GS (078930)

GS is a holding company primarily engaged in the energy & power generation, retail & services, and construction & infrastructure sectors. In the energy sector, GS conducts refining, petrochemical, and lubricants businesses through GS Caltex, and resource development and power generation businesses through GS Energy, while also exploring new eco-friendly energy ventures. The retail sector, led by GS Retail, provides daily convenience by operating GS25 (convenience stores), GS THE FRESH (supermarkets), GS SHOP (home shopping), and more. In the construction & infrastructure sector, GS Engineering & Construction is responsible for residential and commercial building construction and plant construction, while GS Global engages in trading and distribution businesses. The energy sector, including GS Caltex, accounts for over half of the group's total revenue, demonstrating a significant proportion. Key customers in the energy sector include domestic and international corporations and consumers, while in the retail sector, they are general consumers. GS25 is a leading competitor in the domestic convenience store market alongside CU. GS has secured a stable revenue structure through a diversified business portfolio spanning energy, retail, and construction. Particularly, it has established a leading position in the domestic and international refining and petrochemical markets, centered around GS Caltex. GS Retail's GS25 possesses strong brand recognition and an extensive distribution network in the domestic convenience store market. Furthermore, in line with the carbon neutrality trend, GS continues its efforts to secure future growth engines by investing in eco-friendly energy, such as renewable energy and green hydrogen businesses, and digital transformation. GS's annual revenue showed a declining trend, decreasing from KRW 28.777 trillion in 2022 to KRW 25.1841 trillion in 2025. Operating income also decreased from KRW 5.0051 trillion in 2022 to KRW 2.9361 trillion in 2025. Net income declined from KRW 2.4827 trillion in 2022 to KRW 863.5 billion in 2024, but showed a recovery in 2025, increasing by 20.22% year-over-year to KRW 1.0381 trillion. The operating profit margin decreased from approximately 17.39% in 2022 to approximately 11.66% in 2025. Examining GS's financial health, the debt-to-equity ratio improved from 105.74% in 2022 to 86.04% in 2025. The current ratio slightly increased from 91.59% in 2022 to 93.66% in 2025, maintaining sound short-term liquidity. Return on Equity (ROE) declined from 15.06% in 2022 to 4.68% in 2024, but slightly improved to 5.41% in 2025. In response to the changing energy paradigm, GS is expanding its investments in eco-friendly energy sectors such as renewable energy and green hydrogen businesses, and is also focusing on enhancing business efficiency through digital transformation. In the retail sector, it is securing competitiveness by optimizing convenience store operations, expanding quick commerce, and strengthening non-TV and live commerce for home shopping. However, the high revenue dependence on GS Caltex remains a challenge, and efforts to improve the group's overall business structure through diversification are expected to continue.