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Qatar Gas Transport Company (QGTS) investor relations material

Qatar Gas Transport Company Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary29 Oct, 2025

Executive summary

  • Net profit for the nine months ended September 30, 2025, reached QAR 1.3139 billion, up 3% year-over-year, reflecting steady earnings and progress on long-term growth initiatives.

  • Revenue from operations increased to QAR 3.489 billion, driven by higher utilization of LNG vessels, improved LPG segment performance, and consolidation of Qatar Shipyard Technology Solutions.

  • The company fully consolidated Qatar Shipyard Technology Solutions after acquiring full ownership, impacting both revenue and expense lines.

  • EBITDA for the period was QAR 2.75 billion, marginally down year-over-year, mainly due to lower joint venture contributions and reduced interest income.

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

Financial highlights

  • Operating expenses rose 9.1% to QAR 668 million, and G&A expenses increased 7.5%, both reflecting the consolidation of new subsidiaries.

  • Depreciation and amortization increased to QAR 662 million, while finance costs decreased to QAR 758 million due to lower debt and interest rates.

  • Cash and deposits rose to QAR 3.51 billion, supported by operational cash flow and financing for the new build program.

  • Borrowings increased to QAR 20.04 billion, mainly for fleet expansion and subsidiary consolidation.

  • Interest, dividend, and other income fell 37.2% due to capital deployment in the newbuild program.

Outlook and guidance

  • The company expects continued resilience due to its long-term charter-based model, high-quality counterparties, and diversified fleet.

  • Ongoing investment in 40 new build vessels (2026–2031) is expected to drive future growth and maintain leadership in LNG shipping.

  • Lower interest rates are anticipated to positively impact returns and financing costs.

  • Long-term charter contracts are fixed and insulated from short-term market volatility.

  • LNG market fundamentals strong, with global liquefaction capacity projected to rise from 411 to 680 mmtpa by 2030.

What caused the hedging reserve decline?
Analyze the decline in JV results.
Drivers of shipyard income growth?
Shipyard activity outlook post-consolidation?
Update on new build program's target IOR range?
Strategy for JV steam vessels amid market softness?
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Frequently asked questions

Qatar Gas Transport Company Limited, known as Nakilat, is a shipping and maritime company that specializes in the transportation of liquefied natural gas (LNG). The company owns, operates, and manages a fleet of LNG vessels, making it a key player in the global LNG supply chain. In addition to LNG transportation, Nakilat provides comprehensive maritime services, including ship repair, shipbuilding, and marine support services, through its joint ventures and subsidiaries. The company serves the energy sector, primarily focusing on the export of Qatar's LNG to international markets. The company is headquartered in Doha, Qatar, and its shares are listed on the Qatar Stock Exchange.

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