MOSCOW, March 7 (RIA Novosti) - Russia’s largest independent gas producer Novatek increased its ISFR net profit in 2012 by 22.6 percent to 69.5 billion rubles ($2.3 billion) year-on-year, the company said in a statement on Thursday.

Novatek's net profit was above the forecast of analysts polled by RIA Novosti, all of whom expected the gas producer's net financial result to be 68.7 billion rubles ($2.2 billion).

The company’s revenues rose 20.4 percent to almost 211 billion rubles ($7 billion) during the same period, also slightly higher than expected.

“The growth was due to an increase in hydrocarbon sales volumes and higher natural gas and liquids prices,” the statement said.

In 2012, natural gas sales increased to 58.9 billion cubic meters, or by 9.7 percent, while liquid hydrocarbon sales amounted to 4,203 thousand tons, increasing by 2.2 percent as compared with 2011.