ABU DHABI, UAE: Invictus Investment Company PLC (ADX: INVICTUS), a leading agro-food enterprise in the Middle East, Africa and Asia, announced its financial results for the 12 months ended December 31, 2023, with a revenue growth of 35% year-on-year to AED 8.1 billion – its highest annual revenue as a listed company.

The company also reported a net profit of AED 213.6 million, despite lower international commodity prices and strategic investments in resources and operational capacity enhancement. The company maintained healthy profit margins and achieved significant growth in commodity transaction volumes, which surged by over 110% to reach 5.37 million metric tonnes.

Invictus Investment’s expansionary strategy during 2023 witnessed the company extend its geographical footprint to 10 new markets, including Morocco, Tanzania, Mozambique, Turkey, Malawi, Burundi, Rwanda, Kenya, Uganda and Lebanon, as well as increase its commodity transaction volumes in two existing markets: Algeria and Egypt. This growth was also accompanied by the introduction of products, including soya bean meal and seed, corn, vegetable oil, soya bean hulls, fertilisers, wheat flour and Distiller’s Dried Grains with Solubles (DDGS) – further diversifying the company’s commodity portfolio.

Invictus Investment has also made significant progress in developing and finalising its Environmental, Social and Governance (ESG) framework, which is poised to enhance long-term value for stakeholders and reflects the company’s commitment to positive environmental impact, social responsibility and robust governance.

Looking forward, Invictus Investment remains focused on exploring potential acquisitions, developing new joint ventures in strategic markets, and continuing its expansion across key African markets. The company is committed to sustaining its growth trajectory, exploring new investment opportunities, and enhancing its contributions to the global food supply chain to benefit all of its stakeholders.

The Board of Directors has recommended paying AED 45.0 million in dividends for the year, to be paid in the second quarter of 2024.

Commenting on the results, Amir Daowd Abdellatif, CEO of Invictus Investment, said: “Amid the backdrop of geopolitical and economic challenges in the global landscape, we have delivered a record financial performance in 2023 – a resounding testament to our operational resilience.

The year has been one of remarkable strides in our growth journey, most significantly through geographic expansion into ten new markets and the diversification of our portfolio into new products.

As we move ahead, we will continue to invest strategically in our supply chain to enhance our operational capabilities and meet the evolving needs of our global clientele. Our focus will remain on downstream acquisitions in the value chain, with the aim to become a vertically integrated agro-food enterprise. The path ahead is about continuous innovation, strategic partnerships, acquisitions and sustainable growth.”

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