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Brooge Energy (BROGF) investor relations material

Brooge Energy H2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2024 earnings summary30 Apr, 2025

Executive summary

  • Reported net profit of $4.4 million for 2024, reversing a $48.3 million loss in 2023, driven by lower tank utilization but reduced one-off charges and settlements.

  • Revenue declined 28% year-over-year to $76.5 million due to lower tank capacity utilization and sublease costs; gross profit fell to $46.5 million.

  • Adjusted EBITDA was $54.3 million (71% margin), down from $79.7 million (75%) in 2023, mainly due to revenue decline.

  • The company remains in technical breach of bond covenants, with $148.9 million in bonds classified as current liabilities and a $309.3 million working capital deficit.

  • Management is negotiating with bondholders and lenders to restructure or reschedule the upcoming $144 million bullet bond repayment due September 2025.

Financial highlights

  • Revenue: $76.5 million in 2024 (down from $105.7 million in 2023); storage rental income accounted for 93% of revenue.

  • Gross profit: $46.5 million (down from $81.9 million in 2023); gross margin impacted by sublease costs and lower utilization.

  • Net profit: $4.4 million in 2024 vs. $48.3 million net loss in 2023; 2023 loss included $55.7 million litigation settlement and $5 million SEC penalty.

  • Adjusted EBITDA: $54.3 million (71% of revenue), down from $79.7 million (75%) in 2023.

  • Cash and equivalents: $28.8 million at year-end 2024; capital expenditures were $5.5 million.

Outlook and guidance

  • Management expects stable operating margins until new projects (Phase III, Green Ammonia/Hydrogen) commence.

  • Ongoing negotiations with bondholders and BIA for liability settlements are expected to improve liquidity and support future growth.

  • Long-term contracts are in place to generate steady cash flows.

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Frequently asked questions

Brooge Energy Ltd is a United Arab Emirates-based company engaged in the oil storage and services sector. The company develops and operates independent oil storage terminals and related infrastructure, primarily serving customers in the Middle East and global energy markets. Brooge Energy provides storage, blending, and related logistical services for crude oil and refined petroleum products. Its facilities are strategically located near the Port of Fujairah, a key global oil trading hub. The company is headquartered in Fujairah, United Arab Emirates, and its shares are listed on the NASDAQ.

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