Tuesday, Russian state-owned gas company Gazprom presents its financial statement for the first half of 2022, during which the Russian company increased its net profit more than fourfold due to major rises in natural gas prices, reports Bloomberg News.

Gazprom, Europe’s normal gas supplier via pipeline North Stream 1 – also the main group behind would-be twin Nord Stream 2 – notes H1’22 earnings before interest, taxes, depreciations and amortizations totaling RUB 3.050trn (EUR 53.81bn).

The interim report shows net profit of RUB 2.510trn – twice as much year-over-year.

The massive rise of gas prices, which Bloomberg writes are 3.5 times higher than in the same period last year, seems to be the main factor behind Gazprom’s performance.

This year so far, the cost of gas in Europe has been forced up by repeated closures of Nord Stream 1 due to maintenance work, as the company explained.

Gazprom stock is up by 4.6% to RUB 215.37 per share in Moscow trading.

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