Qatar Gas Transport Company (QGTS) Q2 2026 earnings summary

Executive summary

• Delivered sustainable results in H1 2026, supported by long-term charters, stable operations, and disciplined financial management.

• Net profit for H1 2026 was QAR 857 million, a slight decrease of 0.4% year-over-year, with EPS at QAR 0.15.

• Revenue growth was driven by higher income from wholly owned LNG vessels, full contribution from two LPG vessels acquired in March 2025, and consolidation of Qatar Shipyard Technology Solutions.

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

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

Financial highlights

• Total income for H1 2026 reached QAR 2.39 billion, up 5.5% year-on-year.

• Revenue from operations was QAR 2.32 billion, compared to QAR 2.2 billion in H1 2025.

• Operating expenses increased to QAR 530 million, mainly due to consolidation of Qatar Shipyard and LPG vessels.

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

• Property and equipment increased 7.2% from Q4 2025 to QAR 27.58 billion, driven by ongoing investment in the new-build program.

Outlook and guidance

• Resilient earnings expected in H2 2026, benefiting from phased delivery of new vessels and ongoing fleet expansion.

• Shipyard and marine segment activity expected to gradually recover as geopolitical conditions normalize.

• Focus remains on disciplined cost management, resilient cash flow, and maintaining a sustainable financial position.

• Day rates for new ships already agreed, targeting 11–14% levered IRR.

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