Invictus reports 10% revenue growth in 2024, expands global presence to 54 countries
A major milestone was the acquisition of a 60% stake in Graderco, a leading grain and cereal trading firm in Morocco.
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 surged by 51.8%, reaching 8.2 million metric tonnes compared to 5.4 million metric tonnes in 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.
Throughout 2024, Invictus Investment expanded into four new markets: Burkina Faso, Jordan, the Netherlands, and Senegal, increasing its global footprint to 54 countries. The company also diversified its product portfolio to include over 30 categories, adding sunflower and rapeseed meal.
A major milestone 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, accounting for over 25% of Morocco’s grain imports.
Net profit for 2024 stood at AED 166.3 million (US$44.90 million), down from AED 213.6 million (US$57.67 million) in 2023. The decline was attributed to the company’s strategic decision to accept lower margins to secure a foothold in new markets and build long-term partnerships.
Despite the profit decline, Invictus maintained healthy margins and continued strategic investments to enhance operational capacity. Total equity increased by 15.3% to AED 1.23 billion (US$332.10 million), reinforcing the company’s solid financial standing.
In 2024, Invictus 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 provided in the 2024 ESG report, set for release by the end of March 2025.
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.
“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,” Abdellatif stated.
He also highlighted the company’s commitment to sustainability, citing the release of its first ESG report as a key milestone. Operational excellence, strategic agility, and long-term value creation were central to Invictus’s success in 2024.
Looking ahead, Abdellatif reaffirmed the company’s focus on further acquisitions and strengthening its supply chain to ensure sustainable returns for stakeholders.
Notably, in early 2025, the company surpassed 3 million metric tonnes in commodity transaction volumes within just three months. This marked a sharp increase from the 2 million metric tonnes announced the previous month, itself a record-breaking 45% year-on-year growth.
“Adding to this progress is our recent acquisition of Merec Industries, Mozambique’s largest flour milling company, further expanding our footprint and product offerings,” Abdellatif noted.
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