Qatar Gas Transport Company (QGTS) Q3 2024 earnings summary

Executive summary

• Net profit for 3Q24 rose 7.2% year-over-year to QAR 1.28B, driven by higher revenue from wholly owned vessels and lower depreciation and finance costs.

• Total comprehensive income declined to QAR 792.7M from QAR 1,464.8M, mainly due to negative fair value changes in hedging derivatives.

• Revenue remained stable at QAR 3.44B versus QAR 3.47B in the prior year period.

• Interim cash dividend of QAR 0.07 per share was distributed for 1H24.

• Ongoing fleet expansion with 36 LNG carriers and 4 LPG/ammonia carriers on order, aiming for a total fleet of 114 vessels.

Financial highlights

• Net profit increased to QAR 1.28B in 3Q24 from QAR 1.19B in 3Q23.

• EBITDA for 3Q24 was QAR 2.76B, down 1.4% year-over-year.

• Revenue from wholly owned vessels increased to QAR 2.71B from QAR 2.66B year-over-year.

• General and administration expenses dropped 13.5% to QAR 64M.

• Finance charges decreased to QAR 865.1M from QAR 931.9M.

Outlook and guidance

• Fleet expansion to 105 LNG and 8 LPG vessels upon delivery of new orders.

• Shipyard segment expected to generate sustainable profit.

• LNG market fundamentals remain strong, with global liquefaction capacity projected to rise from 408 mmtpa in 2023 to 672 mmtpa by 2030.

• Interim and final dividends totaling QAR 1,163.5M were declared for 2023 and 2024.