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Brooge Energy Limited, trading under the symbol BROG, is a prominent oil refinery and storage company based in the United Arab Emirates. Through its wholly-owned subsidiary, Brooge Petroleum and Gas Investment Company FZE (BPGIC), the company operates in the Fujairah Free Zone, strategically located outside the Strait of Hormuz and adjacent to the Port of Fujairah.
BPGIC is renowned for its midstream oil storage and ancillary services, including fast order processing times, excellent customer service, and high-accuracy blending services with minimal oil losses, setting it apart from its competitors. Brooge Energy generates revenue primarily through leasing storage capacity for tanks and providing related services.
Notably, Brooge Energy is pioneering the Green Ammonia Project, forecasted to be cost-competitive compared to exports from regions like Australia, North America, and Latin America. The project benefits from lower production costs due to favorable renewable energy prices and reduced freight costs to key end-markets, aiming to set new benchmarks in green ammonia export from the Middle East to Europe and Asia. The project has demonstrated commercial feasibility with an attractive internal rate of return (IRR).
Interim CEO Lina Saheb stated, "We are extremely pleased to announce the successful completion of the Feasibility Study for our Green Ammonia Project. With our early mover advantage and strategic location, we are confident that our export-focused green ammonia production facility will not only meet the rising global demand for green hydrogen carriers but also contribute significantly to the UAE's and the world's net-zero targets. We remain committed to driving sustainable solutions that benefit both our environment and the global economy."
Further solidifying its market position, Brooge Energy recently received a formal acquisition proposal from Gulf Navigation Holdings PJSC, a maritime and shipping company listed on the Dubai Financial Market, to acquire all of Brooge Energy's businesses and assets.
For the latest updates on financial performance, Brooge Energy's unaudited interim condensed consolidated statements for the period ending June 30, 2023, can be reviewed. These documents provide comprehensive insights into the company's income, financial position, and cash flows up to the mid-year mark, reflecting its operational and financial health.
Brooge Energy, an infrastructure provider specializing in Clean Petroleum Products and Biofuels, has received a non-compliance letter from Nasdaq due to its failure to file Form 20-F for the period ending December 31, 2023. The company has 60 days to submit a compliance plan and could be granted an extension until November 11, 2024. The delay in filing is partly due to a board restructure in December 2023 and the final stages of a proposed acquisition by a Dubai Financial Market-listed company. This potential acquisition might lead to Brooge Energy's delisting from Nasdaq, with an estimated closing in the 3rd or 4th quarter of 2024.
Brooge Energy Ltd (NASDAQ: BROG) reported a 95% revenue growth year-over-year for 2022, totaling USD $81.5 million, compared to USD $41.8 million in 2021. The company achieved a net profit of USD $27.3 million, or $0.31 per share, a slight increase from USD $25.7 million in 2021. The gross profit rose by 112% to USD $56.8 million, with a gross profit margin of 70%. Management is optimistic, projecting revenue guidance of over USD $125 million for 2023, driven by nearly 100% storage capacity utilization and ongoing projects in Green Hydrogen and Green Ammonia. Brooge is expanding its Phase III storage facilities and recently partnered with Siemens Energy to develop a solar farm for their renewable projects.
Brooge Energy Ltd (NASDAQ: BROG) recently announced the completion of a technical study for its planned Green Hydrogen and Green Ammonia plant, conducted by thyssenkrupp Uhde. The two-phase project aims to produce up to 1950 metric tons per day of green ammonia in Abu Dhabi using solar energy. The study assessed various plant designs for cost-effectiveness and technical feasibility. Lina Salah Saheb, Interim CEO, emphasized the study's significance in guiding future investments towards sustainable energy.
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