Earnings Report

Invictus Investment Company

H1 26

1. Company Overview & Earnings Context

Invictus Investment Company PLC is an ADX-listed holding company focused on agricultural commodities, food products, logistics and supply chain businesses across Africa, the Middle East and other international markets. The Group operates through multiple subsidiaries involved in commodity trading, food manufacturing, logistics and related investments.

For H1 2026, Invictus Investment delivered stable revenue of AED 6.15 billion despite a challenging operating environment. However, profitability declined significantly due to higher operating expenses, increased losses from associates and lower finance income. During the period, the Group also continued executing its long-term growth strategy through strategic acquisitions, including the purchase of a majority stake in an Angolan fertilizer blending business.

2. Financial Performance Snapshot

Revenue: AED 6.15 Billion
Gross Profit: AED 226.6 Million
Operating Profit: AED 80.5 Million
Profit Before Tax: AED 24.6 Million
Net Profit: AED 26.2 Million
Basic Earnings Per Share (EPS): AED 0.0268

Compared with H1 2025:

Revenue increased 0.9% to AED 6.15 billion.
Gross profit remained broadly stable at AED 226.6 million.
Operating profit declined 52%.
Profit before tax decreased 81%.
Net profit declined 70% to AED 26.2 million.
Earnings per share declined from AED 0.0820 to AED 0.0268.

3. Operational Highlights & Key Metrics

Total Assets: AED 5.74 Billion
Total Equity: AED 1.38 Billion
Cash & Bank Balances: AED 469.0 Million
Inventories: AED 1.28 Billion
Trade Receivables: AED 1.18 Billion
Trade Payables: AED 1.88 Billion
Operating Cash Flow: AED 280.0 Million
Acquisition Completed: 65.25% stake in Dagro Chemical Limited (Angola)

4. Key Performance Drivers

Invictus maintained resilient revenue growth during the first half of 2026 despite softer market conditions across parts of its business. Profitability, however, was affected by higher operating expenses, increased losses from associates and lower finance income, resulting in a sharp decline in earnings. During the period, the Group continued strengthening its agricultural value chain through the acquisition of a controlling stake in Dagro Chemical Limited, a leading fertilizer blending business in Angola, supporting its long-term expansion strategy.

5. Outlook & Forward Guidance

Management remains focused on expanding its integrated agricultural commodities platform through strategic acquisitions, operational efficiencies and geographic diversification. The Group continues to strengthen its presence across key food security markets while investing in logistics, food processing and value-added agricultural businesses to support long-term sustainable growth.

6. Investor Takeaway

Invictus Investment delivered stable revenue in H1 2026 despite a challenging operating environment, although higher costs and weaker contributions from associates weighed on profitability. With a strong balance sheet, continued investment in strategic acquisitions and an expanding agricultural platform, the Group remains focused on creating long-term value through regional and international growth.