US-listed Excelerate Energy more than doubled its first quarter net income on the back of gas sales in Brazil and new floating storage and regasification units in Europe, a year on from the company’s initial public offering.

Excelerate reported a jump in first quarter net income up at $30.7m from $12.8m in the same three months of 2022.

The company said this was mainly due to the higher margins it earned on gas sales contracts in Brazil along with gas sales into Finland and higher FSRU and terminal services revenue from its charters to operators in Finland and Germany.