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, reflecting resilient profitability despite lower interest income and JV contributions.

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

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

• Interim consolidated financials for H1 2025 reviewed by KPMG, showing compliance with IAS 34 and no material misstatements.

Financial highlights

• Revenue from operations rose 1.3% to QAR 2.2 billion, driven by wholly owned vessels and LPG segment consolidation.

• Net profit attributable to owners increased to QAR 859.6 million from QAR 829.1 million year-over-year.

• Expenses decreased by 4.5% year-over-year, mainly due to lower finance charges and G&A expenses.

• Vessel operating costs increased 1.6% to QAR 414 million, reflecting new LPG vessel expenses.

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

Outlook and guidance

• Confident in sustaining operational and financial momentum for the remainder of 2025.

• New build program on schedule, with phased vessel deliveries from late 2026 to 2031.

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

• Long-term charter agreements signed for 9 QC-Max and 25 conventional LNG vessels as part of QatarEnergy's expansion.

• Dividend policy aims for stable payouts until new vessels are delivered, after which it will be reassessed.