Invictus Investment achieves record revenue and expansion in 2024

UAE – Invictus Investment Company Plc, a leading agro-food enterprise in the Middle East and Africa, has announced its financial results for the year ending December 31, 2024.

The company achieved a 10.1% increase in revenue, totaling AED 8.9 billion (US$2.41 billion), up from AED 8.1 billion (US$2.20 billion) in 2023. Commodity transaction volumes also rose by 51.8%, reaching 8.2 million metric tonnes compared to 5.4 million metric tonnes the previous year. ​

The Board of Directors has recommended a cash dividend of AED 33 million (US$8.91 million), equivalent to AED 0.03 (US$ 0.01) per share, pending approval at the Annual General Meeting. ​

Strategic growth and market expansion

Throughout 2024, Invictus Investment expanded into four new markets: Burkina Faso, Jordan, the Netherlands, and Senegal, increasing its global presence to 54 countries.

The company’s product portfolio also grew to include over 30 categories with the addition of sunflower and rapeseed meal. A notable achievement was the acquisition of a 60% stake in Graderco, a leading grain and cereal trading firm in Morocco.

Graderco imports, stores, and trades between 2.5 and 3.0 million metric tonnes of grain and derivatives annually, representing over 25% of Morocco’s imports. ​

Financial performance and sustainability initiatives

Net profit for 2024 was AED 166.3 million (US$44.90 million), down from AED 213.6 million (US$57.67 million) in 2023.

This decrease is attributed to the company’s strategy of accepting lower margins to establish a competitive foothold in new markets and build long-term relationships with partners and suppliers.

Despite this, Invictus maintained healthy profit margins and continued strategic investments to enhance operational capacity. Total equity increased by 15.3% to AED 1.23 billion (US$332.10 million), reflecting the company’s solid financial position. ​

In 2024, Invictus Investment published its inaugural Environmental, Social, and Governance (ESG) report for 2023, outlining its sustainability framework and initiatives. A comprehensive update on these efforts will be shared in the 2024 ESG report, set for release by the end of March 2025. ​

CEO’s perspective and future outlook

Amir Daoud Abdellatif, CEO of Invictus Investment, reflected on the company’s achievements in 2024, emphasizing its resilience and strategic expansion despite global economic challenges. He stated that the company had made significant progress by advancing its growth strategy and delivering strong financial results despite macroeconomic uncertainties.

“We expanded our presence to 54 countries, grew our portfolio to more than 30 product categories and completed the acquisition of a majority stake in Graderco.”

He also highlighted the publication of the company’s inaugural ESG report as a key milestone in its sustainability journey, attributing these achievements to operational excellence, strategic agility, and long-term value creation.

Looking ahead, Abdellatif reaffirmed the company’s commitment to further acquisitions and strengthening its supply chain capabilities to ensure sustainable returns for stakeholders.

He noted that 2025 was already shaping up to be another significant year, revealing that the company had surpassed 3 million metric tonnes in commodity transaction volumes just three months into the year.

This marked a sharp increase from the 2 million metric tonnes announced the previous month, which itself had represented a record-breaking 45% year-on-year increase.

“Adding to this progress is our recent acquisition of Merec Industries, Mozambique’s largest flour milling company, in another key expansion of our footprint and product offering,” Abdellatif stated.

Invictus Investment remains focused on its long-term growth strategy, targeting acquisitions of majority stakes in ventures valued between AED 730 million (US$197.10 million) and AED 1.1 billion (US$297 million), aiming to become a fully integrated agro-food leader in the Middle East and Africa.

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