Abu Dhabi, UAE— Invictus Investment Company has reported a 125 percent increase in its revenues for the first nine months of 2022 to AED4.4 billion ($1.19 billion) and a net profit of AED388 million ($105 million).
In a statement, the company attributed the results to “a continual focus on geographical location expansion, and a sustained rise in trade volume and revenues across all product lines”.
The statement said that a substantial increase in revenue came from food grains—the revenue from traded wheat shot up by 158 percent compared to the same time as 2021.
Other products such as lentils, sesame, yeast, etc., also experienced an overall revenue growth of 28 percent.
This year, the company introduced fertilizers which added over AED 140 million to revenues.
“We also experienced a robust growth in our net cash flows from operations, increasing from AED 97 million in 2021 to AED 297 in 2022 for the same time period,” the statement added.
It said that operations in Middle East, Africa and Asia generated 100 percent, 124 percent and 35 percent growth respectively, with cumulative revenues of over AED 3.96 billion.
Amir Daowd Abdellatif, the CEO, said, “Since our listing on the Abu Dhabi Securities Exchange (ADX) earlier this year, we have continued to post strong results. The last two years have highlighted the commodity trading sectors role in ensuring that the future of food is safe and secure.”