Mubasher: Qatar National Bank (QNB) Financial Services has maintained Gulf Warehousing Company’s (GWC) price target at QAR 51 per share.

The price target is 26.1% higher compared to the share’s current price at QAR 40.45, according to a recent report on Wednesday.

GWC’s profits rose 12.3% to QAR 56.71 million for the first quarter of 2018, compared to QAR 50.52 million in Q1-17.

QNB noted the GWC’s revenues hiked 40% year-on-year, against expectations, due to a strong growth in both logistics and freight forwarding.

Moreover, logistics business of the Qatar-listed firm surged 35% year-on-year to QAR 200 million, the report showed.

Year-on-year, GWC’s revenues levelled up 13% to QAR 1.2 billion during the full-year 2017, compared to QAR 1.1 billion in a year earlier.

By 11:50 am Qatar time, GWC’s stock rose 1.32% at QAR 4.45.