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QNB raises Industries Qatar PT to QAR 130

QNB raises Industries Qatar PT to QAR 130
(Photo credit: Arabianeye-Reuters)
QNB
QNBK
-0.07% 14.20 -0.01
Industries Qatar
IQCD
-0.17% 11.97 -0.02

Doha – Mubasher: Qatar National Bank (QNB) said in a note on Thursday that it has raised the price target (PT) of Industries Qatar to QAR 130.

The new PT is 30% up from QNB's last note where it placed the company's PT at QAR 100.

QNB said expects a decline in Industries Qatar's net profit by 18.3% in 2016 to QAR 3.63 billion from QAR 4.45 billion in 2015.

It also forecasted a rise in net profit to QAR 4.32 billion in 2017, coinciding with better oil and steel prices.

Industries Qatar's board is scheduled to convene on Thursday, 2 February to discuss the company's financial results for the fourth quarter of 2016 and the full year 2016.

The company last reported a net profit of QAR 2.725 billion in the first nine months of 2016, down 28% year-on-year from QAR 3.830 billion.