Invictus posts 184% EBITDA growth on strategic acquisitions, market expansion
Net profit rose 37% toUS$ 62 million while return on equity reached 18%.
UAE – Invictus Investment Company PLC has reported its strongest financial performance since listing on the Abu Dhabi Securities Exchange in 2022, with EBITDA rising 184% year-on-year in 2025, supported by acquisitions, geographic expansion and product diversification across Africa and the Middle East.
For the 12 months ended December 31, 2025, EBITDA reached AED 458.5 million (US$ 125 million), up from AED 161.4 million (US$ 44 million) in 2024.
Revenue increased 49% to AED 13.3 billion (US$ 3.62 billion), compared with AED 8.9 billion (US$ 2.42 billion) the previous year. Net profit rose 37% to AED 227.6 million (US$ 62 million), while return on equity reached 18%.
Commodity transaction volumes expanded 73% year-on-year to 14.2 million metric tonnes, up from 8.2 million metric tonnes in 2024, reflecting stronger trade flows and the integration of newly acquired assets.
Total equity increased 17% to AED 1.4 billion (US$ 381 million), compared with AED 1.2 billion (US$ 327 million) a year earlier. The Board has recommended a cash dividend of AED 40 million (USD 10.9 million) for 2025.
Strategic acquisitions strengthen African footprint
According to Invictus, the 2025 performance was underpinned by the integration of several strategic investments. During the year, the company acquired Merec Industries, Mozambique’s largest flour milling company, enhancing its downstream milling and processing capabilities in Southern Africa.
It also progressed the acquisition of a 65.25% stake in Angata Limitada, a fertiliser blending company based in Angola, with the transaction completed in January 2026.
These moves build on the 60% stake acquired in 2024 in Moroccan agro-trading firm Graderco, further strengthening sourcing, origination and processing capacity across North and West Africa.
The Board has additionally approved the issuance of a binding offer to acquire a majority stake in an agro-food manufacturing company focused on North Africa, indicating continued emphasis on midstream and downstream integration.
During 2025, the company entered 10 new markets, including Iraq, Lithuania, Cameroon, Ghana, Madagascar, Liberia, Mauritania, Nigeria, South Africa and Zimbabwe, expanding its footprint to 65 countries.
Its product portfolio now spans more than 30 categories, targeting staple agro-food commodities and related inputs in markets where food security and supply chain resilience remain priorities.
Shareholder support and financing
A key development in 2025 was the increase in shareholding by International Holding Company (IHC) to 40%.
The transaction involved the purchase of 196 million shares in a block trade valued at AED 419.83 million (US$ 114.3 million), signalling institutional confidence in the company’s growth trajectory.
To support expansion, Invictus also secured a financing package from Mauritius Commercial Bank Limited structured as acquisition finance and a revolving credit facility to fund growth in new African markets.
The company said it continues to progress both equity and debt financing structures as part of a diversified funding strategy.
Commenting on the results, Amir Daoud Abdellatif, CEO of Invictus Investment, said that 2025 was a defining year for Invictus Investment as we delivered significant growth across our key metrics while making strategic acquisitions that have fundamentally strengthened our business.
He added that the biggest vote of confidence for the company during the year came with IHC increasing its stake in the company to 40%, a major development that both validates its growth journey to date and sets the tone for the strategic trajectory ahead.
“Our priorities are clear, and we have a strong pipeline of investment opportunities in midstream and downstream assets across our core markets. All of this places us in a strong position to continue expanding the business and delivering added value for our shareholders as we work towards our goal of becoming a fully integrated agro-food enterprise and reaching AED 25 billion in revenue by 2028.”
Sustainability and outlook
Invictus continues to advance the commitments outlined in its 2024 ESG report, structured around Environmental Stewardship, Social Empowerment, and Ethical Governance and Partnerships.
These principles are being embedded across newly acquired entities as the group scales.
Looking ahead, the company remains focused on targeted investments in key African markets, particularly North Africa and coastal trade hubs, as it works toward deeper vertical integration and a revenue target of AED 25 billion (US$ 6.8 billion) by 2028.
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