Eni, Italy’s largest natural gas and oil company, said net profit was €548 million ($740.35 million), compared with €391 million a year earlier.

CEO Paolo Scaroni says the company reported record production and paved the way for future growth by starting operations in Togo, Democratic Republic of Congo and Poland.

Eni, based in Rome, reported on Wednesday that oil and gas production increased two percent in 2010 to 1.95 million barrels of oil equivalent a day.