Doha – Mubasher: Qatar National Bank (QNB) fixed the price target (PT) of United Development Company (UDC) at QAR 25.5, with a “Buy” recommendation, according to a statement
The PT is 18.6% higher than the stock’s trading price, which stands at QAR 21.5.
The company’s cash inflows are expected to grow, backed by the sale of the Pearl Tower 2 to a strategic investor for QAR 1.25 billion, in addition to the development of Al Mutahidah Towers and other future projects.
The Qatar-listed firm achieved a growth of 74.6% in profits to QAR 197.22 million ($54.12 million) in Q4-16, compared to QAR 112.99 million ($31.01 million) in Q4-15.
Profits fell 7.1% to QAR 680.86 million in 2016 from QAR 732.88 million in 2015.
