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FAB Keeps Adnoc Gas at Buy After 'Resilient' Q1 Results

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FAB Securities maintained its investment opinion on Adnoc Gas (ADX:ADNOCGAS) as it took note of the natural gas distribution company's first-quarter earnings.

"We maintain our BUY rating on ADNOCGAS with a target price of AED 4.30. ADNOC Gas delivered a resilient operational and financial performance in 1Q26, despite a challenging geopolitical backdrop that disrupted regional trade activity and export operations," analysts said in a Monday note. "The temporary closure of the Strait of Hormuz during March 2026 materially impacted LNG, LPG and Naphtha exports, resulting in lower sales volumes and softer earnings during the quarter. However, the Company continued to benefit from its integrated infrastructure, operational flexibility and resilient domestic gas business," FAB added.

The Abu Dhabi-listed company logged a 15% year-over-year decline in first-quarter net profit to $1.08 billion, surpassing the research firm's $1.01 billion estimate. Adnoc Gas' net revenue decreased 13.6% annually to $4.03 billion, compared with FAB Securities' $4.06 billion forecast.

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