Takeovers helped boost Ghitha’s ADX-listed agrifood arm Invictus Investment’s net income 37% y-o-y to AED 227.6 mn in 2025, according to its earnings release (pdf). Revenue jumped 49% y-o-y over the year to AED 13.3 bn. Meanwhile, commodity transaction volumes jumped 73% to 14.2 mn tons, showing that growth came from delivery and production as much as pricing.

REMEMBER- 2025 was acquisition-heavy: As we’ve previously reported, Invictus expanded across Africa with the purchase of Mozambique’s Merec Industries, a 65.25% stake in Angola’s Angata Limitada, and the consolidation of Morocco’s Graderco. The firm entered 10 new markets during the year, expanding its footprint to a total of 65 countries, as it pivots from trader to a vertically integrated agrifood platform.

The strategy has drawn heavyweight support: IHC increased its stake to 40% in an AED 419.8 mn block trade, while Invictus secured financing from Mauritius Commercial Bank to fund acquisitions and expansion across African markets. The company is targeting majority stakes in USD 200-300 mn agrifood assets to deepen its processing, logistics, and distribution capabilities — all in service of its ambition to reach AED 25 bn in revenue by 2028.

Dividends: The board recommended a AED 40 mn dividend for 2025.

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