Qatar Gas Transport Company (QGTS) Q1 2025 earnings summary

Executive summary

• Net profit for 1Q25 was QAR 433.2M, up 3.2% year-over-year, driven by higher revenue from wholly owned vessels and lower operating expenses.

• EBITDA reached QAR 912M, a slight decrease of 1.0% year-over-year, reflecting lower interest income and reduced JV contributions, partially offset by cost optimization.

• Total income declined by 1.6% to QAR 1.11B, mainly due to lower interest income and reduced JV contributions, offset by higher revenue from wholly owned vessels.

• Total comprehensive income turned negative at QAR -24.3M, compared to QAR 538.4M in 1Q24, mainly due to large fair value losses on hedging derivatives.

• Maintains a modern fleet of 69 LNG carriers, 2 VLGCs, 1 FSRU, with 36 LNG and 4 LPG/ammonia carriers on order.

Financial highlights

• Net profit increased to QAR 433.2M in 1Q25 from QAR 419.8M in 1Q24 (+3.2% YoY).

• EBITDA decreased to QAR 912M from QAR 921M (-1.0% YoY).

• Total income fell to QAR 1.11B from QAR 1.13B (-1.6% YoY).

• EPS for 1Q25 was QAR 0.08.

• Cash and cash equivalents at period end were QAR 1,029.6M, down from QAR 1,676.2M at year-end 2024.

Outlook and guidance

• Fleet expansion underway: 27 LNG carriers and 4 LPG/ammonia carriers to be delivered from 2026 onwards, increasing total fleet to 112 vessels.

• Signed long-term agreements in 2024 for 34 new LNG vessels and 4 LPG/ammonia carriers, supporting future growth.

• LNG market fundamentals remain strong, with global liquefaction capacity projected to rise from 411 mmtpa in 2024 to 673 mmtpa by 2030.

• Dividend of QAR 387.8M declared for the second half of 2024.

• Distributed a total cash dividend of 14 Qatari Dirhams per share for 2024.