QNB keeps target price for “GWCS” at QAR53
Qatar National Bank has kept the target price for Gulf Warehousing Company “GWCS”, listed with the Qatar Exchange, at QAR 53 per share, after its latest announcement of its Q4 financials.
QNB clarified in a research memo issued on Monday that the profits announced by GWC conformed with QNB’s previous forecasts.
GWC’s Financial Statements showed a growth in the company’s fourth quarter at a rate of 4.8%, to reach QAR 58.2 million, compared to QAR 55.6 million in the same period of 2016.
The research memo also indicated that the company’s annual profits increased by 4.8% to 215.6 million, supported by an increase of 14% in gross revenues which reached QAR 966.9 million.
The memo continued to state that GWC registered a strong growth in transport, increasing by 21% to QAR 314.1 million, while the revenues of logistics services increased last year by 11% to achieve QAR 652.8 million, aside from the increase in shipments by 40%.
According to the report, the company’s cargo shipping segment showed low margins, with revenues of only QAR 94.5 million.
QNB indicated that there was no major impact from the blockade on the company’s performances, clarifying that the company did not lose its markets.
The report noted that the greatest risks facing the company in the current year is the lack of major projects underway.
QNB, in a research memo issued on Tuesday, forecast that the company’s annual net profits would grow by 3.9% at the end of 2017 reaching QAR 213.6 million, compared to QAR 205.7 million in 2016. At 11:20 AM, the GWCS stock rose by 0.23% to reach QAR 47, with daily trading valued at QAR 2.1 million distributed as QAR 45.7 per share.