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Invictus Investment posts record results for 2025 as EBITDA increases nearly threefold, up 184% year-on-year

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EBITDA

Growth driven by strategic acquisitions, geographic expansion and product diversification

DUBAI, United Arab Emirates, February 20, 2026/APO Group/ —

  • EBITDA increased by an impressive 184% to AED 458.5 million in 2025, up from AED 161.4 million in 2024 – marking the company’s highest EBITDA performance since ADX listing in 2022
  • Revenue rose to an all-time high of AED 13.3 billion in 2025 from AED 8.9 billion in 2024
  • Net profit reached AED 227.6 million in 2025, up 37% year-on-year
  • Commodity transaction volumes increased by 73% year-on-year to 14.2 million metric tonnes
  • Total equity reached AED 1.4 billion in 2025, compared with AED 1.2 billion the previous year
  • The Board recommended a cash dividend of AED 40 million for 2025

Invictus Investment Company PLC (http://InvictusInvestment.ae/) (ADX: INVICTUS), a leading agro-food enterprise in the Middle East and Africa, today published its audited financial results for the 12 months ended December 31, 2025. The company delivered its strongest EBITDA performance since listing on ADX, soaring by a record 184% year-on-year to AED 458.5 million – an increase driven by the integration of recent acquisitions, enhanced supply chain capabilities and improved operational efficiencies across the business.

Revenue meanwhile grew by 49% to AED 13.3 billion in 2025, compared with AED 8.9 billion the previous year. This strong top-line performance helped underpin a 37% increase in net profit to AED 227.6 million, up from AED 166.3 million in 2024, while return on equity reached 18%, underscoring the company’s success in enhancing profitability while continuing to expand its operations across key markets. The Board has in turn recommended a cash dividend of AED 40 million.

 

Commodity transaction volumes also reached record levels, expanding 73% to 14.2 million metric tonnes in 2025, up from 8.2 million metric tonnes in 2024. At the same time, total equity increased 17% year-on-year to AED 1.4 billion in 2025 – a reflection of the company’s improving financial position as it continues to scale.

 

The year also saw a significant milestone in IHC’s increasing of its shareholding in Invictus Investment to 40% – highlighting continued confidence in the company’s strategic direction and growth trajectory. The deal involved the purchase of 196 million shares in a major block trade valued at 419.83 million. In parallel, Invictus Investment has progressed both equity and debt financing structures as part of a diversified and disciplined financial strategy. It most recently secured a financing package from the Mauritius Commercial Bank Limited (MCB) structured as an acquisition finance and revolving credit facility to fund growth across new African markets.

Our priorities are clear, and we have a strong pipeline of investment opportunities in midstream and downstream assets across our core markets

 

The company continued to deliver on its growth strategy in 2025 through a number of strategic investments. This included the acquisition of Merec Industries, Mozambique’s largest flour milling company, and the integration of its operations, as well as an agreement to acquire a 65.25% stake in Angata Limitada, a fertiliser blending company based in Angola, with the transaction being completed in January 2026. These developments, along with the operational consolidation of Moroccan agro-trading leader Graderco, in which Invictus Investment acquired a 60% stake in 2024, have further enhanced the company’s sourcing and processing capabilities across Africa. The Board has also approved the issuance of a binding offer to acquire a majority shareholding interest in an agro-food manufacturing company with its primary business in North Africa.

 

In addition, Invictus Investment entered 10 new markets during the year, including Iraq, Lithuania, Cameroon, Ghana, Madagascar, Liberia, Mauritania, Nigeria, South Africa and Zimbabwe, bringing its global presence to 65 countries. This was supported by strong organic growth across core markets, particularly in Africa, where demand for staple agro-food commodities continues to be strong. The company’s product portfolio was also expanded to more than 30 categories to meet the evolving needs of its global client base.

 

Commenting on the results, Amir Daoud Abdellatif, CEO of Invictus Investment, said: “2025 was a defining year for Invictus Investment as we delivered significant growth across our key metrics while making strategic acquisitions that have fundamentally strengthened our business. The biggest vote of confidence for us during the year came with IHC’s increasing of its stake in the company to 40% – a major development that both validates our growth journey to date and sets the tone for the strategic trajectory before us. Our priorities are clear, and we have a strong pipeline of investment opportunities in midstream and downstream assets across our core markets. All of this places us in a strong position to continue expanding the business and delivering added value for our shareholders as we work towards our goal of becoming a fully integrated agro-food enterprise and reaching AED 25 billion in revenue by 2028.”

 

In terms of its sustainability commitments, Invictus Investment continues to build upon the progress set out in the 2024 ESG report published in May 2025 across three core pillars: Environmental Stewardship; Social Empowerment; and Ethical Governance and Partnerships – priorities that are only on track to become more embedded across the business, including within the company’s newly acquired entities.

 

Looking ahead, Invictus Investment remains focused on furthering its long-term growth strategy through targeted investments in key African markets, with an emphasis on North Africa and coastal hubs, while advancing its goal of becoming a fully integrated agro-food enterprise that contributes to food security in the region.

 

*Please refer to https://apo-opa.co/3MADzmw for more information.

Distributed by APO Group on behalf of Invictus Investment Company PLC.

 

Business

Africa Finance Corporation Appoints Central Bank of Nigeria (CBN) Governor Yemi Cardoso as Chairman of the Board

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Mr Cardoso’s appointment comes as AFC continues to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration

LAGOS, Nigeria, October 14, 2026/APO Group/ –Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, announces the appointment of Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), as Chairman of its Board of Directors. He succeeds the immediate-past Chair, Ireti Samuel-Ogbu, who served the Corporation meritoriously during her tenure and continues to serve as a board member.

 




 
 

Mr Cardoso brings extensive experience spanning international banking, investment management, economic policy and public sector leadership. Since assuming office as Governor of the CBN in September 2023, he has led a far-reaching programme of monetary, financial-sector, and institutional reforms to restore macroeconomic stability, strengthen policy credibility, and rebuild investor confidence in Nigeria’s economy.

Under his leadership, the CBN has implemented significant reforms to Nigeria’s foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission, and enhanced institutional governance and transparency. The Bank has also concluded a recapitalisation programme for the banking sector, aimed at strengthening the resilience and capacity of Nigeria’s financial system to support sustainable economic growth.

I look forward to working with the Board, management and member states to advance The Africa We Build 2050

Prior to his appointment as Governor, Mr Cardoso built a distinguished career in international banking and public service, including a 12-year tenure as Chairman of Citibank Nigeria and service as Commissioner for Economic Planning and Budget in Lagos State. In the latter role, he contributed to economic planning and fiscal management in one of Africa’s largest economies. He holds a degree from Aston University in the United Kingdom and a master’s in public administration from Harvard Kennedy School, where he also served on the Alumni Board.

Mr Cardoso’s appointment comes as AFC continues to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration. His experience in financial sector reform, institutional governance and capital markets will provide valuable perspective on the Corporation’s strategic direction as it mobilises investment to unlock Africa’s economic potential.

Samaila Zubairu, President & CEO of AFC, said: “We are delighted to welcome Mr Cardoso as our Board Chairman. He shares our conviction that Africa’s lasting stability depends on its productive capacity. His leadership will strengthen AFC as we advance The Africa We Build 2050, mobilising African capital to build the infrastructure and industries that create jobs, prosperity and dignity for our people. We also sincerely thank Mrs Samuel-Ogbu for her dedication and contribution to AFC’s board during her tenure.”

Mr. Cardoso commented on his appointment, saying: “A more productive Africa is a more stable Africa. AFC has the credibility and track record to mobilise capital and build the infrastructure and industries that drive transformation. I look forward to working with the Board, management and member states to advance The Africa We Build 2050. Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support.”

AFC continues to advance transformational infrastructure and industrial investments across Africa, with recent milestones including achieving financial close on the US$753 million Lobito Corridor Railway Project in Angola, to support the rehabilitation, upgrade, and long-term operation of the 1,300-kilometre brownfield rail corridor; supporting a US$600 million facility for Dangote Group’s US$7 billion fertiliser expansion programme to scale production in Nigeria; and committing to a combined US$300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of critical digital infrastructure across the continent. These investments reflect AFC’s unique approach to developing strategic infrastructure platforms that connect markets, strengthen industrial value chains and mobilise capital at scale to drive Africa’s economic transformation.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

 




 

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Ghana Targets End to Liquid Fuel Purchases for Power as Gas Supply Expands

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GECF

Ghana, Senegal and the GECF outlined how African producers can grow domestic gas use alongside exports at the GECF-AEC Strategic Forum

CAPE TOWN, South Africa, October 14, 2026/APO Group/ –Ghana expects to stop procuring liquid fuels for power generation next year, John Jinapor, Minister for Energy and Green Transition, said during a Gas Exporting Countries Forum (GECF)-hosted strategic session at African Energy Week (AEW) 2026 in Cape Town. Ghana has already cut its liquid fuel purchases for electricity from eight cargoes to two, he said, as domestic gas and imports from Nigeria replace diesel and heavy fuel oil in thermal plants.

 




 
 

Ghana’s gas policy prioritizes domestic processing, with gas directed first to power generation and then to industry, Jinapor said. The switch from liquid fuels saved Ghana about $500 million in a single year through import substitution, at a time when electricity demand is growing about 10% annually. Nigeria supplies Ghana through the West African Gas Pipeline, and he said Ghana expects to double those volumes under its current agreements. Ghana is also building a 278 km pipeline to link its main power centers, and is using a levy on pump fuel to fund LPG adoption, targeting 50% penetration within three years.

We are a gas continent before an oil continent

Senegal, which began exporting LNG in 2025, is working to balance exports with supply to its own economy. El Hadji Abdourahmane Diouf, Minister of Energy and Petroleum, said companies often prioritize export markets, leaving governments to secure domestic supply. Senegal is targeting domestic gas supply of around 150 million standard cubic feet per day by 2030, delivered through a national gas network to power plants across the country. Diouf said the network’s pipeline, which has faced delays, is expected within nine months.

Philip Mshelbila, Secretary General of the Gas Exporting Countries Forum (GECF), called the choice between exports and domestic use “a false choice.” In his address, he said: “Exports mobilize capital, revenue and investment confidence. Domestic utilization is the development multiplier.” The GECF’s Global Gas Outlook projects African gas demand will more than double, from 175 billion cubic meters in 2024 to about 374 billion cubic meters by 2055.

Panel moderator Oliver Onyekweli, Partner at McKinsey & Company, noted that only around 3% of gas commercialized in Africa is traded within the continent. Mshelbila said regional cooperation, gas storage and cross-border infrastructure will determine how resilient African markets are to future supply disruptions. He cited the Senegal-Mauritania Greater Tortue Ahmeyim project as a model.

NJ Ayuk, Executive Chairman of the African Energy Chamber, described gas as a “Swiss knife” for African development, with uses spanning power generation, petrochemicals and fertilizers. “We are a gas continent before an oil continent,” he asserted.

Ghana’s gas master plan, currently under review, sets a 15-year blueprint for the country’s gas infrastructure and budgeting.

Distributed by APO Group on behalf of African Energy Chamber.

 

 




 

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Africa Energy Bank to Begin Financing Gas Projects in Early 2027, African Petroleum Producers Organization (APPO) Says

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African Energy Chamber

APPO’s new bank will prioritize regional corridors as GECF forum panelists flag a gap in domestic gas financing

CAPE TOWN, South Africa, October 14, 2026/APO Group/ –The Africa Energy Bank (AEB) will become operational within weeks and begin financing projects at the start of 2027, Farid Ghezali, Secretary General of the African Petroleum Producers Organization (APPO), said during the technical panel of the GECF-AEC Strategic Forum at African Energy Week (AEW) 2026 in Cape Town. The bank, launched by APPO and Afreximbank, will use a corridor approach, prioritizing projects that deliver regional economic development across four pillars: export infrastructure, domestic infrastructure, clean cooking and power.

 




 
 

Ghezali said exports and domestic supply should not compete. “I come from a country where you cannot export any drop of gas if the domestic demand is not satisfied,” he said. APPO and the Gas Exporting Countries Forum (GECF) signed an agreement earlier this year to work jointly on gas corridors, and plan to harmonize transit tariffs and gas contracts across member states.

I come from a country where you cannot export any drop of gas if the domestic demand is not satisfied

The panel focused on why domestic gas markets remain underdeveloped. Rashid Ali Abdallah, Executive Director of the African Energy Commission (AFREC), said recent investment has gone largely into export terminals while regional pipelines struggle to attract funding. He called for regional financing frameworks for cross-border infrastructure, and for joint planning of gas pipelines and power transmission.

In South Africa, industrial consumers face the loss of natural gas supply within about 18 months, with only a short-term coal supply bridge beyond that, said Jaco Human, Executive Officer of the Industrial Gas Users Association of Southern Africa (IGUA-SA). The gas aggregation company was formed to pool demand, share risk and underwrite new infrastructure across the region. Human said a proposed pipeline linking the Orange Basin to Western Cape and inland markets would need around 200 petajoules of annual demand. “We have much more demand than that, so the problem is not an economic one,” he said. “Rather, it is a coordination problem.”

Abubakar Abbas, Senior Energy Forecast Analyst at the GECF, said Africa will require at least $1 trillion over the next 30 years to develop its gas resources. Per capita energy consumption on the continent is about 25 gigajoules a year, well below the global average. Abderrezak Benyoucef, Head of Energy Studies at OPEC, said OPEC expects gas to rise from 17% to 23% of Africa’s energy mix by 2050. Electricity generation is projected to grow from under 1,000 TWh to about 2,700 TWh, with half of it from gas.

The AEB is headquartered in Abuja, where Nigeria handed over the bank’s offices to APPO and Afreximbank in February.

Distributed by APO Group on behalf of African Energy Chamber.

 




 

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