Qatar Gas Transport Company (QGTS) Q2 2026 earnings summary

Executive summary

• Total income for H1 2026 rose 5.5% year-over-year to QAR 2.39B, driven by consolidation of Qatar Shipyard Technology Solutions, LPG vessels revenues, and higher revenues from wholly owned LNG vessels.

• EBITDA for H1 2026 was QAR 1.79B, down 1.5% year-over-year, mainly due to lower contributions from shipyard, marine, and agency activities.

• Net profit for H1 2026 was QAR 857M, a slight decrease of 0.4% year-over-year, reflecting higher shipping activity performance and reduced finance charges, partially offset by lower shipyard and marine performance.

• Report covers the six-month period ended 30 June 2026, prepared in accordance with IAS 34 and reviewed by KPMG.

• The company maintains a resilient business model, enabling sustainable navigation through volatile markets and geopolitical uncertainty.

Financial highlights

• Revenue for the period was QR 2,391.8 million, up from QR 2,267.3 million year-over-year.

• Operating costs rose 28.1% year-over-year to QAR 530M, mainly due to consolidation of LPG vessels and Qatar Shipyard Technology Solutions.

• General and administration expenses nearly doubled, up 93.7% year-over-year to QAR 72M.

• Finance charges decreased 11.9% year-over-year to QAR 450M, reflecting improved refinancing and lower interest rates.

• Total assets increased to QR 38,367.6 million from QR 36,429.5 million at year-end 2025.

Outlook and guidance

• Ongoing fleet expansion with a total vessel count expected to reach 112 upon completion of current newbuilds.

• No interim dividend declared for H1 2026; final dividend for 2025 of QR 398.9 million was paid.

• Strategic partnerships with leading shipyards in South Korea and China support growth and sustainability objectives.

• Management expects continued compliance with loan covenants and stable cash flows due to long-term charter agreements.

• Continued focus on maximizing shareholder returns and maintaining a strong balance sheet.