Welcome to our dedicated page for Brooge Energy news (Ticker: BROG), a resource for investors and traders seeking the latest updates and insights on Brooge Energy stock.
Brooge Energy Limited (BROG) is a Cayman Islands-based infrastructure provider that has been engaged in clean petroleum products, biofuels, and crude oil storage and related services through subsidiaries such as Brooge Petroleum and Gas Investment Company FZE (BPGIC FZE) and Brooge Petroleum and Gas Investment Company Phase III FZE. Its public announcements highlight storage operations located outside the Strait of Hormuz at the Port of Fujairah in the Emirate of Fujairah in the UAE, with an emphasis on fast order processing, customer service, and high-accuracy blending services with low product losses.
The news flow around BROG provides insight into several significant corporate developments. These include the company’s voluntary decision to delist its ordinary shares from the Nasdaq Capital Market, its subsequent Form 15 filing to terminate registration and suspend certain SEC reporting obligations, and the proposed and later completed sale of 100% of the share capital of BPGIC FZE and BPGIC Phase III FZE to Gulf Navigation Holding PJSC. Company announcements also describe an intention to focus on renewable energy infrastructures and biofuels alongside its storage activities.
Readers following BROG-related news can review updates on the extraordinary general meeting of shareholders, shareholder voting on the Transaction and related distribution, and detailed explanations of how the consideration from the sale to Gulf Navigation Holding PJSC is being distributed by way of dividend. The company has stated that it expects this distribution to represent the full and final allocation of proceeds from the Transaction and that no further distributions to shareholders generally are anticipated.
This news page allows investors and researchers to trace the sequence of events surrounding Brooge Energy’s delisting, deregistration, sale of its core operating subsidiaries, and the associated shareholder distributions, as well as the company’s stated focus areas in clean petroleum products, biofuels, crude oil storage, and renewable energy infrastructures.
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.
Brooge Energy Ltd reported its unaudited financial results for 2022, highlighting a total revenue of US$79.2 million, operating income of US$48.3 million, and net income of US$26.2 million. The company forecasts a significant revenue increase of approximately 58% year-over-year, projecting total revenues of US$125 million for 2023. Despite pandemic-related delays in phase 2 operations, demand for oil storage remains strong. Brooge Energy focuses on clean petroleum products and biofuels, with its infrastructure strategically located at the Port of Fujairah, UAE.
Brooge Energy Ltd (Nasdaq: BROG) has partnered with Siemens Energy to establish a 650 MW solar PV plant for its Green Hydrogen and Green Ammonia project in the UAE. This collaboration was announced during the World Government Summit 2023 and aims to enhance renewable energy production and reduce carbon emissions. Brooge Renewable Energy will lead the project, marking a significant step in the UAE's energy transition and contributing to the local economy by generating jobs and diminishing fossil fuel dependency. The partnership will also focus on acquiring necessary approvals from governmental bodies.
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