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QatarEnergy’s 2022 profit surges 58% to $42.5bn

QatarEnergy QatarEnergy
The earnings growth was driven by higher revenue and profit share from associates and joint ventures

State-owned QatarEnergy’s net profit jumped 58 percent to QAR154.6 billion ($42.47 billion) in 2022, compared to QAR97.9 billion in 2021.

Revenue rose to QAR189 billion in 2022, from QAR120.3 billion in 2021.

Net operating income from the profit share of associates jumped to QAR1 billion from QAR645.8 million in 2021.

Income from its share of profit from joint ventures reached QAR82.6 billion last year, from QAR52.4 billion in 2021.

Almost 40 percent of all the new liquified natural gas (LNG) that will come to the market by 2029 will be from QatarEnergy, state-run Qatar New Agency reported.

The energy firm is working on boosting its LNG production capacity by 64 percent to 126 million tonnes annually by 2027, compared to the existing 77 million tonnes.

The first gas shipments from the North Field Expansion project are expected to be delivered in 2026.

QatarEnergy’s 2022 profit matched those of global oil and gas companies, such as Exxon Mobil and Shell, which reported profits of $56 billion and $40 billion, respectively.

Saudi-listed Saudi Aramco, the world’s largest oil producer, posted a profit of $161 billion last year.