ADNOC Gas’s net profit fell by 14.9% year-on-year during the first quarter of this year, just over $1 billion, while revenues declined by 13.5% to about $4 billion, affected by the geopolitical developments witnessed last March.

The company’s share of profits from the ALNG joint venture also declined by 51% compared to the same period last year, as a result of export restrictions due to the closure of the Strait of Hormuz.

Despite the decline in profits and revenues, the net income margin rose to 21.6% during the first quarter of 2026, compared to 20.8% during the same period in 2025.

According to the company's report, domestic gas sales volumes fell by 11% to 519 trillion British thermal units during the first quarter of this year, amid a decline in demand for gas used in electricity generation due to mild weather in the region.

Sales volumes of exported and traded liquids also declined by 20% to 202 trillion British thermal units, as a result of the closure of the Strait of Hormuz during March, which hampered exports of liquefied petroleum gas, naphtha and liquefied natural gas.

In contrast, the average price of Brent crude rose during the first quarter to $80 a barrel, compared to $76 a barrel during the same period last year, an increase of 5%.

The company's capital expenditure reached approximately $1.025 billion during the first quarter, an annual increase of 85%, driven by investments in growth and expansion projects.

Amid the ongoing regional crisis and pressures on supply chains, ADNOC Gas has raised its forecast for total capital expenditure this year from a range of $4 billion to $4.5 billion to a new range of $4.5 billion to $5 billion.

The board also approved the distribution of quarterly dividends of $941 million, to be paid during June 2026.

The company noted that two incidents were recorded at the Habshan complex on April 3 and 8, confirming that it was able to restore 60% of the complex’s operational capacity in a short period, and is currently working to raise it to 80% by the end of 2026, with the aim of returning to full operational capacity during 2027.

The company expects that the continued closure of the Strait of Hormuz will negatively affect net income during the second quarter of this year by an amount ranging between $400 million and $600 million, assuming that maritime operations return to normal before the end of the second quarter.

ADNOC Gas also projected net income for the full year to be between $3.5 billion and $4 billion.