{"id":787168,"date":"2023-09-29T16:22:48","date_gmt":"2023-09-29T20:22:48","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/brooge-energy-reports-2023-first-six-months-revenue-of-usd-62-9-million-an-increase-of-122-as-compared-to-2022-first-six-months\/"},"modified":"2023-09-29T16:22:48","modified_gmt":"2023-09-29T20:22:48","slug":"brooge-energy-reports-2023-first-six-months-revenue-of-usd-62-9-million-an-increase-of-122-as-compared-to-2022-first-six-months","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/brooge-energy-reports-2023-first-six-months-revenue-of-usd-62-9-million-an-increase-of-122-as-compared-to-2022-first-six-months\/","title":{"rendered":"Brooge Energy Reports 2023 First Six Months Revenue of USD 62.9 Million, an Increase of 122% as Compared to 2022 First Six Months"},"content":{"rendered":"
\n

\n Total comprehensive income for the period totaled USD 37.4 million or USD 0.42 per basic and diluted earnings per share<\/em>
\n \n <\/p>\n

\n Global demand for oil storage drives higher fixed storage rates<\/em>\n <\/p>\n

\n Management will host a conference call on Monday, October 9<\/em>
\n
\n th<\/em>
\n <\/sup>
\n at 10 a.m. ET<\/em>\n <\/p>\n

NEW YORK, Sept. 29, 2023 (GLOBE NEWSWIRE) — Brooge Energy Ltd, (\u201cBrooge Energy\u201d or the \u201cCompany\u201d) (NASDAQ: BROG), a Cayman Islands-based infrastructure provider, which is currently engaged in clean petroleum products and biofuels and crude oil storage and related services, announced today its financial results for the first six months ending June 30, 2023. Management will host a conference call on Monday, October 9, 2023 at 10 a.m. ET and requests that all questions be submitted to BROG@KCSA.com<\/a> by Wednesday, October 4, 2023 at 8 p.m. ET.<\/p>\n

\u201cDemand for oil storage remains very strong given the current global economic environment and we are benefiting not only from our strategic location, but also from our high-quality infrastructure and automated technology. For the first half of 2023, we are pleased to report revenue growth of 122% when compared to the previous year\u2019s period. Our business benefited from higher fixed storage rates resulting in a net profit of USD 37.4 million or USD 0.42 per basic and diluted share, which is 8.6 times higher than the previous corresponding period. These positive results have been achieved while maintaining our exceptional health, safety and environment record, an achievement the Company is very proud of,” said Paul Ditchburn, Chief Financial Officer and Chair to the Office of the Chief Executive Officer of Brooge Energy.<\/p>\n

\n Financial Results for the First Six Months Ending June 30, 2023 <\/strong>
\n
Gross profit for the first six months of 2023 totaled USD 51.8 million, an increase of 191%, as compared to USD 17.8 million for the first six months of 2022. Gross profit margin improved to 82% for the first six months of 2023 as compared to 63% for the first six months of 2022.<\/p>\n

This gross profit increase was mainly attributable to revenue growth, which was driven by obtaining higher storage rates. Revenue for the first six months ending June 30, 2023 totaled USD 62.9 million as compared to USD 28.4 million for the first six months ending June 30, 2022, an increase of 122% over the previous corresponding period. Revenue primarily consists of fixed storage and handling fees, and to a less extent variable fees for ancillary services provided under a contract with its customers. Brooge Energy provided storage capacity of 1,001,388 cbm and related services to numerous oil traders and producers.<\/p>\n

For the first six months ending June 30, 2023 the Company reported net profit for the period of USD 37.4 million or USD 0.42 per basic and diluted share as compared to USD 3.9 million or USD 0.04 per basic and diluted earnings per share for the first six months ending June 30, 2022.<\/p>\n

As of June 30, 2023 the Company had cash and cash equivalents of USD 3.7 million and a restricted bank balance of USD 15.7 million. Total equity attributable to the shareholders totaled USD 142.5 million as of June 30, 2023 as compared to USD 105.1 million as of December 31, 2022.<\/p>\n

\n Project Update and Highlights:<\/strong>
\n
The Company announced it has successfully completed the Feasibility Study conducted by EY for its Green Ammonia Project in Abu Dhabi, United Arab Emirates, which aims to produce up to 700,000 MT of green ammonia per annum once fully completed. Green ammonia has gained widespread recognition as an efficient and clean carrier of green hydrogen, poised to play a crucial role in meeting global decarbonization targets by 2050. The Green Ammonia Project is led by Brooge Energy Limited\u2019s 100% owned subsidiary Brooge Renewable Energy, which aims to produce renewable, carbon-free fuel using solar power. The Company recently announced that the technical study of its plant conducted by Thyssenkrupp Uhde has been completed and delivered.<\/p>\n

In March 2023, Brooge Energy was awarded \u201cBest Specialist Liquid Bulk Terminal of the Year 2023\u201d and \u201cSafe and Secure Terminal of the Year\u201d at The Global Ports Forum Awards, a highly respected ceremony within the global ports and terminal industry, in Dubai, UAE.<\/p>\n

\n Conference Call Details<\/strong>
\n
Date: Monday, October 9, 2023
Time: 10:00 a.m. Eastern Time
Webcast: https:\/\/viavid.webcasts.com\/starthere.jsp?ei=1636497&tp_key=d7de7d3bfa<\/a>
Dial-In Number: 1-877-425-9470 or 1-201-389-0878
UAE Toll Free: 800 035 703 290
Conference ID: 13741507
Deadline to Submit Questions: Wednesday, October 4, 2023 at 8 p.m. ET
Email to Submit Questions: BROG@KCSA.com<\/a>
Replay: 1-844-512-2921 or 1-412-317-6671 (Access ID: 13741507)<\/p>\n

\n About Brooge Energy Limited <\/strong>
\n
Brooge Energy Ltd, is a Cayman Islands-based infrastructure provider now intending to focus on renewable energy infrastructures and biofuels, next to clean petroleum products, crude oil storage and related services. The company conducts its business and operations through its subsidiaries Brooge Renewable Energy (BRE), Brooge Petroleum and Gas Investment Company FZE (BPGIC), and Brooge Petroleum and Gas Investment Company Phase 3 FZE. BPGIC, the Company\u2019s primary operating subsidiary that focuses on midstream oil storage and other services, is strategically located outside the Strait of Hormuz at the Port of Fujairah in the Emirate of Fujairah in the UAE. The Company differentiates itself from competitors by providing customers with fast order processing times, excellent customer service and high accuracy blending services with low product losses. For more information, please visit at\u00a0www.broogeenergy.com<\/a><\/strong>.<\/p>\n

\n Forward-Looking Statements<\/strong>
\n
This press release contains statements that are not historical facts, including the Company\u2019s anticipated shift towards green energy and targeted production at BRE\u2019s planned Green Hydrogen and Green Ammonia plant and constitute \u201cforward-looking statements\u201d within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements reflect management\u2019s current views based on certain assumptions, and they involve risks and uncertainties. Actual results, events or performance may differ materially from the forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including availability of labor and other resources needed to for completion of the new plant, timing of obtaining regulatory approvals needed with respect to the new facility, the Company\u2019s ability to complete construction and initiate operations of the new facility on the anticipated timeline or at all, the Company\u2019s ability to maintain the lease for the new facility, and other risks described in public reports filed by Brooge Energy with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Brooge Energy does not undertake any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.<\/p>\n

\n \n <\/p>\n

\n Brooge Energy Limited<\/strong>
\n
\n Unaudited Interim Condensed Consolidated Statement of Comprehensive Income<\/strong>
\n
\n Period Ended June 30, 2023<\/strong>
\n
\n (Figures in USD)<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n June 30, 2023<\/strong>\n <\/td>\n\n June 30, 2022<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n (6 Months)<\/strong>\n <\/td>\n\n (6 Months)<\/strong>\n <\/td>\n<\/tr>\n
Revenue<\/td>\n62,912,327<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28,399,372<\/td>\n\u00a0<\/td>\n<\/tr>\n
Direct costs<\/td>\n (11,142,519<\/td>\n)<\/td>\n\u00a0<\/td>\n (10,634,706<\/td>\n)<\/td>\n<\/tr>\n
\n Gross profit<\/strong>\n <\/td>\n\n 51,769,808 <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 17,764,666 <\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other income<\/td>\n122,516<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,154<\/td>\n\u00a0<\/td>\n<\/tr>\n
General and administration expenses<\/td>\n(11,984,485<\/td>\n)<\/td>\n\u00a0<\/td>\n(5,690,986<\/td>\n)<\/td>\n<\/tr>\n
Finance costs<\/td>\n(10,604,446<\/td>\n)<\/td>\n\u00a0<\/td>\n(14,577,131<\/td>\n)<\/td>\n<\/tr>\n
Changes in fair value of derivative financial instruments<\/td>\n4,236,668<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,916,269<\/td>\n\u00a0<\/td>\n<\/tr>\n
Change in estimated fair value of derivative warrant liability<\/td>\n 3,827,570 <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n 4,458,069 <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Profit for the period <\/strong>\n <\/td>\n\n 37,367,631 <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3,894,041 <\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Other comprehensive income<\/td>\n Nil <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n Nil <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total comprehensive income for the period <\/strong>\n <\/td>\n\n 37,367,631 <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3,894,041 <\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Basic and diluted earnings per share<\/strong>\n <\/td>\n\n 0.42 <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 0.04 <\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Brooge Energy Limited<\/strong>
\n
\n Unaudited Interim Condensed Consolidated Statement of Financial Position<\/strong>
\n
\n As at June 30, 2023<\/strong>
\n
\n (Figures in USD) <\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n June 30, 2023<\/strong>\n <\/td>\n\n December 31, 2022<\/strong>\n <\/td>\n<\/tr>\n
\n
\n ASSETS<\/u>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Current Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n3,702,332<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n940,925<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restricted bank balance<\/td>\n7,166,795<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,319,056<\/td>\n\u00a0<\/td>\n<\/tr>\n
Trade accounts receivable<\/td>\n17,299,953<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,275,047<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventories<\/td>\n340,271<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n315,576<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other receivable and prepayments<\/td>\n 1,791,122 <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n 724,093 <\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Current Assets<\/td>\n 30,300,473 <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n 14,574,697 <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Non-Current Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restricted bank balance<\/td>\n8,500,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,500,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property, plant and equipment<\/td>\n439,379,303<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n426,040,639<\/td>\n\u00a0<\/td>\n<\/tr>\n
Derivative financial instrument<\/td>\n13,499,964<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,263,296<\/td>\n\u00a0<\/td>\n<\/tr>\n
Advances to contractor<\/td>\n 15,006,262 <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n 15,223,215 <\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Non-Current Assets<\/td>\n 476,385,529 <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n 459,027,150 <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Assets<\/strong>\n <\/td>\n\n 506,686,002 <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 473,601,847 <\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n LIABILITIES AND EQUITY<\/u>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Current Liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Trade and accounts payable<\/td>\n19,293,465<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17,242,748<\/td>\n\u00a0<\/td>\n<\/tr>\n
Contract liabilities<\/td>\n6,494,933<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,222,055<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other payable<\/td>\n74,253,965<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n74,253,965<\/td>\n\u00a0<\/td>\n<\/tr>\n
Derivative warrant liability<\/td>\n418,210<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,245,780<\/td>\n\u00a0<\/td>\n<\/tr>\n
Borrowings<\/td>\n166,096,134<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0 171,696,134<\/td>\n\u00a0<\/td>\n<\/tr>\n
Lease liabilities<\/td>\n 6,696,445 <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n 6,316,342 <\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Current Liabilities<\/td>\n 273,253,152 <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n 279,977,024 <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Non-Current Liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Borrowings<\/td>\n1,584,536<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,782,603<\/td>\n\u00a0<\/td>\n<\/tr>\n
Lease liabilities<\/td>\n87,011,275<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n84,557,069<\/td>\n\u00a0<\/td>\n<\/tr>\n
Employees’ end of service benefits<\/td>\n284,438<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n134,200<\/td>\n\u00a0<\/td>\n<\/tr>\n
Asset retirement obligation<\/td>\n 2,090,278 <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n 2,056,259 <\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Non-Current Liabilities<\/td>\n 90,970,527 <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n 88,530,131 <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Share capital<\/td>\n8,804<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,804<\/td>\n\u00a0<\/td>\n<\/tr>\n
Share premium<\/td>\n101,777,058<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n101,777,058<\/td>\n\u00a0<\/td>\n<\/tr>\n
Statutory reserve<\/td>\n680,643<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n680,643<\/td>\n\u00a0<\/td>\n<\/tr>\n
Retained earnings<\/td>\n(30,395,969<\/td>\n)<\/td>\n\u00a0<\/td>\n(67,763,600<\/td>\n)<\/td>\n<\/tr>\n
Shareholder’s account<\/td>\n 70,391,787 <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n 70,391,787 <\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Equity Attributable to the Shareholders<\/td>\n 142,462,323 <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n 105,094,692 <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Liabilities and Equity<\/strong>\n <\/td>\n\n 506,686,002 <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 473,601,847 <\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Brooge Energy Limited<\/strong>
\n
\n Unaudited Interim Condensed Consolidated Statement of Cash Flows<\/strong>
\n
\n Period Ended June 30, 2023 <\/strong>
\n
\n (Figures in USD)<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n June 30, 2023<\/strong>\n <\/td>\n\n June 30, 2022<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n (6 Months)<\/strong>\n <\/td>\n\n (6 Months)<\/strong>\n <\/td>\n<\/tr>\n
\n Cash Flow from Operating Activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Profit for the period<\/td>\n37,367,631<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,894,041<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Adjustments for:<\/u>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation of property, plant and equipment<\/td>\n6,325,285<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,244,880<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest on borrowings<\/td>\n8,952,688<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,225,972<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest on lease liabilities<\/td>\n1,543,341<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,515,936<\/td>\n\u00a0<\/td>\n<\/tr>\n
Provision for employees’ end of services benefits<\/td>\n180,867<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n108,179<\/td>\n\u00a0<\/td>\n<\/tr>\n
Change in estimated fair value of derivative warrant liability<\/td>\n(3,827,570<\/td>\n)<\/td>\n\u00a0<\/td>\n(4,458,069<\/td>\n)<\/td>\n<\/tr>\n
Changes in fair value of derivative financial instruments<\/td>\n(4,236,668<\/td>\n)<\/td>\n\u00a0<\/td>\n(1,916,269<\/td>\n)<\/td>\n<\/tr>\n
Asset retirement obligation – accretion expense<\/td>\n34,019<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,930<\/td>\n\u00a0<\/td>\n<\/tr>\n
Expected credit losses of trade accounts receivables<\/td>\n3,313,538<\/td>\n\u00a0<\/td>\nNil<\/td>\n\u00a0<\/td>\n<\/tr>\n
Write-off of trade accounts receivables<\/td>\n927,519<\/td>\n\u00a0<\/td>\nNil<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Changes in operating assets and liabilities<\/u>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Increase in trade accounts and other receivable and prepayments<\/td>\n(17,332,992<\/td>\n)<\/td>\n\u00a0<\/td>\n(5,640,482<\/td>\n)<\/td>\n<\/tr>\n
Increase in inventories<\/td>\n(24,695<\/td>\n)<\/td>\n\u00a0<\/td>\n(27,006<\/td>\n)<\/td>\n<\/tr>\n
(Decrease) \/ Increase in trade accounts and other payable<\/td>\n(5,920,283<\/td>\n)<\/td>\n\u00a0<\/td>\n17,004,529<\/td>\n\u00a0<\/td>\n<\/tr>\n
Increase in contract liabilities<\/td>\n272,878<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,458,296<\/td>\n\u00a0<\/td>\n<\/tr>\n
Payment of employees’ end of services benefits<\/td>\n (30,629 <\/td>\n)<\/td>\n\u00a0<\/td>\nNil<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net cash flows generated from operating activities<\/td>\n27,544,929<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28,442,937<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash Flow from Investing Activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amount withdrawn from restricted bank account<\/td>\n152,261<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,106,502<\/td>\n\u00a0<\/td>\n<\/tr>\n
Purchase and capitalization of property, plant and equipment<\/td>\n (7,530,827<\/td>\n)<\/td>\n\u00a0<\/td>\n (15,489,367<\/td>\n)<\/td>\n<\/tr>\n
Net cash flows used in investing activities<\/td>\n(7,378,566<\/td>\n)<\/td>\n\u00a0<\/td>\n(12,382,865<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash Flow from Financing Activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Proceeds from borrowings<\/td>\nNil<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,105,092<\/td>\n\u00a0<\/td>\n<\/tr>\n
Repayment of borrowings<\/td>\n(7,198,067<\/td>\n)<\/td>\n\u00a0<\/td>\n(7,728,288<\/td>\n)<\/td>\n<\/tr>\n
Payment of lease liabilities<\/td>\n(2,503,822<\/td>\n)<\/td>\n\u00a0<\/td>\n(3,056,444<\/td>\n)<\/td>\n<\/tr>\n
Interest paid on borrowings<\/td>\n(7,703,067<\/td>\n)<\/td>\n\u00a0<\/td>\n(8,241,981<\/td>\n)<\/td>\n<\/tr>\n
Movement in shareholder’s account<\/td>\n Nil <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n (574,868<\/td>\n)<\/td>\n<\/tr>\n
Net cash flows used in financing activities<\/td>\n(17,404,956<\/td>\n)<\/td>\n\u00a0<\/td>\n(16,496,489<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net change in cash and cash equivalents<\/td>\n2,761,407<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(436,417<\/td>\n)<\/td>\n<\/tr>\n
Cash and cash equivalents at beginning of the period<\/td>\n 940,925 <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n 1,452,316 <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash and cash equivalents at end of the period <\/strong>\n <\/td>\n\n 3,702,332 <\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1,015,899 <\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n \n <\/div>\n

\n
Investor Contact\r\nKCSA Strategic Communications\r\nValter Pinto, Managing Director\r\n+1 212-896-1254\r\nBROG@kcsa.com<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Total comprehensive income for the period totaled USD 37.4 million or USD 0.42 per basic and diluted earnings per share Global demand for oil storage drives higher fixed storage rates Management will host a conference call on Monday, October 9 th at 10 a.m. ET NEW YORK, Sept. 29, 2023 (GLOBE NEWSWIRE) — Brooge Energy Ltd, (\u201cBrooge Energy\u201d or the \u201cCompany\u201d) (NASDAQ: BROG), a Cayman Islands-based infrastructure provider, which is currently engaged in clean petroleum products and biofuels and crude oil storage and related services, announced today its financial results for the first six months ending June 30, 2023. Management will host a conference call on Monday, October 9, 2023 at 10 a.m. ET and requests that all questions be … <\/p>\n
Continue reading “Brooge Energy Reports 2023 First Six Months Revenue of USD 62.9 Million, an Increase of 122% as Compared to 2022 First Six Months”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-787168","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBrooge Energy Reports 2023 First Six Months Revenue of USD 62.9 Million, an Increase of 122% as Compared to 2022 First Six Months - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/brooge-energy-reports-2023-first-six-months-revenue-of-usd-62-9-million-an-increase-of-122-as-compared-to-2022-first-six-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brooge Energy Reports 2023 First Six Months Revenue of USD 62.9 Million, an Increase of 122% as Compared to 2022 First Six Months - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Total comprehensive income for the period totaled USD 37.4 million or USD 0.42 per basic and diluted earnings per share Global demand for oil storage drives higher fixed storage rates Management will host a conference call on Monday, October 9 th at 10 a.m. ET NEW YORK, Sept. 29, 2023 (GLOBE NEWSWIRE) — Brooge Energy Ltd, (\u201cBrooge Energy\u201d or the \u201cCompany\u201d) (NASDAQ: BROG), a Cayman Islands-based infrastructure provider, which is currently engaged in clean petroleum products and biofuels and crude oil storage and related services, announced today its financial results for the first six months ending June 30, 2023. 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