Doha – Mubasher: Qatar National Bank (QNB) has set the price target (PT) for Gulf Warehousing Company's (GWC) stock at QAR 65.

The PT is 14.6% up from the company's stock on the Qatar Stock Exchange (QSE) which last traded at QAR 56.7, but down 14.4% from QNB's previous report which set the PT at QAR 68 per share.

Gulf Warehousing is expected to report a 10% increase in profits for the fiscal year 2016, the report released Thursday noted.

QNB expected the Qatar-listed warehousing company to report a gross revenue of QAR 53 million in 2016, up 5% from figures reported in 2015.

Total revenues are forecasted to increase by 12% in 2017, but fall 5% in 2018, the reported added.

Gulf Warehousing last posted a profit of QAR 48.8 million in the third quarter of 2016, up 3% year-on-year from QAR 47.44 million.

The company's stock ended Thursday's trading session down 1.73% to QAR 56.7. 

Gulf Warehousing reported late Thursday a profit increase of 10.02% year-on-year to QAR 54.9 million ($15.08 million) in the fourth quarter of 2016, compared with QAR 49.9 million ($13.48 million).

Net profits for the fiscal year ended in 31 December 2016 reached QAR 205 million ($56.32 million), up 10.8% from QAR 185 million ($50.83 million) in 2015, according to GWC's statement to the Qatar Stock Exchange (QSE).