Invictus to Boost Revenue to $6.8 Billion by 2028

Abu Dhabi headquartered Invictus Investment Company, is pursuing an ambitious growth strategy to increase the company’s revenue fivefold to $6.8 billion by 2028, using its 2023 performance as a baseline.

This strategy includes both organic and inorganic growth avenues, Invictus said in an update highlighting key developments across the business in the year to date besides providing a preview of the company’s forward-looking plans.

As Invictus looks outwards, it was constantly evaluating investment opportunities within the agro-food value chain with the aim of expanding its business both up and down the vertical to become a fully integrated business.

The Angata, Merec Industries and Graderco 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, Invictus said.

“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 $200 million and $300 million to broaden our market presence and product portfolio – with plans for a third acquisition in the basic foods segment this year,” Invictus said.

Acquisition of Merec Industries

The acquisition of Merec Industries in Mozambique and the signing of an agreement to acquire 65% of Angata in Angola, a transaction that is currently in progress and subject to regulatory approvals, represent important steps in our journey to expand the company’s presence and capabilities across key African markets.

Angata marks a strategic entry for Invictus into the agro-input industry in Angola as it specialises in customised fertiliser blending and tailors its products to the specific soil and crop requirements of farmers across different regions of the African nation.

Its location in the Lobito corridor also positions it as a hub to serve surrounding markets. This acquisition enables Invictus to move upstream to directly support farmers and contribute to the ecosystems that feed regional and global supply chains. Angata currently operates at a production capacity of 100,000 MT with plans to scale up further by the end of this year.

Merec Industries on the other hand gives Invictus a strong foothold in Mozambique’s wheat and corn milling market, which is showing solid growth and where Merec Industries holds over 60% market share.

Merec runs advanced milling facilities with a combined annual capacity of more than 800,000 MT of wheat and corn flour. It also has processing capabilities for over 180,000 MT of pasta, biscuits and animal feed per year, and grain silos with a total storage capacity of 145,000 MT.

“We are currently in the process of rolling out an additional 1,000 MT of daily processing capacity, which – alongside higher export volumes – is expected to increase our consolidated revenues by over $272 million annually,” Invictus said.

Q1-2025 Financial Highlights

Invictus said that it has delivered a strong start to the year building on the positive momentum from its robust 2024 financial and operational results. In the first quarter of 2025, the revenues increased by more than 35% y-o-y, the company’s highest to date as a listed company. Growth was driven by strong performance across our product segments and key markets.

“We also delivered healthy profitability in the quarter with our net profit growing by approximately 23% y-o-y. This demonstrates our ability to effectively manage costs and drive synergies as we scale and integrate our operations further.

Expansion Plans

Over the past two years, Invictus expanded its trading operations into many new markets, including Burundi, Cameroon, Ethiopia, Iraq, Ivory Coast, Malawi, Morocco, Mozambique, Rwanda, Tanzania and Turkey.

Most recently, it has entered Angola, Burkina Faso, Ghana, Jordan, Madagascar, Mauritania, the Netherlands, Senegal, South Africa and Zimbabwe, bringing the company’s global reach to a total of 65 markets.

North Africa’s proximity to key grain origins combined with established port infrastructure and growing demand for wheat-based products, make it a strategic priority for us. 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.