Doha – Mubasher: Mubasher Trade Research (MTR) maintained its ‘Buy’ recommendation on Gulf Warehousing stock with low risk rate of 12% and a target price of QAR 72.4.
MTR’s recommendation came after disclosing the company’s financial statements for the first quarter of fiscal 2016.
The Qatar-listed company’s profit rose in the first quarter of fiscal 2016 by 15% year-on-year to QAR 46.6 million ($12.80 million); in line with the research firm’s expectations of QAR 48.5 million.
Despite low oil prices, revenues grew by 14.5% y-o-y to QAR 220 million in Q1-16; also matching to MTR’s forecasts of QAR 207 million.
The Qatar-listed company’s stock closed today at QAR 63.50 after falling 1.55%.
