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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.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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