Total comprehensive income for the period totaled USD 37.4 million or USD 0.42 per basic and diluted earnings per shareGross 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.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’s 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.Date: Monday, October 9, 2023
Time: 10:00 a.m. Eastern Time
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1636497&tp_key=d7de7d3bfa
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: [email protected]
Replay: 1-844-512-2921 or 1-412-317-6671 (Access ID: 13741507)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’s 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 www.broogeenergy.comThis press release contains statements that are not historical facts, including the Company’s anticipated shift towards green energy and targeted production at BRE’s planned Green Hydrogen and Green Ammonia plant and constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements reflect management’s 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’s ability to complete construction and initiate operations of the new facility on the anticipated timeline or at all, the Company’s 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.Unaudited Interim Condensed Consolidated Statement of Comprehensive IncomePeriod Ended June 30, 2023(Figures in USD)Unaudited Interim Condensed Consolidated Statement of Financial PositionAs at June 30, 2023(Figures in USD)Unaudited Interim Condensed Consolidated Statement of Cash FlowsPeriod Ended June 30, 2023(Figures in USD)
(GlobeNewsWire)