1967.05.19
Honam Oil Refining Co. founded
Joint venture of Lucky Chemical and Caltex (US)
GS CALTEX — GROWTH & PERFORMANCE
In the year Korea launched its second Five-Year Economic Development Plan, a refinery rose from the tidal flats of Yeosu. Fifty-nine years on — the company's growth curve runs alongside Korea's own.
1967.05.19
Honam Oil Refining Co. founded
Joint venture of Lucky Chemical and Caltex (US)
1969.06.03
No.1 Crude Distillation Unit completed
First on stream at 60,000 bbl/day
2026 — TODAY
800,000 barrels a day
World's 4th-largest single refinery
THE PARALLEL — GROWING TOGETHER
In 1967, Korea's nominal GDP was ₩1.3 trillion. By 2025 it had reached ₩2,663 trillion — roughly 2,000 times larger. Over the same period, the Yeosu complex's crude refining capacity grew from 60,000 barrels a day to 800,000, and revenue climbed to ₩44.6 trillion. All three curves moved in the same direction, on the same timeline.
Each series has its own vertical scale, since their units differ in size. All three share the same horizontal timeline.
GDP — Bank of Korea National Accounts (2020 base year), nominal GDP · Revenue — 1980–2020 from "GS Caltex in Numbers," 2021 onward from GS Caltex IR consolidated income statements
Refining capacity — cumulative capacity at completion of CDU No.1–4 (1969 · 1972 · 1981 · 1996); risen gradually since 1996 through expansion and optimization, now 800,000 bbl/day
PERFORMANCE — 2025 RESULTS
On a consolidated basis, 2025 revenue was ₩44.6302 trillion, operating profit ₩884.1 billion and net profit ₩705.9 billion. Even in a business shaped heavily by external factors such as crude prices and refining margins, GS Caltex continues to manage profitability and financial soundness.
0T KRW
REVENUE
2025, consolidated
0B KRW
OPERATING PROFIT
Up 61% year over year
0T KRW
EBITDA
Recovered from ₩1.54T a year earlier
0employees
EMPLOYEES
Per 2025 Sustainability Report
SOUNDNESS — FINANCIAL STRENGTH
The debt-to-equity ratio fell from 111.8% in 2021 to 60.5% in 2025. Over the same period, total equity rose from ₩11.1 trillion to an all-time high of ₩13.8 trillion. All three domestic rating agencies have held GS Caltex's corporate bonds at AA+ for six consecutive years.
DEBT-TO-EQUITY RATIO = TOTAL LIABILITIES ÷ TOTAL EQUITY
| Category | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 34,538 | 58,532 | 48,608 | 47,614 | 44,630 |
| EBITDA | 2,990 | 5,040 | 2,740 | 1,540 | 1,900 |
| Operating Profit | 2,019 | 3,979 | 1,684 | 548 | 884 |
| Net Income | 1,051 | 2,789 | 1,153 | 109 | 706 |
| Category | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Assets | 23,582 | 26,038 | 24,322 | 23,174 | 22,075 |
| Total Liabilities | 12,449 | 12,518 | 10,823 | 10,075 | 8,320 |
| Total Equity | 11,133 | 13,520 | 13,499 | 13,099 | 13,754 |
| Debt-to-Equity Ratio | 111.8% | 92.6% | 80.2% | 76.9% | 60.5% |
Debt-to-equity ratio = total liabilities ÷ total equity · Source: GS Caltex Annual Business Report
MILESTONES — HOW THE PLANT GREW
It began with distilling crude by boiling point. Units to crack the leftover heavy oil came next, then others to rebuild naphtha into new materials — added one after another. Today's value chain is the result of that sequence.