That was due to prolonged structural supply shortages while a global economic downturn could dampen demand, the company said in a statement, reporting operating profit rocketed to 2.3 trillion won ($1.77 billion) in the second quarter ended June from 556 billion won a year earlier.
Boosted by increases in oil product exports, revenue surged 77% to 19.9 trillion won, slightly below an average analyst estimate of 20.4 trillion won, according to Refinitiv SmartEstimate.
SK Innovation, which has a total refining capacity of 1.115 million barrels per day (bpd) at its plants in Ulsan and Incheon, said it operated its facilities at 74% of capacity on average in the quarter, up from 66% a year earlier.
Peer S-Oil Corp, whose main shareholder is Saudi Aramco, said on Thursday Asia's regional refining margins were expected to correct downward in the third quarter, but stay more elevated than in previous cycles supported by the tight supply situation in the global refining system.
Shares in SK Innovation, which also has a business supplying batteries for electric vehicles, were trading up 1.4% in morning trade, versus a 0.8% rise in the broader KOSPI.
($1=1,297.6600 won)
(Reporting by Heekyong Yang and Joyce Lee; Editing by Clarence Fernandez and Kenneth Maxwell)
