Adnoc gas expects Strait of Hormuz closure to hit full-year profit

Adnoc Gas said the closure of the Strait of Hormuz will hit its full-year net profit despite higher prices helping to offset lost sales once the waterway opens up.

The Abu Dhabi-owned gas company said Tuesday that it anticipates a hit to second-quarter net income between $400 million and $600 million due to the strait’s closure. Adnoc’s forecast assumes shipping operations return to normal prior to the end of the quarter.