Dubai-headquartered Invictus Investment has revealed its plan to make a third acquisition this year in Africa, following its purchase of Merec Industries in Mozambique and the signing of an agreement to acquire 65 per cent of Angata in Angola.
The company, which is present across a diversified commodity portfolio with activities along the entire value chain, including origination, processing and trading, said it is “on a journey to expand our presence and capabilities across key African markets”.
In a filing with the Abu Dhabi Securities Exchange (ADX), Invictus said it was pursuing an ambitious growth strategy – both organic and inorganic – to increase the company’s revenue fivefold to AED 25 billion (US$6.8 billion) by 2028, using its 2023 performance as a baseline. The goal is to become a fully integrated agro-food enterprise in the Middle East and Africa.
New markets and growth priorities
“We are constantly evaluating investment opportunities within the agro-food value chain with the aim of expanding our business both up and down the vertical to become a fully integrated business,” the company said in the statement.
“The Angata, Merec Industries and Graderco (60 per cent stake purchased last year) acquisitions are prime examples of this strategy in action as they strengthen our market position in the region and provide us with strong local warehousing and distribution capabilities.
“Building on this, we will continue to invest in midstream and downstream assets in the value chain in key African markets, targeting the acquisition of majority stakes in ventures valued between US$200-300 million to broaden our market presence and product portfolio – with plans for a third acquisition in the basic foods segment this year.”
Over the past two years, Invictus expanded its trading operations into several new markets, including Burundi, Cameroon, Ethiopia, Iraq, Ivory Coast, Malawi, Morocco, Mozambique, Rwanda, Tanzania and Turkey. Most recently, it entered Angola, Burkina Faso, Ghana, Jordan, Madagascar, Mauritania, the Netherlands, Senegal, South Africa and Zimbabwe, bringing its global reach to 65 markets.
North Africa and key coastal markets will be an area of focus for the company in the near term.
“North Africa’s proximity to key grain origins combined with established port infrastructure and growing demand for wheat-based products, makes it a strategic priority for us,” the statement added.
“We also recognise the importance of having a strong presence in coastal markets, which offer advantages such as access to key trade routes, reduced logistics costs and regional distribution opportunities. Expanding in these areas will help us build a more resilient supply chain and support our long-term growth plans.”
Invictus drives unprecedented growth
For the full year 2024, Invictus reported AED 8.9 billion in revenue – its highest since listing and a jump of 10.1 per cent from FY2023. Commodity transaction volumes increased by 51.8 per cent to a record 8.2 million metric tonnes in 2024 (5.4 million metric tonnes in 2023).
Citing unaudited results, Invictus said it has maintained the upward momentum in 2025.
“We delivered a strong start to the year building on the positive momentum from our robust 2024 financial and operational results. In the first quarter of 2025, our revenues increased by more than 35 per cent YoY – our highest to date as a listed company. Growth was driven by strong performance across our product segments and key markets,” the statement added.
“Commodity transaction volumes almost doubled compared to the same period last year – in a reflection of the successful execution of our diversification strategy and the increased output from our recent acquisitions. We also delivered healthy profitability in the quarter with our net profit growing by approximately 23 per cent YoY.
“Looking ahead, we are confident in sustaining this growth trajectory throughout the remainder of the year. Our broader geographic reach and continued focus on vertical integration position us well to capitalise on the strong fundamentals and rising food demand across our markets.”
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