SK Enmove, the world’s largest producer of Group III base oils, saw its profit margin rise in the third quarter of the year to the highest level since the beginning of 2024.

Its profit-margin of 17.4% in the three months to end-September rose from 15.1% during the second quarter of the year. The margin was the highest since the first quarter of 2024.

SK Enmove’s profit-margin extended its recovery as a 27% rise in operating profit in the third quarter from the previous three months outpaced a 10% rise in sales.

Sales got a boost from higher sales volumes.

The higher profit coincided with a rise in Group III base oils prices in markets like Europe that outpaced steady feedstock prices.

SK Enmove, a unit of SK Innovation, was set to merge with SK On, SK Innovation's electric vehicle battery subsidiary, from the beginning of November.