Qatar Gas Transport Company (QGTS) Q4 2024 earnings summary

Executive summary

• Achieved record net profit of QAR 1.64 billion in FY2024, up 5.1% year-over-year, with EPS of QAR 0.30.

• Revenue from operations was QAR 4.34 billion, a slight decrease of 1.5% year-over-year.

• Board recommended a total cash dividend of QAR 0.14 per share for 2024, consistent with prior year.

• Strong operational efficiency and strategic investments supported performance.

• Consolidated financial statements audited and present a true and fair view in accordance with IFRS.

Financial highlights

• EBITDA reached QAR 3.61 billion, down 3.6% from the previous year.

• Net profit increased to QAR 1.64 billion in FY2024 from QAR 1.56 billion in FY2023 (+5.1%).

• Revenue for 2024 was QAR 4,528.7 million, down from QAR 4,652.6 million in 2023.

• Expenses decreased by 6.6% to QAR 2.89 billion, mainly due to lower finance charges and G&A costs.

• Depreciation and amortization dropped 10.3% to QAR 839 million, reflecting a one-off accounting treatment in 2023.

Outlook and guidance

• Confident in business model resilience and management’s commitment to maximize fleet utilization in 2025.

• Expecting further payments for shipyard commitments: 5%-10% in 2025, 10%-20% in 2026, 25%-35% in 2027, and 10% annually through 2031.

• LNG liquefaction capacity projected to rise from 410 mmtpa in 2024 to 660 mmtpa by 2030, supporting future transport demand.

• No significant cost pressures expected for newbuilds due to fixed-price contracts.

• Qatar's adoption of the OECD global minimum tax is expected to have limited impact due to shipping income exclusions.