Invictus Investment Company, an ADX-listed agro-food enterprise, has reported a 35% surge in revenue – its highest annual revenue as a listed company – and 110% growth in commodity transaction volumes.
Nonetheless, the company’s net profits for the same period dropped to Dh213.6 million, a 53% decrease from the Dh454.5 million reported the year prior.
In a statement, the company said the drop in revenues is “a reflection of lower international commodity prices, and the company’s strategic investments in resources and enhancing operating capacity as part of its expansionary move into new operational markets as well as additional product areas”.
The company’s board recommends Dh45.0 million in dividends.
The company achieved significant growth in commodity transaction volumes, which surged by over 110% to reach 5.37 million metric tonnes, as compared with 2.56 million metric tonnes in 2022. Its revenue reached Dh8.1 billion in 2023, up from Dh5.9 billion in 2022.
“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,” said Amir Daowd Abdellatif, CEO of Invictus Investment.
“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.”
Invictus Investment’s expansion strategy during 2023 witnessed the Company extend its geographical footprint to ten 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.
The company also introduced new products during the year, including soya bean meal and seed, corn, vegetable oil, soya bean hulls, fertilisers, wheat flour and Distiller’s Dried Grains with Solubles (DDGS).
