UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

 

For the month of January 2025

 

Commission File Number 001-39171

 

BROOGE ENERGY LIMITED

(Translation of registrant’s name into English)

 

c/o Brooge Petroleum and Gas Investment Company FZE

P.O. Box 50170

Fujairah, United Arab Emirates

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒   Form 40-F ☐

 

 

 

 

 

 

CONTENTS

 

Interim Financial Results for Period Ended June 30, 2024

 

On January 6, 2025, Brooge Energy Limited filed its interim financial results for the period ended June 30, 2024.

 

A copy of the interim financial results are filed as Exhibit 99.1 to this Report on Form 6-K and is incorporated herein by reference.

 

Exhibit No.   Description of Exhibit
99.1   Interim Financial Results for Period Ended June 30, 2024
101.INS   Inline XBRL Instance Document.
101.SCH   Inline XBRL Taxonomy Extension Schema Document.
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  BROOGE ENERGY LIMITED
     
Date: January 6, 2025 By: /s/ Siavosh Hossein
  Name: Siavosh Hossein
    On behalf of Brooge Energy Limited

 

2

 

Brooge Energy Ltd

Exhibit 99.1

 

 

Brooge Energy Limited

 

Unaudited Interim Condensed Consolidated Statement of Comprehensive Income

Period Ended June 30, 2024

(Figures in USD)

 

   June 30,
2024		   June 30,
2023		 
   (6 Months)   (6 Months) 
Revenue   30,237,094    62,912,327 
Direct costs   (12,991,029)   (11,142,519)
Gross profit   17,246,065    51,769,808 
           
Other income   124,601    122,516 
General and administration expenses   (8,184,740)   (11,984,485)
Finance costs   (12,680,896)   (10,604,446)
Changes in fair value of derivative financial instruments   (238,000)   4,236,668 
Change in estimated fair value of derivative warrant liability   212,289    3,827,570 
(Loss) / profit for the period   (3,520,681)   37,367,631 
Other comprehensive income   Nil    Nil 
Total comprehensive (loss) / income for the period   (3,520,681)   37,367,631 
           
Basic and diluted earnings per share   (0.04)   0.42 
           
Adjusted EBITDA   21,051,838    50,399,783 

 

 

 

 

Brooge Energy Limited

 

Unaudited Interim Condensed Consolidated Statement of Financial Position

As at June 30, 2024

(Figures in USD)

 

   June 30,
2024		   December 31,
2023		 
ASSETS        
         
Current Assets        
Cash and cash equivalents   4,094,160    7,718,655 
Restricted bank balance   7,047,291    12,195,847 
Trade accounts receivables   10,463    41,592 
Inventories   410,200    412,743 
Other receivable and prepayments   2,013,608    1,847,968 
Total Current Assets   13,575,722    22,216,805 
           
Non-Current Assets          
Restricted bank balance   8,500,000    8,500,000 
Property, plant and equipment   449,232,614    449,453,242 
Derivative financial instruments   5,372,000    5,610,000 
Advances to contractor   Nil    204,000 
Total Non-Current Assets   463,104,614    463,767,242 
Total Assets   476,680,336    485,984,047 
           
LIABILITIES AND EQUITY          
           
Current Liabilities          
Borrowings   154,896,134    160,496,134 
Trade and accounts payable   34,419,045    40,253,609 
Lease liabilities   9,003,395    8,186,624 
Derivative warrant liability   101,899    314,188 
Contract liabilities   2,980,403    2,539,404 
Other payables   132,664,110    130,000,000 
Total Current Liabilities   334,064,986    341,789,959 
           
Non-Current Liabilities          
Borrowings   1,188,402    1,386,469 
Lease liabilities   85,834,436    83,804,690 
Employees’ end of service benefits   187,252    112,133 
Asset retirement obligation   2,159,444    2,124,299 
Total Non-Current Liabilities   89,369,534    87,427,591 
           
Equity          
Share capital   8,804    8,804 
Share premium   101,777,058    101,777,058 
Statutory reserve   680,643    680,643 
Accumulated losses   (119,612,476)   (116,091,795)
Shareholder’s account   70,391,787    70,391,787 
Total Equity Attributable to the Shareholders   53,245,816    56,766,497 
Total Liabilities and Equity   476,680,336    485,984,047 

 

2

 

 

 

Brooge Energy Limited

 

Unaudited Interim Condensed Consolidated Statement of Cash Flows

Period Ended June 30, 2024

(Figures in USD)

 

   June 30,
2024		   June 30,
2023		 
   (6 Months)   (6 Months) 
Cash Flows from Operating Activities        
         
(Loss) / profit for the period   (3,520,681)   37,367,631 
           
Adjustments for:          
Depreciation of property, plant and equipment   6,324,765    6,325,285 
Interest on borrowings   8,361,403    8,952,688 
Interest on BIA litigation   2,664,110    
Nil
 
Interest on lease liabilities   1,571,057    1,543,341 
Provision for employees’ end of services benefits   76,427    180,867 
Changes in fair value of derivative financial instruments   238,000    (4,236,668)
Asset retirement obligation - accretion expense   35,146    34,019 
Expected credit losses of trade accounts receivables   150,994    3,313,538 
Change in estimated fair value of derivative warrant liability   (212,289)   (3,827,570)
Write-off of trade accounts and other receivables   272,257    927,519 
           
Changes in operating assets and liabilities          
Increase in trade accounts receivables, other receivable and prepayments   (557,762)   (17,332,992)
Decrease / (increase) in inventories   2,543    (24,695)
Decrease in trade and accounts payables   (684,808)   (5,920,283)
Increase in contract liabilities   440,999    272,878 
Payment of employees’ end of services benefits   (1,308)   (30,629)
Net cash flows from operating activities   15,160,853    27,544,929 
           
Cash Flows from Investing Activities          
           
Changes in restricted bank account   148,499    152,261 
Purchase of property, plant and equipment   (2,087,349)   (7,530,827)
Net cash flows used in investing activities   (1,938,850)   (7,378,566)
           
Cash Flows from Financing Activities          
           
Repayment of borrowings   (7,198,067)   (7,198,067)
Interest paid on borrowings   (7,094,324)   (7,703,067)
Payment of lease liabilities   (2,554,107)   (2,503,822)
Net cash flows used in financing activities   (16,846,498)   (17,404,956)
           
Net change in cash and cash equivalents   (3,624,495)   2,761,407 
Cash and cash equivalents at beginning of the period   7,718,655    940,925 
Cash and cash equivalents at end of the period   4,094,160    3,702,332 

 

 

3

 

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v3.24.4
Document And Entity Information
 6 Months Ended
Jun. 30, 2024
Document Information Line Items  
Entity Registrant Name Brooge Energy Ltd
Document Type 6-K
Current Fiscal Year End Date --12-31
Amendment Flag false
Entity Central Index Key 0001774983
Document Period End Date Jun. 30, 2024
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q2
Entity File Number 001-39171
v3.24.4
Unaudited Interim Condensed Consolidated Statement of Comprehensive Income - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Profit or loss [abstract]    
Revenue $ 30,237,094 $ 62,912,327
Direct costs (12,991,029) (11,142,519)
Gross profit 17,246,065 51,769,808
Other income 124,601 122,516
General and administration expenses (8,184,740) (11,984,485)
Finance costs (12,680,896) (10,604,446)
Changes in fair value of derivative financial instruments (238,000) 4,236,668
Change in estimated fair value of derivative warrant liability 212,289 3,827,570
(Loss) / profit for the period (3,520,681) 37,367,631
Other comprehensive income
Total comprehensive (loss) / income for the period $ (3,520,681) $ 37,367,631
Basic earnings per share (in Dollars per share) $ (0.04) $ 0.42
Diluted earnings per share (in Dollars per share) $ (0.04) $ 0.42
Adjusted EBITDA $ 21,051,838 $ 50,399,783
v3.24.4
Unaudited Interim Condensed Consolidated Statement of Financial Position - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 4,094,160 $ 7,718,655
Restricted bank balance 7,047,291 12,195,847
Trade accounts receivables 10,463 41,592
Inventories 410,200 412,743
Other receivable and prepayments 2,013,608 1,847,968
Total Current Assets 13,575,722 22,216,805
Non-Current Assets    
Restricted bank balance 8,500,000 8,500,000
Property, plant and equipment 449,232,614 449,453,242
Derivative financial instruments 5,372,000 5,610,000
Advances to contractor 204,000
Total Non-Current Assets 463,104,614 463,767,242
Total Assets 476,680,336 485,984,047
Current Liabilities    
Borrowings 154,896,134 160,496,134
Trade and accounts payable 34,419,045 40,253,609
Lease liabilities 9,003,395 8,186,624
Derivative warrant liability 101,899 314,188
Contract liabilities 2,980,403 2,539,404
Other payables 132,664,110 130,000,000
Total Current Liabilities 334,064,986 341,789,959
Non-Current Liabilities    
Borrowings 1,188,402 1,386,469
Lease liabilities 85,834,436 83,804,690
Employees’ end of service benefits 187,252 112,133
Asset retirement obligation 2,159,444 2,124,299
Total Non-Current Liabilities 89,369,534 87,427,591
Equity    
Share capital 8,804 8,804
Share premium 101,777,058 101,777,058
Statutory reserve 680,643 680,643
Accumulated losses (119,612,476) (116,091,795)
Shareholder’s account 70,391,787 70,391,787
Total Equity Attributable to the Shareholders 53,245,816 56,766,497
Total Liabilities and Equity $ 476,680,336 $ 485,984,047
v3.24.4
Unaudited Interim Condensed Consolidated Statement of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities    
(Loss) / profit for the period $ (3,520,681) $ 37,367,631
Adjustments for:    
Depreciation of property, plant and equipment 6,324,765 6,325,285
Interest on borrowings 8,361,403 8,952,688
Interest on BIA litigation 2,664,110
Interest on lease liabilities 1,571,057 1,543,341
Provision for employees’ end of services benefits 76,427 180,867
Changes in fair value of derivative financial instruments 238,000 (4,236,668)
Asset retirement obligation - accretion expense 35,146 34,019
Expected credit losses of trade accounts receivables 150,994 3,313,538
Change in estimated fair value of derivative warrant liability (212,289) (3,827,570)
Write-off of trade accounts and other receivables 272,257 927,519
Changes in operating assets and liabilities    
Increase in trade accounts receivables, other receivable and prepayments (557,762) (17,332,992)
Decrease / (increase) in inventories 2,543 (24,695)
Decrease in trade and accounts payables (684,808) (5,920,283)
Increase in contract liabilities 440,999 272,878
Payment of employees’ end of services benefits (1,308) (30,629)
Net cash flows from operating activities 15,160,853 27,544,929
Cash Flows from Investing Activities    
Changes in restricted bank account 148,499 152,261
Purchase of property, plant and equipment (2,087,349) (7,530,827)
Net cash flows used in investing activities (1,938,850) (7,378,566)
Cash Flows from Financing Activities    
Repayment of borrowings (7,198,067) (7,198,067)
Interest paid on borrowings (7,094,324) (7,703,067)
Payment of lease liabilities (2,554,107) (2,503,822)
Net cash flows used in financing activities (16,846,498) (17,404,956)
Net change in cash and cash equivalents (3,624,495) 2,761,407
Cash and cash equivalents at beginning of the period 7,718,655 940,925
Cash and cash equivalents at end of the period $ 4,094,160 $ 3,702,332
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