Qatar Gas Transport Company (QGTS) Q4 2025 earnings summary

Executive summary

• Net profit rose to QAR 1.69 billion for FY 2025, up 3.1% year-on-year, driven by higher revenue from wholly owned vessels, subsidiary consolidation, and reduced finance charges.

• Total income increased to QAR 4.78 billion, up 5.6% year-on-year, mainly from new vessel revenues and full consolidation of Qatar Shipyard Technology Solutions and LPG vessels.

• EBITDA reached QAR 3.62 billion, up 0.5% year-on-year, reflecting operational growth despite higher costs.

• Major business combination in July 2025 resulted in full control and consolidation of Qatar Shipyard Technology Solutions.

• Board recommended a total dividend of QAR 0.144 per share (QAR 798 million) for 2025.

Financial highlights

• Revenue from operations rose 7% to QAR 4.65 billion, driven by higher LNG and LPG segment revenues and new vessel additions.

• Operating expenses rose 27% to QAR 1.03 billion, mainly due to consolidation of LPG vessels and shipyard.

• Finance costs decreased 10.3% to QAR 1.01 billion due to refinancing and lower interest rates.

• Cash and deposits increased 21.3% to QAR 3.2 billion.

• Total borrowings stood at QAR 19.9 billion at year-end 2025.

Outlook and guidance

• Entering 2026 with strong earning visibility, modernizing fleet, and solid balance sheet.

• Major vessel deliveries expected to start end-2026, ramping up in 2027 with 18 vessels.

• EBITDA and net income expected to rise significantly in 2027 as new assets contribute.

• No significant revenue improvement expected in 2026 due to timing of vessel deliveries.

• LNG market fundamentals remain strong, with global liquefaction capacity projected to rise 84% by 2031.