Qatar Gas Transport Company (QGTS) Q1 2025 earnings summary

Executive summary

• Net profit for Q1 2025 reached QAR 433.2 million, up 3.2% year-over-year, driven by higher revenue from wholly owned vessels, stable long-term charters, and cost optimization.

• Revenue from operations was QAR 1.1 billion, a slight decrease year-over-year, mainly from wholly owned vessels and robust charter coverage.

• EBITDA for Q1 2025 was QAR 912 million, down 1% year-over-year, reflecting lower interest income and reduced JV contributions.

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

• Total comprehensive income turned negative at QAR -24.3 million, mainly due to large fair value losses on hedging derivatives.

Financial highlights

• Operating profit before tax rose to QAR 441.7 million from QAR 419.9 million year-over-year.

• Vessel operating expenses decreased by 3.8% to QAR 184 million, reflecting timing differences and cost management.

• General and administrative costs rose by 10.5% due to operational enhancement initiatives.

• Depreciation increased by 3.5% to QAR 212 million, linked to the completion of the 2024 drydocking cycle.

• EPS for Q1 2025 was QAR 0.08 per share.

Outlook and guidance

• Long-term charters (10–25 years) provide revenue stability and shield from spot market volatility.

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

• CapEx for 2025 is expected to remain consistent, with major ramp-up in 2026–2027 as vessel deliveries begin.

• JV income and vessel performance are expected to remain stable through 2025 and into 2026.

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