Qatar Gas Transport Company (QGTS) Q1 2026 earnings summary

Executive summary

• Net profit for Q1 2026 was QAR 439 million, showing a slight year-over-year increase, with EPS stable at QAR 0.08.

• Total income for Q1 2026 reached QAR 1.21 billion, with revenue growth driven by consolidation of Qatar Shipyard and LPG vessels, and higher revenues from wholly owned LNG vessels.

• EBITDA for Q1 2026 was QAR 898 million, down 1.6% year-over-year, impacted by lower shipyard and joint venture contributions.

• Operational performance remained resilient despite geopolitical challenges, supported by cost optimization.

• Total comprehensive income for the period was QR 524.1 million, reversing a loss in the prior year.

Financial highlights

• Revenue from operations increased to QAR 1.18 billion, up 9.2% year-over-year, driven by new consolidations.

• Operating and G&A expenses rose due to consolidation of Qatar Shipyard Technology Solutions and LPG vessels.

• Depreciation and amortization increased to QAR 229 million, up 8.1% year-over-year.

• Finance costs and charges decreased, reflecting lower interest rates and improved loan margins.

• Cash and deposits rose to QAR 4.47 billion, while borrowings increased to QAR 22.17 billion due to newbuild program drawdowns.

Outlook and guidance

• Ongoing fleet expansion with a shipbuilding commitment of ~$9.7 billion, targeting 112 vessels by 2031.

• Strong contract backlog with 837 years on firm contracts and 585 years of options, supporting long-term earnings visibility.

• Long-term LNG shipping outlook remains positive, supported by global demand and infrastructure investment.

• No consolidated debt maturities before 2029, supporting financial stability.

• Dividend of QR 398.9 million declared for the second half of 2025.