Stock - Wheat
Sales from wheat was the single biggest contributor to the Invictus first-half 2023 numbers. Geography-wise, Africa provided the bulk of sales. Image Credit: Supplied

Dubai: Abu Dhabi’s food commodity firm Invictus pushed past the Dh4 billion mark in H1-23 revenues, totaling Dh4.2 billion against Dh3.2 billion. In a period marked by extreme volatility in the global food staples marketplace, the company saw wheat being the biggest contributor to sales, with Dh1.7 billion, gaining 17 per cent year-on-year.

Invictus’ net profit came in lower though, Dh136 million for the period from Dh301.2 million.

"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,” said Amir Daowd Abdellatif, CEO.

“We remain committed to implementing effective strategies to ensure sustained growth in the future."

The company, which has operations spread over 70 markets, reported Dh2.7 billion in revenues from Africa, Dh1.2 billion from its Middle East presence, and Dh264 million through Asia.

New market possibilities

The short- to medium term focus will be on North and East Africa, 'through acquisitions and joint ventures' in markets 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," said a statement. "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."

According to the CEO, "We remain committed to implementing effective strategies to ensure sustained growth in the future."

As of end June, the company's balance-sheet was at Dh2.86 billion, and attention has been given to keep debt levels in check.