Nakilat’s 3Q net income slips 4% as JV earnings fall, while GWC’s jumps 37%

Lower joint venture earnings and higher vessel costs weighed on Qatar Gas Transport Company’s (Nakilat) 3Q results. Net income fell 4.0% y-o-y to QAR 435.5 mn, while total income was broadly flat at QAR 1.22 bn, according to its reviewed financial statements (pdf). For 9M 2026, net income declined 1.6% y-o-y to QAR 1.29 bn, despite a 3.5% rise in total income to QAR 3.61 bn.

Nakilat’s share of JV earnings fell by more than a third. It dropped 37.8% y-o-y to QAR 93.9 mn in the quarter, and revenue from wholly owned vessels fell 4.3% to QAR 900.3 mn. Vessel operating and maintenance costs rose 10.4%, partly offset by a 10.8% drop in finance costs. Regional conditions continued to weigh on its marine services, including ship repair, shipping agency, and towing, the company said.

Nakilat is pressing on with its fleet buildout. It recorded QAR 3.33 bn in property and equipment additions in 9M 2026, mostly construction costs for new vessels, and declared no interim dividend, compared with QAR 398.9 mn a year earlier. It took delivery of Energy North, the first of four 88k cbm LPG and ammonia carriers, on 1 October, and the remaining three are due by 2027.

GWC’s net income jumps as international revenue doubles

Contract logistics, real estate, and expansion beyond Qatar drove Gulf Warehousing Company’s (GWC) 3Q gains, the company says. Net income rose 37% y-o-y to QAR 32.3 mn, up 13% from 2Q, according to its press release. Revenue rose 19.4% y-o-y to QAR 397.8 mn, from QAR 333.1 mn in 3Q 2025 (pdf). For 9M 2026, net income was up 15% y-o-y.

Contract logistics and real estate net income each rose by more than a fifth. In 9M 2026, net income was up 24% y-o-y at contract logistics and 22% at real estate. GWC also kept optimizing its costs and deployed existing infrastructure and transport capacity across alternative routes to keep operating through the regional disruption.

International revenue doubled y-o-y, CEO Matthew Kearns said. GWC is developing an air-land corridor linking Europe with the GCC through Saudi Arabia. In the UAE, it is expanding its energy logistics and quick-commerce operations, and in Oman it is winning new warehousing, freight, and distribution contracts.