Dubai-Mubasher: MubasherTrade Research (MTR) set the price target (FV) of Agthia Group at AED 8.33, maintaining “Buy” recommendation, according to a recent report.

The MTR’s rating followed Agthia’s financial announcements for the fiscal year 2015.

 The company generated profits of AED 52.2 million ($14.2 million) in the fourth quarter of 2015, a rise of 22.5% from AED 42.6 million ($11.6 million) in the same quarter of 2014.

Profits increased 20% to AED 231.3 million in the fiscal year 2015, compared to AED 193.32 million in the fiscal year 2014.

Agthia had announced on 12 October the 100% acquisition of Al-Bayan Water Co., a leading player in the 5-gallon bulk water segment in the UAE.

Although Agthia did not post water and beverages revenues figures for Q4-15, MTR sees that the significant growth of 27% year-on-year in consumer business revenues in Q4-15 resulted from better performance by the water and beverages business segment. 

MTR reiterated its positive outlook in view of the company's strong fundamentals and recent acquisition.