Invictus Investment Company Plc announced financial results for its fiscal year 2023 first quarter ending on March 31, 2023. The Company posted quarterly revenue of AED2.3 billion, up 31% year over year, and quarterly earnings in Africa region reached AED1.7 billion and in the Middle East region reached AED489 million with a growth of 48.5%. The company delivered another quarter of resilient earnings fuelled by growing trade volumes, disciplined investment, and continued expansion in emerging markets.
Amir Daowd Abdellatif, CEO said: “We are pleased to report strong growth in the first quarter despite the challenging macroeconomic environment and to have our commodity trading reach an all-time high. We continue to invest for the long term and lead with our values, including making major progress toward diversifying our business and markets to achieve strong growth and make a positive impact on the world around us. Since last year, our product portfolio has grown to include soybean, maize, barley, and sunflower oil. We have also expanded into new markets, predominantly in Africa including Algeria, Mozambique, Egypt, Kenya, Tanzania, and Morocco, and in Turkey among other geographies.
To continue to build on the success of our financial performance in 2022, we have developed a comprehensive plan to continue diversifying in 2023. Our team is committed to identifying emerging opportunities and leveraging our expertise to capitalize on them into developing a fully integrated agro-food enterprise. As we move forward into 2023, we remain focused on identifying both organic and inorganic growth opportunities, on enhancing collaboration with our key customer relationships, and on correctly resourcing our teams internally to deliver sustainable growth for the benefit of all stakeholders. Further, to execute our strategy to build and gain market share within the food processing sector, we continue to pursue acquisition opportunities with an initial focus in Africa.”
- Net revenues benefited from strong topline growth, rising 31% to AED2.31 billion in Q1 2023 compared to AED1.76 billion in Q1 2022.
- Performance was strong across operating segments and included 100% growth in essential foods such as soya beans, 35% growth in sugar, and 22.7% growth in wheat during the quarter.
- Revenues also grew for other major product lines including ground nut oil, cake, and kernels, which exhibited outstanding growth of 461.2%, and sesame which grew by 26.2%.
- Net Profit reported was AED93 million in Q1 2023, a 39% increase compared to the last quarter, Q4, 2022.
- In the Middle East, the company’s revenues grew by 45.8% – from AED335 million in 2022 to AED489 million in the first quarter of 2023.
- In Africa, the revenues grew by 59% in Q1 2023, growing from AED1.077 billion in 2022 to AED1.712 billion in 2023.
- In Asia, revenues grew by 59.3%, from AED63 million in 2022 to AED101 million in 2023.