Qatar Gas Transport Company (QGTS) Q3 2024 earnings summary

Executive summary

• Net profit for Q3 2024 rose 7.2% year-over-year to QAR 1.28 billion, with EPS at QAR 0.23, driven by higher revenue from wholly owned vessels and lower depreciation and finance costs.

• EBITDA for Q3 2024 was QAR 2.76 billion, down 1.4% year-over-year, mainly due to lower interest income and reduced shipyard activities.

• Total revenue for Q3 2024 was QAR 3.44 billion, a marginal 1% decrease year-over-year, mainly due to lower LPG JV income and reduced shipyard activity.

• Interim dividend of QAR 0.07 per share was distributed for 1H24, representing 7% of issued capital.

• Announced a major new build program for 40 vessels, including LNG, Q-Max, VLGCs, and LPG/ammonia carriers, aiming for a total fleet of 114 vessels.

Financial highlights

• Net profit increased 7.2% year-over-year to QAR 1.28 billion.

• Revenue decreased 1% year-over-year to QAR 3.44 billion.

• EBITDA decreased 1.4% year-over-year to QAR 2.76 billion.

• Vessel operating expenses rose 2.3% to QAR 612 million; G&A costs fell 13.5% to QAR 64 million.

• Finance expenses reduced by 7.2% to QAR 865 million due to debt repayments and capitalized interest.

Outlook and guidance

• Confident in continued business model resilience and maximizing fleet utilization for Q4 2024.

• No further CapEx expected for 2024; ramp-up of new build installments to begin in Q1/Q2 2025.

• Shipyard segment expected to maintain stable performance and generate sustainable profit.

• Positive long-term outlook for LNG shipping, supported by global energy transition and rising liquefaction capacity.