ADNOC Gas reported second-quarter net profit of AED 2.44 billion, equivalent to about $665 million, as the UAE energy company navigated major disruption to regional shipping and exports linked to the closure of the Strait of Hormuz.
The result represents a 52% decline from the same period last year, when ADNOC Gas posted a record quarterly profit of $1.39 billion. Despite the sharp year-on-year drop, the latest figure exceeded the company’s guidance range of $400 million to $600 million, highlighting the resilience of its underlying operations.
The Strait of Hormuz disruption affected the company’s ability to move some export volumes, putting pressure on sales during the quarter. However, strong demand from domestic customers helped cushion the impact. Nearly $1 billion of ADNOC Gas’ $1.7 billion first-half net profit came from its domestic business, underscoring the importance of the UAE market to the company’s financial performance.
ADNOC Gas has also maintained its longer-term expansion plans. The company is investing heavily in projects designed to increase gas-processing capacity and strengthen its position across domestic and international markets. It recently announced additional investment connected to the Rich Gas Development project, including new processing and fractionation facilities.
Looking ahead, the company expects third-quarter net profit of between $600 million and $800 million and has forecast full-year 2026 net income of $3.5 billion to $4 billion.
The results highlight both the strength of ADNOC Gas’ domestic business and the risks regional geopolitical disruptions can pose to energy companies dependent on international shipping routes.
