Qatar - Mubasher: Qatar National Bank (QNB) has upgraded the price target (PT) for the stock of Gulf International Services (GIS) to QAR 20 per share, expecting strong profitability next year.
Drilling works are expected to contribute 92%, as well as a forecasted income growth of 102.9% in the second half of the year.
QNB is expecting GIS to achieve a net income of QAR 69 million in H2-18, compared with QAR 34 in the six-month period between January and June, according to a research note issued on Tuesday.
GIS profit surged by 116% year-on-year in H1-18 to QAR 34.24 million.
Revenues also hiked to QAR 1.31 billion, up 4% form the comparative period of 2017, while operating profit stood at QAR 126.66 million during the same period.
