QNBK
IQCD
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.