Dubai, UAE – Invictus Investment Company Monday said it recorded the first quarter revenue of AED2.3 billion ($626 million), up 31 percent year over year, on growing trade volumes, investments and expansion in emerging markets.
The company’s earnings in Africa region reached AED1.7 billion and in the Middle East AED489 million, reflecting a growth of 48.5 percent.
A 39 percent increase in net profit to AED93 million was recorded in the first quarter, compared to the last quarter of 2022.
In a statement, the company said its performance was strong across operating segments and included 100 percent growth in essential foods such as soya bean, 35 percent in sugar and 22.7 percent in wheat during the first quarter.
Amir Daowd Abdellatif, CEO said, “We are pleased to report a 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 towards 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,” he said.