Hormuz disruptions weighed on Adnoc Gas’ 1Q results, AD Ports had a good quarter

Adnoc Gas records a softer 1Q on the back of Hormuz disruptions

Adnoc Gas feels the export squeeze: Adnoc Gas has joined the list of firms hit by the repercussions of the Hormuz closure, as slowing export flows pushed net income down 15% y-o-y to USD 1 bn in 1Q 2026, according to its financial release (pdf). The firm’s revenue also dropped 18% y-o-y to USD 5 bn during the quarter.

Lower volumes pressure: Domestic gas sales volumes fell 11% y-o-y to 519 TBTU on weaker gas-to-power demand and cooler weather. Meanwhile, export and traded liquids volumes dropped 20% to 202 TBTU after the Hormuz closure curbed the company from exporting LPG, naphtha, and LNG in March.

The fallout is expected to spill into 2Q: Adnoc Gas warned that the strait’s closure could shave USD 400-600 mn off net income in the second quarter, assuming maritime operations normalize before quarter-end. Even so, management still expects FY 2026 net income of USD 3.5-4 bn, helped by stronger LNG and LPG pricing in 2H if shipping routes reopen. The firm is targeting an 80% restoration rate by year-end, according to the firm’s management discussion and analysis report (pdf).

Full operational recovery could take a while: Once Hormuz reopens, shipments should resume “within a reasonable time frame,” though CFO Peter Van Driel told Bloomberg (watch, runtime: 07:44), “we simply don’t know.”

AD Ports delivers revenues through the squeeze

AD Ports’ operations beat regional disruptions: ADX-listed giant AD Ports saw its net income rise 41% y-o-y to AED 653 mn in 1Q 2026, driven by operating leverage, lower finance costs, and stronger contributions from JVs and associates, according to its financial release (pdf). The group’s revenue rose 25% y-o-y to AED 5.8 bn during the period, supported by robust growth across both its maritime & shipping and economic cities & freezones clusters.

By segment: The maritime and shipping cluster drove the growth this quarter — with container feeder volumes up 20% y-o-y to 871k TEUs, while the bulk, multipurpose, and Ro-Ro fleet expanded to 63 vessels from 41 a year earlier. Meanwhile, economic cities and freezones recorded 843k sqm of new industrial land leases across Kezad, alongside AED 1.1 bn in asset monetization.

On the other hand, the ports cluster performance was mixed, with UAE container throughput declining 5% y-o-y and general cargo volumes falling 23% y-o-y. The decline was partly offset by stronger international activity, where container volumes grew 17% and general cargo volumes rose 21%.

How the system adapted: AD Ports kept services running by rerouting cargo and feeder operations through Fujairah Terminals and Khorfakkan Port while activating an integrated network of land, rail, and air bridges across the UAE. The group also mobilized around 800 trucks and four daily Etihad Rail freight services through bonded corridors as it moved to expand essential-goods warehousing capacity to 188k sqm from more than 76k sqm.