Mubasher: Qatar National Bank (QNB) Financial Services raised Industries Qatar’s price target (PT) to QAR 126 per share instead of QAR 109.

The new PT is lower than the current market price, which is amounted to QAR 132, by 4.5%, the brokerage arm of the largest bank in the Middle East and Africa said in a statement.

QNB Financial Services expects the company’s net income to hit QAR 5.1 billion for the full-year 2018.

“Given strong earnings growth of 49% on a normalized basis, we expect a 40% growth in DPS from QR5 in 2017 to QR7 in 2018,” it highlighted.

As for the financial results of the third quarter of 2018, Industries Qatar’s net income is expected to grow by 72.6% year-on-year, supported by the increase in fertilizer JV income by 81%, the statement highlighted.

The firm’s revenues are forecast to grow by 22.6% year-on-year to QAR 5.67 billion in 2018, and QAR 5.94 billion by 2019, it added.

By 09:59 am Qatar time, Industries Qatar’s stock retreated 1.19% at QAR 130.37.