Doha – Mubasher: Gulf Warehousing reported a profit increase of 10.02% to QAR 54.9 million ($15.08 million) for the fourth quarter of 2016, compared with QAR 49.9 million ($13.48 million) in Q4-15.
Net profits for the fiscal year ended 31 December 2016 reached QAR 205 million ($56.32 million), up 10.8% from QAR 185 million ($50.83 million) in 2015, according to the company’s statement to the Qatar Stock Exchange (QSE) late Thursday.
The company’s board recommended distributing dividends of QAR 1.6 per share, representing 16% of the capital.
The company previously said its profits for the first nine months of 2016 rose 11% year-on-year to QAR 150.1 million from QAR 135.11 million.In a report, Qatar National Bank (QNB) set the company’s share target price at QAR 65, up 14.6% from the company's share which last traded at QAR 56.7.
Gulf Warehousing ended Thursday down 1.73% to QAR 56.7.
