and S-Oil was one of the 19 Korean firms listed. It is also the only oil refiner in Asia to have made the list for the 10th consecutive year.
 
S-Oil President of Corporate Strategy & Services Ryu Yeol (left) receives a certificate for being listed in the DJSI World Index in Seoul, Tuesday. (S-Oil)

This is the company’s seventh KCGS award for sustainable management. Only 13 listed firms were given the honor this year.

Since CEO Hussain A. Al-Qahtani came into office in June, the company has been rigorously rolling out transparency measures, intending to reach global standards in sustainable management.

Meanwhile, S-Oil logged an operating profit of 230.7 billion won ($196 million) in its third quarter, compared to an operating loss of 90.5 billion won in the previous quarter. However, the figure still plunged 26.9 percent on-year.

Net profit amounted to 51.6 million won, rising on-quarter, but dropping 77.6 percent on-year.

By Cho Hyee-su (chohyeesu@heraldcorp.com)


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