DOHA: Blue chip Industries Qatar surged to a nine-year high yesterday as a warn travel in dividends captivated buyers even yet a firm’s fourth-quarter distinction trailed estimates.
Industries Qatar increased Doha’s measure, while other informal markets were mixed.
Shares in a metals and petrochemicals firm jumped 7.4 percent to QR193.10, their top given Apr 2005.
The firm’s house due a division of QR11 per share or 110 percent of a favoured value, adult from QR8.5 in 2012. Qatar’s bourse is adult 1.5 percent.
The industrial hulk available a clever full year gain of QR8bn for 2013, reflecting a group’s ability to beget clever boost during a formidable general marketplace conditions. The group’s income reached QR5.8bn during a period, a association announced on Sunday.
The division travel comes notwithstanding a 5 percent dump in annual distinction due to diseased fertilizer prices.
“We see a association as good positioned to say a payout ratio larger than 80 percent in a medium-to-long-term driven by reduce precedence and singular announced capex,” Ankit Gupta, partner clamp boss of investigate during NBK Capital, pronounced in a note.
NBK Capital’s satisfactory value for a batch is QR162.5 and Gupta expects some boost in a satisfactory value on 2013 dividends beat, and softened division opinion in a middle term. Dividends in a Gulf segment have helped boost share prices some-more than certain gain and in Industries Qatar’s case, even equivalent diseased earnings.
Strong division and reward share payouts by Saudi Arabian banks have also spurred financier certainty in new weeks.