Qatar Gas Transport Company (QGTS) Q2 2025 earnings summary

Executive summary

• Net profit for H1 2025 reached QAR 860 million, up 3.7% year-over-year, with EPS at QAR 0.16.

• EBITDA for H1 2025 was QAR 1.82 billion, down 1% year-over-year, mainly due to lower interest income and JV contributions.

• Interim dividend of QAR 7.2 per share approved for H1 2025.

• Revenue from operations rose 1.3% to QAR 2.2 billion, driven by stronger performance from wholly owned vessels and full consolidation of two LPG vessels.

• Fleet expansion underway, with total vessel count to reach 112 upon delivery of newbuilds.

Financial highlights

• Interest, dividend, and other income fell 44.4% to QAR 65 million, mainly due to lower interest income as cash was allocated to newbuild equity.

• Vessel operating costs increased 1.6% to QAR 414 million, reflecting first-time recognition of LPG vessel expenses.

• General and administrative expenses declined 23.8% due to ongoing cost controls and timing of activities.

• Depreciation and amortization rose 5.9% to QAR 434 million, driven by capitalized dry docking costs.

• Finance charges decreased 14.2% to QAR 511 million, reflecting loan repayments and refinancing.

Outlook and guidance

• Shipyard segment expected to deliver stable performance for the rest of 2025.

• CapEx for newbuild program is scheduled as per plan, with guidance on installments provided in the investor package.

• Equity contribution for newbuilds targeted at 10-20%, with the remainder financed; peak leverage expected over the next three years.

• Dividend policy aims to sustain absolute payouts until new vessels are delivered from late 2026 onward.

• LNG fleet to expand to 105 vessels and LPG fleet to 6 vessels upon delivery of newbuilds.