Qatar Gas Transport Company (QGTS) Q1 2026 earnings summary

Executive summary

• Total income for Q1 2026 was QAR 1.2115B, with net profit attributable to owners at QAR 438.9M, reflecting stable year-over-year performance.

• EBITDA reached QAR 898M, a decrease of 1.6% year-over-year, impacted by lower shipyard and joint venture contributions but offset by higher revenue and reduced costs from LNG vessels.

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

• Distributed a total cash dividend of 14.4 Qatari Dirhams per share for 2025 and declared a dividend of QAR 398.9M for the second half of 2025.

Financial highlights

• Revenue from operations grew 9.2% year-over-year to QAR 1.18B, driven by consolidation of LPG vessels and Qatar Shipyard Technology Solutions.

• Revenue from wholly owned vessels increased to QAR 938.5M, and income from shipyard, marine, and agency services surged to QAR 112.1M.

• Operating costs rose 51.9% to QAR 280M, and general/admin expenses increased 80% to QAR 34M, mainly due to new consolidations.

• Cash and deposits rose 40.6% to QAR 4.47B, while borrowings increased to QAR 22.17B due to new-build program drawdowns.

• Total assets grew to QAR 38.6B as of March 31, 2026, from QAR 36.4B at year-end 2025.

Outlook and guidance

• Ongoing fleet expansion with a total shipbuilding commitment of ~$9.7B, 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.