QatarEnergy’s net income rose 58% in 2022 to reach 154.6 billion riyals ($42.4 billion) on surging international energy prices, according to latest reported data.

Russia’s invasion of Ukraine in February last year sparked supply fears among European consumers reliant on Moscow for pipeline gas, driving prices to record highs.

As the world’s largest producer of liquefied natural gas, QatarEnergy benefitted from higher gas prices. Elevated oil prices — which were 40% higher in 2022 than the previous year — were even more important since most of Qatar’s supply contracts are indexed to oil.

QatarEnergy is growing its LNG-producing capacity to 126 million tons a year by 2027 from 77 million currently, but initial shipments from the first phase of expansion will only be available starting 2026.