Invictus Investment Company surpasses AED 4.2 billion in revenues for the first half 2023, showing consistent growth and continued business diversification


  • Invictus business continued to showcase progress on key corporate goals, including increase in market share (revenue growth) and diversification of both products and geographies;
  • Over 30% revenue growth achieved in the first half of 2023 compared to the same period last year;
  • The revenue increase in the reporting period was achieved across different markets, including Middle East (173% increase); Africa (24% increase); and Asia (55% increase);
  • In line with growth, Invictus balance sheet also grew to AED 2.86 billion compared to AED 2.7 billion at the end of last year, while maintaining strong equity levels of almost AED 990 million;
  • During the last 3 months (Q2 2023), Invictus improved its working capital management, improving Net Cash flows from Operating Activities by more than AED 300 million.

Dubai, UAE, 14 August, 2023 – Invictus Investment Company Plc (ADX: INVICTUS), one of the leading agro-food enterprises in the Middle East and Africa, has published its financial results for the fiscal 2023 half year ended June 30, 2023. The company reported a significant increase in business growth and continued diversification across markets.

The company generated over AED 4.2 billion in revenue, over AED 208 million in gross profits and a net profit of AED 136 million during the first half of 2023. Invictus Investment’s African operations generated over AED 2.7 Billion in revenues, followed by Middle Eastern operations AED 1.2 billion and sales to Asia of over AED 264 million.

“We are pleased to report a significant progress in our corporate goals, in the second quarter,” said Amir Daowd Abdellatif, CEO. “Despite declining commodity price, we have managed to meet our business development targets by exploring new opportunities including in new products traded and by building market share in various geographies that have all contributed to the overall revenue growth as per our strategic objectives. We remain committed to implementing effective strategies to ensure sustained growth in the future.”

As per the results reported, Invictus Investment Company achieved various milestones, including:

  • Revenue growth of over 30%, compared to the same period last year;
  • Wheat being the largest contributor with over AED 1.7 billion in sales, growing by almost 17% in the reported period;
  • New products added to Invictus Trading’s business, including Soya bean meal, Corn, Barley, and Sunflower oil achieved sales of over AED 1.5 billion compared to Nil in the same period last year;
  • Business continued to diversify across new markets, with a focus on Africa and Middle East, where sales continued to grow by 24% and 173% respectively;
  • Invictus Balance Sheet also continued to grow during the first half 2023, increasing to AED 2.86 billion in line with business growth, however, maintaining conservative leverage with more than AED 990 million in equity;
  • Invictus focused on its cash generation and improved Net Cash Flow from Operating Activities in the last three months by over AED 300 million.


With operations in over 70 countries, Invictus has now announced plans to expand into North and East Africa through acquisitions and joint ventures with local entities in countries such as Morocco, Algeria, Kenya, Tanzania, and Mozambique. This expansion aligns with Invictus’ strategy to leverage its expertise in agro-food and grain trading while diversifying into logistics and food processing. It remains committed to identifying growth opportunities, enhancing customer relationships, and investing in its teams to ensure sustainable growth and market share within the food processing sector.