Qatar Gas Transport Company (QGTS) Q3 2025 earnings summary

Executive summary

• Net profit for the nine months ended September 2025 reached QAR 1.3139 billion, up 3% year-over-year, driven by higher vessel utilization, reduced finance charges, and consolidation of Qatar Shipyard Technology Solutions.

• Revenue from operations increased to QAR 3.489 billion, supported by higher LNG and LPG vessel utilization and full consolidation of shipyard activities.

• EBITDA was QAR 2.75 billion, marginally lower year-over-year due to reduced joint venture contributions and lower interest income, offset by higher wholly owned vessel revenues and cost management.

• Interim cash dividend of 7.2 Qatari Dirhams per share declared for 1H25.

• Increased ownership in Qatar Shipyard Technology Solutions W.L.L. to 100%, consolidating it as a subsidiary.

Financial highlights

• Net profit rose to QAR 1.3139 billion (QAR 0.24/share) from QAR 1.28 billion (QAR 0.23/share) year-over-year.

• Revenue from operations increased to QAR 3.489 billion from QAR 3.438 billion in Q3 2024.

• Operating expenses rose 9.1% to QAR 668 million, mainly due to consolidation of new subsidiaries and planned activities.

• Finance costs decreased to QAR 758 million from QAR 865 million, reflecting lower debt and interest rates.

• Cash and deposits increased to QAR 3.51 billion, up 33.9% from prior year-end, supported by operational cash flow and financing for new builds.

Outlook and guidance

• The company expects to benefit from long-term LNG demand growth, especially in ASEAN, and is well-positioned with a modern fleet and long-term charters.

• Short-term charter rates are soft, but long-term contracts remain resilient, supporting stable cash flows.

• The 40-vessel new build program is on schedule, with deliveries staggered from 2026 to 2031.

• Lower interest rates are expected to positively impact returns and funding costs.

• Board approved the interim financial statements on October 28, 2025, indicating continued confidence in financial stability.