Mubasher: Qatar National Bank (QNB) Financial Services maintained the price target (PT) for Gulf Warehousing Company (GWC) at QAR 51 per share and lowered its recommendation from “outperform” to “accumulate”.

The Qatar-listed firm reported a 10.66% year-on-year growth in profits to QAR 64.34 million in the fourth quarter of 2018.

For the full-year 2018, GWC registered a 10.26% annual profit increase to QAR 237.5 million, with a recommendation to distribute cash dividends of QAR 1.9 per share.

QNB projected GWC would witness a “modest top-line growth along with a 5% rise in earnings” for 2019.

Moreover, QNB cut its estimates for GWC’s revenues by 1% to QAR 1.26 billion in 2019 and QAR 1.30 billion in 2020, from QAR 1.27 billion in 2019 and QAR 1.31 billion in 2020 as previously estimated.

GWC’s stock rose 0.93% to close at QAR 43.40 on Wednesday.