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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). |
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 | ||
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 | ||||||
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 | |||||||
| 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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