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 was 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 reached QAR 898 million, down 1.6% year-over-year, impacted by lower shipyard and joint venture contributions but offset by higher LNG vessel revenue.

• Operational performance was maintained despite geopolitical challenges, with prompt cost optimization measures.

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

Financial highlights

• Revenue from operations reached QAR 1.18 billion, up from QAR 1.08 billion in Q1 2025, driven by new segment consolidations.

• Operating expenses and G&A costs increased, mainly from consolidating Qatar Shipyard and LPG vessels.

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

• Finance costs decreased due to lower interest rates and improved loan margins.

• Cash and deposits rose, reflecting strong operational cash generation and increased borrowings.

Outlook and guidance

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

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

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

• Long-term LNG shipping demand remains strong, supported by global infrastructure investments.

• Continued focus on cost discipline and cash flow management.