QatarEnergy reported a considerable 58% rise in net profit for 2022, reflecting the worldwide surge in liquefied natural gas (LNG) demand prompted by Russia’s invasion of Ukraine. The firm’s financial accounts confirm a profit of 154.6 billion Qatari riyals ($42.47 billion), marking a prosperous period for this energy behemoth.
The considerable uptick in profit is largely due to increased revenues and income gained from QatarEnergy’s share of profits from its associates and joint ventures. These factors combined to deliver a substantial financial boost, despite an increasingly competitive market.
As the world’s leading LNG exporter, Qatar has faced escalating demand, especially since the beginning of the Ukraine conflict. Europe, in particular, has experienced a drastic increase in LNG requirements to offset the decline of Russian pipeline gas, which previously constituted nearly 40% of its imports.
This profitable performance is not unique to QatarEnergy but reflects a trend amongst other key players in the oil and gas industry. Major corporations such as Exxon Mobil and Shell also reported record profits last year, with figures reaching $56 billion and $40 billion respectively. Similarly, Saudi Arabia’s national oil company, Aramco, posted an impressive profit of $161 billion in the same period.
QatarEnergy saw its revenues soar to almost 189 billion riyals in 2022, a marked increase from 120.3 billion riyals the previous year. The net operating income from the company’s share of associates’ profits also rose to 1 billion riyals, up from 645.8 million riyals in 2021. Income derived from its share of profit from joint ventures reached 82.6 billion riyals, a substantial increase compared to the 52.4 billion riyals reported in 2021.