Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information Line Items | |
Entity Registrant Name | Brooge Energy Ltd |
Trading Symbol | BROG |
Document Type | 20-F/A |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 109,587,754 |
Amendment Flag | true |
Amendment Description | We are filing this Amendment No. 1 (this “Amendment”) to our Annual Report on Form 20-F for the year ended December 31, 2022, as filed with the SEC on April 26, 2023 (the “Original Form 20-F”), to (i) add additional exhibits outlined below to Item 19, (ii) correct administrative errors in Item 4D, Item 7A, and Item 10C, and (iii) add financial statements in Inline XBRL.As noted in the Original Form 20-F, Exhibits 4.129 through 4.156 were to be filed by amendment. As such, Exhibits 4.129 through 4.140 are hereby filed. The remaining Exhibits will be filed by further amendments due to size restrictions. Other than as expressly set forth herein and minor wording changes necessary to properly refer to the Original Form 20-F, the Company has not modified or updated any other disclosures and has made no changes to the items or sections in the Company’s Original Form 20-F. Other than as expressly set forth herein, this Amendment does not, and does not purport to, amend, update or restate the information in any part of the Company’s Original Form 20-F or reflect any events that have occurred after the Original Form 20-F was filed on April 26, 2023. The Company’s Chief Executive Officer and Chief Financial Officer are providing currently dated revised certifications in connection with this Form 20-F/A; the certifications are filed as Exhibits 12.1, 12.2, 13.1 and 13.2. |
Entity Central Index Key | 0001774983 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | true |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-39171 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | c/o Brooge Petroleum and Gas Investment Company FZE |
Entity Address, Postal Zip Code | 50170 |
Entity Address, City or Town | Fujairah |
Entity Address, Country | AE |
Title of 12(b) Security | Ordinary shares, $0.0001 par value per share |
Security Exchange Name | NASDAQ |
Entity Interactive Data Current | Yes |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Firm ID | 6853 |
Auditor Name | Affiniax A A S Auditors |
Auditor Location | United Arab Emirates |
Business Contact [Member] | |
Document Information Line Items | |
Entity Address, Address Line One | P.O. Box |
Entity Address, Postal Zip Code | 50170 |
Entity Address, City or Town | Fujairah |
Entity Address, Country | AE |
Contact Personnel Name | Lina Saheb |
City Area Code | +971 |
Local Phone Number | 9 201 6666 |
Contact Personnel Email Address | linasaheb@bpgic.com |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | ||||||||
Revenue | $ 28,399,372 | $ 23,119,734 | $ 81,540,776 | $ 41,761,615 | $ 27,191,176 | $ 15,885,219 | $ 6,387,348 | $ 89,593 |
Direct costs | (10,634,706) | (7,202,719) | (24,691,442) | (14,984,022) | (12,708,386) | (11,497,239) | (10,100,234) | (2,295,809) |
Gross profit / (loss) | 17,764,666 | 15,917,015 | 56,849,334 | 26,777,593 | 14,482,790 | 4,387,980 | (3,712,886) | (2,206,216) |
Other income | 23,154 | 38,196 | 180,345 | 6,237,620 | 828,332 | 4,188 | 8,554 | |
Change in estimated fair value of derivative warrant liability | 4,458,069 | 2,536,780 | 7,430,035 | 1,486,023 | 2,547,622 | 1,273,740 | ||
Listing expenses | (101,773,877) | |||||||
General and administration expenses | (5,690,986) | (3,744,100) | (15,652,819) | (7,422,870) | (6,664,303) | (2,470,425) | (1,824,380) | (574,266) |
Finance costs | (14,577,131) | (5,556,008) | (25,417,989) | (6,810,718) | (8,335,269) | (5,782,430) | (6,951,923) | (966,926) |
Changes in fair value of derivative financial instruments | 1,916,269 | 1,716,742 | 3,840,379 | 5,422,917 | (340,504) | (328,176) | (1,190,073) | |
Profit for the year | 3,894,041 | 10,908,625 | 27,229,285 | 25,690,565 | 2,518,668 | (104,689,000) | (13,670,708) | (3,747,408) |
Other comprehensive income | ||||||||
Total Comprehensive Income for the year | $ 3,894,041 | $ 10,908,625 | $ 27,229,285 | $ 25,690,565 | $ 2,518,668 | $ (104,689,000) | $ (13,670,708) | $ (3,747,408) |
Basic and diluted earnings per share (in Dollars per share) | $ 0.04 | $ 0.126 | $ 0.31 | $ 0.29 | $ 0.03 | $ (1.3) | $ (0.17) |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Parentheticals) - $ / shares | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Profit or loss [abstract] | |||||||
Diluted earnings per share | $ 0.04 | $ 0.126 | $ 0.31 | $ 0.29 | $ 0.03 | $ (1.30) | $ (0.17) |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | |||||||
Cash and cash equivalents | $ 8,259,981 | $ 7,380,991 | $ 19,830,771 | $ 37,351 | $ 2,273 | ||
Trade accounts receivable | 5,275,047 | 3,771,492 | 163,567 | ||||
Inventories | 315,576 | 250,360 | 179,644 | 147,090 | 176,651 | ||
Other receivables and prepayments | 724,093 | 1,131,868 | 840,671 | 244,828 | 582,585 | ||
Total Current Assets | 14,574,697 | 12,534,711 | 21,014,653 | 429,269 | 761,509 | ||
Non-Current Assets | |||||||
Restricted bank balance | 8,500,000 | 8,500,000 | |||||
Property, plant and equipment | 426,040,639 | 427,266,913 | 263,228,588 | 197,629,114 | 195,438,871 | ||
Derivative financial instrument | 9,306,741 | 5,422,917 | |||||
Advances to contractor | 15,223,215 | 3,499,988 | 21,664,764 | ||||
Total Non-Current Assets | 459,070,595 | 444,689,818 | 284,893,352 | 197,629,114 | 195,438,871 | ||
Total Assets | 473,645,292 | 457,224,529 | 305,908,005 | 198,058,383 | 196,200,380 | ||
Current Liabilities | |||||||
Trade and accounts payable | 23,464,803 | 18,189,493 | 61,133,967 | 9,001,961 | 4,580,173 | ||
Other payable | 74,253,965 | 74,253,965 | 57,794,495 | 27,854,947 | |||
Derivative warrant liability | 4,245,780 | 11,675,815 | 15,709,460 | ||||
Derivative financial instruments | 1,518,249 | 1,190,073 | |||||
Borrowings | 171,739,579 | 182,781,617 | 14,539,187 | 98,537,136 | 94,327,926 | ||
Lease liabilities | 6,316,342 | 8,976,452 | 2,154,878 | 2,112,624 | 2,071,200 | ||
Total Current Liabilities | 280,020,469 | 295,877,342 | 152,850,236 | 138,696,741 | 100,979,299 | ||
Non-Current Liabilities | |||||||
Borrowings | 1,782,603 | 74,160,950 | |||||
Lease liabilities | 84,557,069 | 80,804,728 | 28,624,260 | 28,108,802 | 27,599,476 | ||
Employees’ end of service benefits | 134,200 | 60,624 | 13,941 | 6,267 | 651 | ||
Asset retirement obligation | 2,056,259 | 1,990,399 | |||||
Total Non-Current Liabilities | 88,530,131 | 82,855,751 | 102,799,151 | 28,115,069 | 27,600,127 | ||
Equity | |||||||
Share capital | 8,804 | 8,804 | 8,804 | 1,361,285 | 1,361,285 | ||
Share premium | 101,777,058 | 101,777,058 | 101,775,834 | ||||
Statutory reserve | 680,643 | 680,643 | |||||
Accumulated losses | (67,763,600) | (94,992,885) | (122,521,475) | (17,832,475) | (4,161,767) | ||
Owners’ account | 47,717,763 | 70,421,436 | |||||
Shareholder’s account | 70,391,787 | 71,017,816 | 70,995,455 | ||||
Total Equity Attributable to the Shareholders | 105,094,692 | 78,491,436 | 50,258,618 | 31,246,573 | 67,620,954 | ||
Total Liabilities and Equity | $ 473,645,292 | 457,224,529 | 305,908,005 | 198,058,383 | $ 196,200,380 | ||
Consolidated | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ 3,838,072 | ||||||
Trade accounts receivable | 8,667,673 | ||||||
Inventories | 277,366 | ||||||
Other receivables and prepayments | 1,876,169 | ||||||
Total Current Assets | 14,659,280 | ||||||
Non-Current Assets | |||||||
Restricted bank balance | 8,500,000 | ||||||
Property, plant and equipment | 428,257,635 | ||||||
Derivative financial instrument | 7,364,829 | ||||||
Advances to contractor | 15,571,215 | ||||||
Total Non-Current Assets | 459,693,679 | ||||||
Total Assets | 474,352,959 | ||||||
Current Liabilities | |||||||
Trade and accounts payable | 37,652,318 | ||||||
Other payable | 74,253,965 | ||||||
Derivative warrant liability | 7,217,746 | ||||||
Borrowings | 177,321,777 | ||||||
Lease liabilities | 9,872,066 | ||||||
Total Current Liabilities | 306,317,872 | ||||||
Non-Current Liabilities | |||||||
Borrowings | 1,980,670 | ||||||
Lease liabilities | 82,051,676 | ||||||
Employees’ end of service benefits | 168,803 | ||||||
Asset retirement obligation | 2,023,329 | ||||||
Total Non-Current Liabilities | 86,224,478 | ||||||
Equity | |||||||
Share capital | 8,804 | ||||||
Share premium | 101,777,058 | ||||||
Statutory reserve | 680,643 | ||||||
Accumulated losses | (91,098,844) | ||||||
Shareholder’s account | 70,442,948 | ||||||
Total Equity Attributable to the Shareholders | 81,810,609 | ||||||
Total Liabilities and Equity | $ 474,352,959 | ||||||
Previously stated | |||||||
Current Assets | |||||||
Cash and cash equivalents | 7,380,991 | 39,389,935 | 19,830,771 | 37,351 | |||
Trade accounts receivable | 3,771,492 | 163,567 | |||||
Inventories | 250,360 | 321,789 | 179,644 | 147,090 | |||
Other receivables and prepayments | 1,131,868 | 393,869 | 840,671 | 244,828 | |||
Total Current Assets | 12,534,711 | 40,105,593 | 21,014,653 | 429,269 | |||
Non-Current Assets | |||||||
Restricted bank balance | 8,500,000 | 8,500,000 | |||||
Property, plant and equipment | 427,266,913 | 367,303,523 | 263,228,588 | 197,629,114 | |||
Derivative financial instrument | 5,422,917 | ||||||
Advances to contractor | 3,499,988 | 16,458,252 | 21,664,764 | ||||
Total Non-Current Assets | 444,689,818 | 392,261,775 | 284,893,352 | 197,629,114 | |||
Total Assets | 457,224,529 | 432,367,368 | 305,908,005 | 198,058,383 | |||
Current Liabilities | |||||||
Trade and accounts payable | 18,189,493 | 17,766,575 | 61,133,967 | 9,001,961 | |||
Other payable | 74,253,965 | 73,453,606 | 57,794,495 | 27,854,947 | |||
Derivative warrant liability | 11,675,815 | 13,161,838 | 15,709,460 | ||||
Derivative financial instruments | 1,518,249 | 1,190,073 | |||||
Borrowings | 182,781,617 | 7,000,000 | 14,539,187 | 98,537,136 | |||
Lease liabilities | 8,976,452 | 2,591,557 | 2,154,878 | 2,112,624 | |||
Total Current Liabilities | 295,877,342 | 113,973,576 | 152,850,236 | 138,696,741 | |||
Non-Current Liabilities | |||||||
Borrowings | 180,014,715 | 74,160,950 | |||||
Lease liabilities | 80,804,728 | 84,920,176 | 28,624,260 | 28,108,802 | |||
Employees’ end of service benefits | 60,624 | 40,514 | 13,941 | 6,267 | |||
Asset retirement obligation | 1,990,399 | 873,334 | |||||
Total Non-Current Liabilities | 82,855,751 | 265,848,739 | 102,799,151 | 28,115,069 | |||
Equity | |||||||
Share capital | 8,804 | 8,804 | 8,804 | 8,000 | |||
Share premium | 101,777,058 | 101,777,058 | 101,775,834 | 1,353,285 | |||
Statutory reserve | 680,643 | 344,848 | |||||
Accumulated losses | (94,992,885) | (120,347,655) | (122,521,475) | (17,832,475) | |||
Shareholder’s account | 71,017,816 | 70,761,998 | 70,995,455 | 47,717,763 | |||
Total Equity Attributable to the Shareholders | 78,491,436 | 52,545,053 | 50,258,618 | 31,246,573 | |||
Total Liabilities and Equity | $ 457,224,529 | $ 432,367,368 | $ 305,908,005 | $ 198,058,383 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) | Share Capital | Share Premium | Statutory Reserve | Retained Earnings | Shareholder’s Account | Owners’ Account | Total |
Balance (Previously stated) at Dec. 31, 2016 | $ 1,361,285 | $ (414,359) | $ 57,039,100 | $ 57,986,026 | |||
Profit (Loss) for the year | Previously stated | (3,747,408) | (3,747,408) | |||||
Profit (Loss) for the year | (3,747,408) | ||||||
Movements during the year | Previously stated | 13,382,336 | 13,382,336 | |||||
Balance (Previously stated) at Dec. 31, 2017 | 8,000 | $ 1,353,285 | (4,161,767) | $ 70,421,437 | 67,620,955 | ||
Balance at Dec. 31, 2017 | 1,361,285 | (4,161,767) | 70,421,436 | 67,620,954 | |||
Profit (Loss) for the year | Previously stated | (13,670,708) | (13,670,708) | |||||
Profit (Loss) for the year | (13,670,708) | (13,670,708) | |||||
Movements during the year | Previously stated | (22,703,674) | (22,703,674) | |||||
Movements during the year | (22,703,673) | (22,703,673) | |||||
Balance (Previously stated) at Dec. 31, 2018 | 8,000 | 1,353,285 | (17,832,475) | 47,717,763 | 31,246,573 | ||
Balance at Dec. 31, 2018 | 1,361,285 | (17,832,475) | $ 47,717,763 | 31,246,573 | |||
Shares issuance in connection with a merger | Previously stated | 932 | 114,022,421 | 114,023,353 | ||||
Cash election in lieu of shares | Previously stated | (128) | (13,599,872) | (13,600,000) | ||||
Profit (Loss) for the year | Previously stated | (104,689,000) | (104,689,000) | |||||
Profit (Loss) for the year | Increase (decrease) due to voluntary changes in accounting policy | (104,689,000) | (104,689,000) | |||||
Profit (Loss) for the year | (104,689,000) | ||||||
Movements during the year | Previously stated | 23,277,692 | 23,277,692 | |||||
Balance (Previously stated) at Dec. 31, 2019 | 8,804 | 101,775,834 | (122,521,475) | 70,995,455 | 50,258,618 | ||
Balance at Dec. 31, 2019 | 8,804 | 101,775,834 | (122,521,475) | 70,995,455 | 50,258,618 | ||
Exercise of 100 warrants in 100 ordinary shares | Previously stated | 0.01 | 1,224 | 1,224 | ||||
Exercise of 100 warrants in 100 ordinary shares | 0.01 | 1,224 | 1,224 | ||||
Profit (Loss) for the year | Previously stated | 2,518,668 | 2,518,668 | |||||
Profit (Loss) for the year | 2,518,668 | 2,518,668 | |||||
Transferred to statutory reserve | Previously stated | 344,848 | (344,848) | |||||
Transferred to statutory reserve | 344,848 | (344,848) | |||||
Movements during the year | Previously stated | (233,457) | (233,457) | |||||
Movements during the year | (233,457) | (233,457) | |||||
Balance (Previously stated) at Dec. 31, 2020 | 8,804 | 101,777,058 | 344,848 | (120,347,655) | 70,761,998 | 52,545,053 | |
Balance at Dec. 31, 2020 | 8,804 | 101,777,058 | 344,848 | (120,347,655) | 70,761,998 | 52,545,053 | |
Profit (Loss) for the year | 10,908,625 | 10,908,625 | |||||
Balance at Jun. 30, 2021 | 8,804 | 101,777,058 | 344,848 | (109,439,030) | 70,761,998 | 63,453,678 | |
Balance (Previously stated) at Dec. 31, 2020 | 8,804 | 101,777,058 | 344,848 | (120,347,655) | 70,761,998 | 52,545,053 | |
Balance at Dec. 31, 2020 | 8,804 | 101,777,058 | 344,848 | (120,347,655) | 70,761,998 | 52,545,053 | |
Profit (Loss) for the year | Previously stated | 25,690,565 | 25,690,565 | |||||
Profit (Loss) for the year | 25,690,565 | 25,690,565 | |||||
Transferred to statutory reserve | Previously stated | 335,795 | (335,795) | |||||
Transferred to statutory reserve | 335,795 | (335,795) | |||||
Movements during the year | Previously stated | 255,818 | 255,818 | |||||
Movements during the year | 255,818 | 255,818 | |||||
Balance (Previously stated) at Dec. 31, 2021 | 8,804 | 101,777,058 | 680,643 | (94,992,885) | 71,017,816 | 78,491,436 | |
Balance at Dec. 31, 2021 | 8,804 | 101,777,058 | 680,643 | (94,992,885) | 71,017,816 | 78,491,436 | |
Balance at Jun. 30, 2021 | 8,804 | 101,777,058 | 344,848 | (109,439,030) | 70,761,998 | 63,453,678 | |
Transferred to statutory reserve | 335,795 | (335,795) | |||||
Movements during the year | 14,781,940 | 255,818 | 15,037,758 | ||||
Balance (Previously stated) at Dec. 31, 2021 | 8,804 | 101,777,058 | 680,643 | (94,992,885) | 71,017,816 | 78,491,436 | |
Balance at Dec. 31, 2021 | 8,804 | 101,777,058 | 680,643 | (94,992,885) | 71,017,816 | 78,491,436 | |
Profit (Loss) for the year | 3,894,041 | 3,894,041 | |||||
Movements during the year | (574,868) | (574,868) | |||||
Balance at Jun. 30, 2022 | 8,804 | 101,777,058 | 680,643 | (91,098,844) | 70,442,948 | 81,810,609 | |
Balance (Previously stated) at Dec. 31, 2021 | 8,804 | 101,777,058 | 680,643 | (94,992,885) | 71,017,816 | 78,491,436 | |
Balance at Dec. 31, 2021 | 8,804 | 101,777,058 | 680,643 | (94,992,885) | 71,017,816 | 78,491,436 | |
Profit (Loss) for the year | 27,229,285 | 27,229,285 | |||||
Movements during the year | (626,029) | (626,029) | |||||
Balance at Dec. 31, 2022 | $ 8,804 | $ 101,777,058 | $ 680,643 | $ (67,763,600) | $ 70,391,787 | $ 105,094,692 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parentheticals) | 12 Months Ended |
Dec. 31, 2020 shares | |
Consolidated Statement Of Changes In Equity Abstract | |
Exercise of warrants | 100 |
Exercise of ordinary shares | 100 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flow from Operating Activities | ||||||||
Profit / (Loss) for the year | $ (104,689,000) | $ (13,670,708) | ||||||
Adjustments for: | ||||||||
Shares issuance in connection with a merger | 114,023,353 | |||||||
Depreciation of property, plant and equipment | 6,018,858 | 6,002,294 | ||||||
Interest charged on lease liability | 2,871,035 | 2,818,714 | ||||||
Provision for employees’ end of services benefits | 9,488 | 5,748 | ||||||
Change in estimated fair value of derivative warrant liability | (1,273,740) | |||||||
Net changes in fair value of derivative financial instruments | 328,176 | |||||||
Write back of accrued interest not settled | ||||||||
Asset retirement obligation - accretion expense | ||||||||
Changes in operating assets and liabilities | ||||||||
Increase in trade accounts and other receivable and prepayments | (759,410) | 331,996 | ||||||
(Increase) / Decrease in inventories | (32,554) | 29,561 | ||||||
Increase in trade accounts and other payable | 52,132,006 | 4,427,550 | ||||||
Increase / (Decrease) in other payable | 29,939,548 | 27,854,947 | ||||||
Increase in employees’ end of services benefits | (1,814) | (132) | ||||||
Net cash generated from operating activities | 98,565,946 | 27,799,970 | ||||||
Cash Flow from Investing Activities | ||||||||
Amount withdrawn from restricted bank account | ||||||||
Advance to contractors | (21,664,764) | |||||||
Purchase of property, plant and equipment | (71,618,332) | (8,192,537) | ||||||
Net cash used in investing activities | (93,283,096) | (8,192,537) | ||||||
Cash Flow from Financing Activities | ||||||||
Issuance of interest rate swaps | 1,190,073 | |||||||
Net of (repayment) / proceeds from term loan | 4,209,210 | |||||||
Issuance of warrants in connection with merger | 16,983,200 | |||||||
Proceeds from bonds | ||||||||
Cash election in lieu of shares | (13,600,000) | |||||||
Net of repayment from term loan | (9,836,999) | |||||||
Payment of lease liability | (2,313,323) | (2,267,964) | ||||||
Payment of derivative financial instrument | ||||||||
Movement in shareholder’s account | 23,277,692 | (22,703,674) | ||||||
Exercise of 100 warrants in 100 ordinary shares | ||||||||
Net cash used in from financing activities | 14,510,570 | (19,572,355) | ||||||
Net change in cash and cash equivalents | 19,793,420 | 35,078 | ||||||
Cash and cash equivalents at beginning of the year | $ 19,830,771 | 37,351 | 2,273 | |||||
Cash and cash equivalents at end of the year | 19,830,771 | 37,351 | $ 2,273 | |||||
Consolidated | ||||||||
Cash Flow from Operating Activities | ||||||||
Profit / (Loss) for the year | $ 27,229,285 | $ 25,690,565 | ||||||
Adjustments for: | ||||||||
Depreciation of property, plant and equipment | 13,541,757 | 7,948,404 | ||||||
Interest charged on lease liability | 10,398,008 | 11,774,031 | ||||||
Provision for employees’ end of services benefits | 256,890 | 31,551 | ||||||
Change in estimated fair value of derivative warrant liability | (7,430,035) | (1,486,023) | ||||||
Net changes in fair value of derivative financial instruments | (3,840,379) | (5,422,917) | ||||||
Rent waiver | (6,126,800) | |||||||
Write back of accrued interest not settled | ||||||||
Asset retirement obligation - accretion expense | 65,859 | 28,252 | ||||||
Changes in operating assets and liabilities | ||||||||
Increase in trade accounts and other receivable and prepayments | (1,095,780) | (4,509,487) | ||||||
(Increase) / Decrease in inventories | (65,216) | 71,423 | ||||||
Increase in trade accounts and other payable | 5,275,311 | 422,915 | ||||||
Increase / (Decrease) in other payable | 800,359 | |||||||
Increase in employees’ end of services benefits | (183,314) | (11,441) | ||||||
Net cash generated from operating activities | 44,152,386 | 29,210,832 | ||||||
Cash Flow from Investing Activities | ||||||||
Amount withdrawn from restricted bank account | (1,390,381) | 12,471,290 | ||||||
Advance to contractors | (11,723,227) | 12,958,264 | ||||||
Purchase of property, plant and equipment | (12,315,483) | (66,822,976) | ||||||
Net cash used in investing activities | (25,429,091) | (41,393,422) | ||||||
Cash Flow from Financing Activities | ||||||||
Proceeds from term loan | 2,178,737 | |||||||
Repayment of bonds | (11,481,617) | (4,233,098) | ||||||
Payment of lease liability | (9,305,777) | (3,377,784) | ||||||
Movement in shareholder’s account | (626,029) | 255,818 | ||||||
Net cash used in from financing activities | (19,234,686) | (7,355,064) | ||||||
Net change in cash and cash equivalents | (511,391) | (19,537,654) | ||||||
Cash and cash equivalents at beginning of the year | $ 1,452,316 | $ 20,989,970 | 1,452,316 | 20,989,970 | ||||
Cash and cash equivalents at end of the year | 940,925 | 1,452,316 | 20,989,970 | |||||
Previously stated | Consolidated | ||||||||
Cash Flow from Operating Activities | ||||||||
Profit / (Loss) for the year | 10,908,625 | 25,690,565 | 2,518,668 | (104,689,000) | (13,670,708) | (3,747,408) | ||
Adjustments for: | ||||||||
Shares issuance in connection with a merger | 114,023,353 | |||||||
Depreciation of property, plant and equipment | 2,918,162 | 7,948,404 | 6,109,313 | 6,018,858 | 6,002,294 | 1,098,175 | ||
Finance costs | 6,951,923 | 966,926 | ||||||
Interest charged on lease liability | 5,541,882 | 11,774,031 | 3,525,982 | 2,871,035 | ||||
Provision for employees’ end of services benefits | 31,551 | 29,047 | 9,488 | 5,748 | 365 | |||
Change in estimated fair value of derivative warrant liability | (2,536,780) | (1,486,023) | (2,547,622) | (1,273,740) | ||||
Net changes in fair value of derivative financial instruments | (1,716,742) | (5,422,917) | 340,504 | 328,176 | 1,190,073 | |||
Rent waiver | (6,126,800) | |||||||
Write back of accrued interest not settled | (754,929) | |||||||
Asset retirement obligation - accretion expense | 14,126 | 28,252 | 79,555 | |||||
Changes in operating assets and liabilities | ||||||||
Increase in trade accounts and other receivable and prepayments | (4,053,072) | (4,509,491) | 610,369 | (759,410) | ||||
Increase in other receivables | 337,757 | 255,569 | ||||||
(Increase) / Decrease in inventories | (3,591) | 71,426 | (142,145) | (32,554) | 29,561 | (176,651) | ||
Increase in trade accounts and other payable | 504,056 | 422,916 | (42,612,463) | 52,132,006 | 4,421,788 | (1,522,807) | ||
Increase / (Decrease) in other payable | 800,359 | 15,659,111 | 29,939,548 | 27,854,947 | ||||
Increase in employees’ end of services benefits | 34,184 | (11,441) | (2,474) | (1,814) | (132) | |||
Net cash generated from operating activities | 11,610,850 | 29,210,832 | (17,187,084) | 98,565,946 | 33,123,251 | (3,125,831) | ||
Cash Flow from Investing Activities | ||||||||
Amount withdrawn from restricted bank account | 10,629,961 | 12,471,290 | (26,899,965) | |||||
Advance to contractors | 12,958,264 | 5,206,512 | (21,664,764) | |||||
Purchase of property, plant and equipment | (11,511,001) | (66,822,976) | (53,824,606) | (71,618,332) | (8,192,537) | (28,512,831) | ||
Net cash used in investing activities | (881,040) | (41,393,422) | (75,518,059) | (93,283,096) | (8,192,537) | (28,512,831) | ||
Cash Flow from Financing Activities | ||||||||
Repayment of borrowings | (8,600,807) | |||||||
Net (distributions to) / contribution from the owners | (22,703,673) | 13,382,336 | ||||||
Repayment of principal and interest on lease liability | (2,267,964) | (2,223,494) | ||||||
Interest charge | 2,818,714 | 4,476,134 | ||||||
Borrowings and term loans | (2,742,713) | 15,863,493 | ||||||
Issuance of interest rate swaps | ||||||||
Net of (repayment) / proceeds from term loan | (9,836,999) | |||||||
Issuance of warrants in connection with merger | 16,983,200 | |||||||
Proceeds from bonds | 187,014,715 | |||||||
Cash election in lieu of shares | (13,600,000) | |||||||
Proceeds from term loan | ||||||||
Net of repayment from term loan | (88,700,137) | |||||||
Repayment of / (Proceeds from) bonds | (4,233,098) | 187,014,715 | ||||||
Payment of lease liability | (2,174,483) | (3,377,784) | (2,359,250) | (2,313,323) | ||||
Payment of derivative financial instrument | (1,858,753) | |||||||
Movement in shareholder’s account | 255,818 | (233,457) | 23,277,692 | |||||
Exercise of 100 warrants in 100 ordinary shares | 1,224 | |||||||
Net cash used in from financing activities | (10,775,290) | (7,355,064) | 93,864,342 | 14,510,570 | (24,895,636) | 31,498,469 | ||
Net change in cash and cash equivalents | (45,480) | (19,537,654) | 1,159,199 | 19,793,420 | 35,078 | (140,193) | ||
Cash and cash equivalents at beginning of the year | 1,452,316 | 20,989,970 | 1,452,316 | 20,989,970 | 19,830,771 | 37,351 | 2,273 | 142,466 |
Cash and cash equivalents at end of the year | $ 20,944,490 | 1,452,316 | $ 20,989,970 | $ 19,830,771 | $ 37,351 | $ 2,273 | ||
Previously stated | Consolidated structured entities | ||||||||
Cash Flow from Operating Activities | ||||||||
Profit / (Loss) for the year | 3,894,041 | |||||||
Adjustments for: | ||||||||
Depreciation of property, plant and equipment | 6,735,923 | |||||||
Interest charged on lease liability | 5,199,006 | |||||||
Change in estimated fair value of derivative warrant liability | (4,458,069) | |||||||
Net changes in fair value of derivative financial instruments | (1,916,269) | |||||||
Asset retirement obligation - accretion expense | 32,930 | |||||||
Changes in operating assets and liabilities | ||||||||
Increase in trade accounts and other receivable and prepayments | (7,682,409) | |||||||
(Increase) / Decrease in inventories | (27,006) | |||||||
Increase in trade accounts and other payable | 19,462,823 | |||||||
Increase in employees’ end of services benefits | 108,179 | |||||||
Net cash generated from operating activities | 21,349,149 | |||||||
Cash Flow from Investing Activities | ||||||||
Amount withdrawn from restricted bank account | 3,106,502 | |||||||
Advance to contractors | (12,071,227) | |||||||
Purchase of property, plant and equipment | (7,726,643) | |||||||
Net cash used in investing activities | (16,691,368) | |||||||
Cash Flow from Financing Activities | ||||||||
Repayment of borrowings | (5,881,617) | |||||||
Proceeds from term loan | 2,376,804 | |||||||
Payment of lease liability | (3,056,444) | |||||||
Movement in shareholder’s account | (574,868) | |||||||
Net cash used in from financing activities | (7,136,125) | |||||||
Net change in cash and cash equivalents | (2,478,344) | |||||||
Cash and cash equivalents at beginning of the year | 3,494,243 | $ 3,494,243 | ||||||
Cash and cash equivalents at end of the year | $ 1,015,899 | $ 3,494,243 |
Legal Status, Management and Bu
Legal Status, Management and Business Activity | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Legal Status, Management and Business Activity [Abstract] | ||||||
Legal Status, Management and Business Activity | 1 Legal Status, Management and Business Activity The interim condensed consolidated financial statements comprise of the interim condensed financial statements of Brooge Energy Limited (“Company”) and its subsidiaries on a line-by-line basis. The Company and its subsidiaries are collectively referred to as the “Group”. The details of the Group are as follows: a. Brooge Energy Limited (“Company”) The Company, is a Company with limited liability registered as an exempted company in the Cayman Islands. The registered office of the Company is at P.O Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The Company’s principal executive office is located at P.O Box 50170, Al-Sodah, Khorr Fakkan Road, Fujairah, United Arab Emirates (“UAE”). The Company changed its name from Brooge Holdings Limited to Brooge Energy Limited on April 07, 2020. The subsidiaries of the Company are as follows: i. Brooge Petroleum and Gas Investment Company FZE (“BPGIC FZE”) BPGIC FZE is a Free Zone Establishment formed and registered in the Fujairah Free Zone Authority under registration number 13-FZE-1117. BPGIC FZE is a 100% subsidiary of the Company. ii. Brooge Petroleum and Gas Investment Company Phase III FZE (BPGIC Phase III FZE) BPGIC Phase III FZE is a Free Zone Establishment formed and registered in the Fujairah Free Zone Authority under registration number 20-FZE-1972. BPGIC Phase III FZE is a 100% subsidiary of the Company. iii. BPGIC International BPGIC International formerly known as Twelve Seas, is a company with limited liability registered as an exempted company in the Cayman Islands. BPGIC International is a 100% subsidiary of the Company. iv. Brooge Petroleum and Gas Management Company Limited (BPGMC Limited) BPGMC Limited is a company with limited liability registered in Dubai International Financial Centre with commercial license number CL3852. BPGMC Limited is a 100% subsidiary of the Company. v. BPGIC Phase 3 Limited (BPGIC Phase III Ltd) BPGIC Phase 3 Limited is a Free Zone Company with limited liability formed in accordance with the provisions of Jebel Ali Free Zone Authority Offshore Companies Regulations 2018. The registration number of BPGIC Phase 3 Limited is 226933. BPGIC Phase 3 Limited is a 100% subsidiary of the Company. The service provided by the group is oil storage and related services at the Port of Fujairah in the Emirate of Fujairah, UAE. The Group currently operates phase I and phase II, comprising 22 tanks with a total capacity of 1,001,388 cubic meters (“cbm”), fully operational for provision of storage and other ancillary processes of crude and clean oil. The construction of the Company’s phase II, with a total capacity of 602,064 cbm was completed in September 2021.The Group has commenced early preparation work for its phase 3 project where it intends to construct additional storage and refinery facilities. The Group’s has commenced preconstruction work for its phase 3. The Group intends to construct additional storage and refinery facility as part of the phase 3. The Company was incorporated on 12 April 2019 for the sole purpose of consummating the business combination described further below. On 15 April 2019, BPGIC FZE entered into a business combination agreement with Twelve Seas Investment Company (“Twelve Seas”), a company listed on National Association of Securities Dealers Automated Quotations (“NASDAQ”), the Company and BPGIC FZE’s shareholders. On 10 May 2019, BPGIC PLC became party to the business combination agreement by execution of a joinder thereto. The business combination was accounted for as a reverse acquisition in accordance with the International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”). Under this method of accounting, Brooge Energy and Twelve Seas are treated as the “acquired” company. This determination was primarily based on BPGIC FZE comprising the ongoing operations of the combined company, BPGIC FZE’s senior management comprising the senior management of the combined company, and BPGIC FZE’s stockholders having a majority of the voting power of the combined company. For accounting purposes, BPGIC FZE is deemed to be the accounting acquirer in the transaction and, consequently, the transaction is treated as a recapitalization of BPGIC FZE. Accordingly, the consolidated assets, liabilities and results of operations of BPGIC FZE are the historical financial statements of the combined company, and Brooge Energy and Twelve Sea’s assets, liabilities and results of operations are consolidated with BPGIC FZE beginning on the acquisition date. As a result of the above transaction, the Company became the ultimate parent of BPGIC FZE and Twelve Seas on 20 December 2019, being the acquisition date. The Company’s common stock and warrants are traded on the NASDAQ Capital Market under the ticker symbols BROG and BROGW, respectively. Upon the closing of business combination, Twelve seas changed its name to ‘BPGIC International’. The consolidated financial statements for the year ended December 31, 2019 were prepared as a continuation of the financial statements of BPGIC FZE, the acquirer, and retroactively adjusted to reflect the legal capital of the legal parent/acquiree (Brooge Energy Limited). | 1 Legal Status, Management and Business Activity The consolidated financial statements comprise of the financial statements of Brooge Energy Limited (“Company”) and its subsidiaries on a line-by-line basis. The Company and its subsidiaries are collectively referred to as the “Group”. The details of the Group are as follows: a. Brooge Energy Limited (“Company”) The Company, is a Company with limited liability registered as an exempted company in the Cayman Islands. The registered office of the Company is at P.O Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The Company’s principal executive office is located at P.O Box 50170, Al-Sodah, Khorr Fakkan Road, Fujairah, United Arab Emirates (“UAE”). The Company changed its name from Brooge Holdings Limited to Brooge Energy Limited on April 07, 2020. The subsidiaries of the Company are as follows: i. Brooge Petroleum and Gas Investment Company FZE (“BPGIC FZE”) BPGIC FZE is a Free Zone Establishment formed and registered in the Fujairah Free Zone Authority under registration number 13-FZE-1117. BPGIC FZE is a 100% subsidiary of the Company. ii. Brooge Petroleum and Gas Investment Company Phase III FZE (BPGIC Phase III FZE) BPGIC Phase III FZE is a Free Zone Establishment formed and registered in the Fujairah Free Zone Authority under registration number 20-FZE-1972. BPGIC Phase III FZE is a 100% subsidiary of the Company. iii. BPGIC International BPGIC International formerly known as Twelve Seas, is a company with limited liability registered as an exempted company in the Cayman Islands. BPGIC International is a 100% subsidiary of the Company. iv. Brooge Petroleum and Gas Management Company Limited (BPGMC Limited) BPGMC Limited is a company with limited liability registered in Dubai International Financial Centre (DIFC) with commercial license number CL3852. BPGMC Limited was a 100% subsidiary of the Company. As of December 21, 2022 BPGMC Limited has been officially dissolved (voluntary winding up ) and has ceased to exist as a DIFC entity. v. BPGIC Phase 3 Limited (BPGIC Phase III Ltd) BPGIC Phase 3 Limited is a Free Zone Company with limited liability formed in accordance with the provisions of Jebel Ali Free Zone Authority Offshore Companies Regulations 2018. The registration number of BPGIC Phase 3 Limited is 226933. BPGIC Phase 3 Limited is a 100% subsidiary of the Company. The service provided by the group is oil storage and related services at the Port of Fujairah in the Emirate of Fujairah, UAE. The Group currently operates phase I and phase II, comprising 22 tanks with a total capacity of 1,001,388 cubic meters (“cbm”), fully operational for provision of storage and other ancillary processes of crude and clean oil. The Group has commenced early preparation work for its phase project where it intends to construct additional storage and refinery facilities. The Company was incorporated on 12 April 2019 for the sole purpose of consummating the business combination described further below. On 15 April 2019, BPGIC FZE entered into a business combination agreement with Twelve Seas Investment Company (“Twelve Seas”), a company listed on National Association of Securities Dealers Automated Quotations (“NASDAQ”), the Company and BPGIC FZE’s shareholders. On 10 May 2019, BPGIC PLC became party to the business combination agreement by execution of a joinder thereto. The business combination was accounted for as a reverse acquisition in accordance with the International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”). Under this method of accounting, Brooge Energy and Twelve Seas are treated as the “acquired” company. This determination was primarily based on BPGIC FZE comprising the ongoing operations of the combined company, BPGIC FZE’s senior management comprising the senior management of the combined company, and BPGIC FZE’s stockholders having a majority of the voting power of the combined company. For accounting purposes, BPGIC FZE is deemed to be the accounting acquirer in the transaction and, consequently, the transaction is treated as a recapitalization of BPGIC FZE. Accordingly, the consolidated assets, liabilities and results of operations of BPGIC FZE are the historical financial statements of the combined company, and Brooge Energy and Twelve Sea’s assets, liabilities and results of operations are consolidated with BPGIC FZE beginning on the acquisition date. As a result of the above transaction, the Company became the ultimate parent of BPGIC FZE and Twelve Seas on 20 December 2019, being the acquisition date. The Company’s common stock and warrants are traded on the NASDAQ Capital Market under the ticker symbols BROG and BROGW, respectively. Upon the closing of business combination, Twelve Seas changed its name to ‘BPGIC International’. The consolidated financial statements are prepared as a continuation of the financial statements of BPGIC FZE, the acquirer, and retroactively adjusted to reflect the legal capital of the legal parent/acquiree (Brooge Energy Limited). The reaudited consolidated financial statements were authorised for issue by the Board of Directors. On Aug. 17, 2022 the Company announced that its majority shareholder, BPGIC Holdings Limited (“Holdings”), has expressed an interest to acquire all the shares of the Company that it does not currently own and to take the Company private. The Board of Directors of the Company is considering the proposal and will be entering into substantive negotiations. Any transaction, if entered into, will be subject to the receipt of a fairness opinion and approval of the Company’s shareholders and bondholders. There can be no assurance that a transaction will be entered into. | 1 Legal Status, Management and Business Activity The consolidated financial statements comprise of the financial statements of Brooge Energy Limited (“Company”) and its subsidiaries on a line-by-line basis. The Company and its subsidiaries are collectively referred to as the “Group”. The details of the Group are as follows: a. Brooge Energy Limited (“Company”) The Company (formerly known as Brooge Holdings Limited), is a Company with limited liability registered as an exempted company in the Cayman Islands. The registered office of the Company is at P.O Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The Company’s principal executive office is located at P.O Box 50170, Al-Sodah, Khorr Fakkan Road, Fujairah, United Arab Emirates (“UAE”). The Company changed its name from Brooge Holdings Limited to Brooge Energy Limited on April 07, 2020. The subsidiaries of the Company are as follows: i. Brooge Petroleum and Gas Investment Company FZE (“BPGIC FZE”) BPGIC FZE is a Free Zone Establishment formed and registered in the Fujairah Free Zone Authority under registration number 13-FZE-1117. BPGIC FZE is a 100% subsidiary of the Company. ii. Brooge Petroleum and Gas Investment Company Phase III FZE (BPGIC Phase III FZE) BPGIC FZE is a Free Zone Establishment formed and registered in the Fujairah Free Zone Authority under registration number 20-FZE-1972. BPGIC Phase III FZE is a 100% subsidiary of the Company. iii. BPGIC International BPGIC International formerly known as Twelve Seas, is a company with limited liability registered as an exempted company in the Cayman Islands. BPGIC International is a 100% subsidiary of the Company. iv. Brooge Petroleum and Gas Management Company Limited (BPGMC Limited) BPGMC Limited is a company with limited liability registered in Dubai International Financial Centre with commercial license number CL3852. BPGMC Limited is a 100% subsidiary of the Company. v. BPGIC Phase 3 Limited (BPGIC Phase III Ltd) BPGIC Phase 3 Limited is a Free Zone Company with limited liability formed in accordance with the provisions of Jebel Ali Free Zone Authority Offshore Companies Regulations 2018. The registration number of BPGIC Phase 3 Limited is 226933. BPGIC Phase 3 Limited is a 100% subsidiary of the Company. The service provided by the group is oil storage and related services at the Port of Fujairah in the Emirate of Fujairah, UAE. The Group currently operates phase I and phase II, comprising 22 tanks with a total capacity of 1,001,388 cubic meters (“cbm”), fully operational for provision of storage and other ancillary processes of crude and clean oil. The construction of the Company’s phase II, with a total capacity of 602,064 cbm was completed in September 2021.The Group has commenced early preparation work for its phase 3 project where it intends to construct additional storage and refinery facilities. The Group’s has commenced preconstruction work for its phase 3. The Group intends to construct additional storage and refinery facility as part of the phase 3. The Company was incorporated on 12 April 2019 for the sole purpose of consummating the business combination described further below. On 15 April 2019, BPGIC FZE entered into a business combination agreement with Twelve Seas Investment Company (“Twelve Seas”), a company listed on National Association of Securities Dealers Automated Quotations (“NASDAQ”), the Company and BPGIC FZE’s shareholders. On 10 May 2019, BPGIC PLC became party to the business combination agreement by execution of a joinder thereto. The business combination was accounted for as a reverse acquisition in accordance with the International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”) as disclosed in Note 31. Under this method of accounting, Brooge Energy and Twelve Seas are treated as the “acquired” company. This determination was primarily based on BPGIC FZE comprising the ongoing operations of the combined company, BPGIC FZE’s senior management comprising the senior management of the combined company, and BPGIC FZE’s stockholders having a majority of the voting power of the combined company. For accounting purposes, BPGIC FZE is deemed to be the accounting acquirer in the transaction and, consequently, the transaction is treated as a recapitalization of BPGIC FZE. Accordingly, the consolidated assets, liabilities and results of operations of BPGIC FZE are the historical financial statements of the combined company, and Brooge Energy and Twelve Sea’s assets, liabilities and results of operations are consolidated with BPGIC FZE beginning on the acquisition date. As a result of the above transaction, the Company became the ultimate parent of BPGIC FZE and Twelve Seas on 20 December 2019, being the acquisition date. The Company’s common stock and warrants are traded on the NASDAQ Capital Market under the ticker symbols BROG and BROGW, respectively. Upon the closing of business combination, Twelve seas changed its name to ‘BPGIC International’. The consolidated financial statements are prepared as a continuation of the financial statements of BPGIC FZE, the acquirer, and retroactively adjusted to reflect the legal capital of the legal parent/acquiree (Brooge Energy Limited). The reaudited consolidated financial statements were authorised for issue by the Board of Directors. | 1 Legal Status, Management and Business Activity The consolidated financial statements comprise of the financial statements of Brooge Energy Limited (“Company”) and its subsidiaries on a line-by-line basis. The Company and its subsidiaries are collectively referred to as the “Group”. The details of the Group are as follows: a. Brooge Energy Limited The Company (formerly known as Brooge Holdings Limited) is a Company with limited liability registered as an exempted company in the Cayman Islands. The registered office of the Company is at P.O Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The Company’s principal executive office is located at P.O Box 50170, Al-Sodah, Khorr Fakkan Road, Fujairah, United Arab Emirates (“UAE”). The Company changed its name from Brooge Holdings Limited to Brooge Energy Limited on April 07, 2020. The subsidiaries of the Company are as follows: i. Brooge Petroleum and Gas Investment Company FZE (“BPGIC FZE”) BPGIC FZE is a Free Zone Establishment formed and registered in the Fujairah Free Zone Authority under registration number 13-FZE-1117. BPGIC FZE is a 100% subsidiary of the Company. ii. Brooge Petroleum and Gas Investment Company Phase III FZE (BPGIC Phase III FZE) BPGIC Phase III FZE is a Free Zone Establishment formed and registered in the Fujairah Free Zone Authority under registration number 20-FZE-1972. BPGIC Phase III FZE is a 100% subsidiary of the Company. iii. BPGIC International BPGIC International formerly known as Twelve Seas, is a company with limited liability registered as an exempted company in the Cayman Islands. BPGIC International is a 100% subsidiary of the Company. iv. Brooge Petroleum and Gas Management Company Limited (BPGMC Limited) BPGMC Limited is a company with limited liability registered in Dubai International Financial Centre with commercial license number CL3852. BPGMC Limited is a 100% subsidiary of the Company. v. BPGIC Phase 3 Limited (BPGIC Phase III Ltd) BPGIC Phase 3 Limited is a Free Zone Company with limited liability formed in accordance with the provisions of Jebel Ali Free Zone Authority Offshore Companies Regulations 2018. The registration number of BPGIC Phase 3 Limited is 226933. BPGIC Phase 3 Limited is a 100% subsidiary of the Company. The service provided by the group is oil storage and related services at the Port of Fujairah in the Emirate of Fujairah, UAE. The Group currently operates phase I and phase II, comprising 22 tanks with a total capacity of 1,001,388 cubic meters (“cbm”), fully operational for provision of storage and other ancillary processes of crude and clean oil. The construction of the Company’s phase II, with a total capacity of 602,064 cbm was completed in September 2021.The Group has commenced early preparation work for its phase 3 project where it intends to construct additional storage and refinery facilities. The Group’s has commenced preconstruction work for its phase 3 project where it intends to construct additional storage and refinery facilities. The Company was incorporated on 12 April 2019 for the sole purpose of consummating the business combination described further below. On 15 April 2019, BPGIC FZE entered into a business combination agreement with Twelve Seas Investment Company (“Twelve Seas”), a company listed on National Association of Securities Dealers Automated Quotations (“NASDAQ”), the Company and BPGIC FZE’s shareholders. On 10 May 2019, BPGIC PLC became party to the business combination agreement by execution of a joinder thereto. The business combination was accounted for as a reverse acquisition in accordance with the International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”) as disclosed in Note 31. Under this method of accounting, Brooge Energy and Twelve Seas are treated as the “acquired” company. This determination was primarily based on BPGIC FZE comprising the ongoing operations of the combined company, BPGIC FZE’s senior management comprising the senior management of the combined company, and BPGIC FZE’s stockholders having a majority of the voting power of the combined company. For accounting purposes, BPGIC FZE is deemed to be the accounting acquirer in the transaction and, consequently, the transaction is treated as a recapitalization of BPGIC FZE. Accordingly, the consolidated assets, liabilities and results of operations of BPGIC FZE are the historical financial statements of the combined company, and Brooge Energy and Twelve Sea’s assets, liabilities and results of operations are consolidated with BPGIC FZE beginning on the acquisition date. As a result of the above transaction, the Company became the ultimate parent of BPGIC FZE and Twelve Seas on 20 December 2019, being the acquisition date. The Company’s common stock and warrants are traded on the NASDAQ Capital Market under the ticker symbols BROG and BROGW, respectively. Upon the closing of business combination, Twelve Seas changed its name to ‘BPGIC International’. The consolidated financial statements are prepared as a continuation of the financial statements of BPGIC FZE, the acquirer, and retroactively adjusted to reflect the legal capital of the legal parent/acquiree (Brooge Energy Limited). The reaudited consolidated financial statements were authorised for issue by the Board of Directors. | 1 Legal Status, Management and Business Activity The consolidated financial statements comprise of the consolidation of the financial statements of Brooge Energy Limited (the “Company”) and its subsidiaries on a line-by-line basis. The Company and its subsidiaries are collectively referred to as the “Group”. The details of the Group are as follows: a. Brooge Energy Limited The Company (formerly known as Brooge Holdings Limited) is a company with limited liability registered as an exempted company in the Cayman Islands. The registered office of the Company is at P.O Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The Company’s principal executive office is located at P.O Box 50170, Al-Sodah, Khorr Fakkan Road, Fujairah, United Arab Emirates (“UAE”). The Company changed its name from Brooge Holdings Limited to Brooge Energy Limited on April 07, 2020. The subsidiaries of the Company are as follows: i. Brooge Petroleum and Gas Investment Company FZE (“BPGIC FZE”) BPGIC FZE is a free zone Company formed and registered in the Fujairah Free Zone Authority under registration number 13-FZE-1117. BPGIC FZE is a 100% subsidiary of the Company. ii. BPGIC International (“BPGIC International”) BPGIC International formerly known as Twelve Seas, is a company with limited liability registered as an exempted company in the Cayman Islands. BPGIC International is a 100% subsidiary of the Company. The service provided by the group is oil storage and related services at the Port of Fujairah in the Emirate of Fujairah, UAE. The Group currently operates phase I and phase II, comprising 22 tanks with a total capacity of 1,001,388 cubic meters (“cbm”), fully operational for provision of storage and other ancillary processes of crude and clean oil. The construction of the Company’s phase II, with a total capacity of 602,064 cbm was completed in September 2021. The Company was incorporated on 12 April 2019 for the sole purpose of consummating the business combination described further below. On 15 April 2019, BPGIC FZE entered into a business combination agreement with Twelve Seas Investment Company (“Twelve Seas”), a company listed on National Association of Securities Dealers Automated Quotations (“NASDAQ”), the Company and BPGIC FZE’s shareholders. On 10 May 2019, BPGIC PLC became party to the business combination agreement by execution of a joinder thereto. The business combination was accounted for as a reverse acquisition in accordance with the International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”) as disclosed in Note 30. Under this method of accounting, Brooge Energy and Twelve Seas are treated as the “acquired” company. This determination was primarily based on BPGIC FZE comprising the ongoing operations of the combined company, BPGIC FZE’s senior management comprising the senior management of the combined company, and BPGIC FZE’s stockholders having a majority of the voting power of the combined company. For accounting purposes, BPGIC FZE is deemed to be the accounting acquirer in the transaction and, consequently, the transaction is treated as a recapitalization of BPGIC FZE. Accordingly, the consolidated assets, liabilities and results of operations of BPGIC FZE are the historical financial statements of the combined company, and Brooge Energy and Twelve Sea’s assets, liabilities and results of operations are consolidated with BPGIC FZE beginning on the acquisition date. As a result of the above transaction, the Company became the ultimate parent of BPGIC FZE and Twelve Seas on 20 December 2019, being the acquisition date. The Company’s common stock and warrants are traded on the NASDAQ Capital Market under the ticker symbols BROG and BROGW, respectively. Upon the closing of business combination, Twelve Seas changed its name to ‘BPGIC International’. The consolidated financial statements are prepared as a continuation of the financial statements of BPGIC FZE, the acquirer, and retroactively adjusted to reflect the legal capital of the legal parent/acquiree (Brooge Energy Limited). The comparative financial years included herein are derived from the consolidated financial statements of BPGIC FZE as adjusted to reflect the legal capital of the legal parent/acquiree (Brooge Energy Limited). The reaudited consolidated financial statements were authorised for issue by the Board of Directors. | 1 Legal Status, Owners Management and Business Activity Brooge Petroleum and Gas Investment Company FZE, (the “Company”), formerly known as Brooge Petroleum and Gas Investment Company FZC, is a free zone company registered and incorporated on 10 February 2013 in Fujairah, United Arab Emirates (“UAE”). The free zone is income tax free without a set time limit. The Company provides oil storage and related services at the Port of Fujairah in the Emirate of Fujairah in the UAE. The Company currently operates Phase I and Phase II, comprising 22 tanks with a total capacity of 1,001,388 cubic meters (“cbm”), fully operational for provision of storage and other ancillary processes of crude and clean oil. The construction of the Company’s Phase II, with a total capacity of 602,064 cbm was completed in September 2021. The Company’s share capital was divided amongst three shareholders (referred to as the owners or shareholders). Emirates Investment LLC FZC was the parent company. On 25 February 2019, the shareholders of Brooge Petroleum and Gas Investment Company FZC transferred their ownership in the Company to Brooge Petroleum and Gas Investment Company plc (“BPGIC plc”), a company incorporated under the laws of England and Wales and owned by the same shareholders that previously owned Brooge Petroleum and Gas Investment Company FZC and in the same ownership proportion. Upon the change of ownership, Brooge Petroleum and Gas Investment Company FZC changed its name to Brooge Petroleum and Gas Investment Company FZE. As a result of the above, BPGIC plc became the parent of the Company. On 15 April 2019, the Company entered into a business combination agreement with Twelve Seas Investment Company (“Twelve Seas”), Brooge Energy Limited (Formerly known as Brooge Holdings Limited), Brooge Merger Sub Limited, a subsidiary of Brooge Energy Limited, and the Company’s shareholders. On 10 May 2019, BPGIC plc became party to the business combination agreement by execution of a joinder thereto. Pursuant to the business combination agreement, subject to the terms and conditions set forth therein, at the closing of the transactions contemplated by the business combination agreement, Twelve Seas will merge with Brooge Merger Sub Limited, with Twelve Seas continuing as the surviving entity and with holders of Twelve Seas securities receiving securities of Brooge Energy Limited, and Brooge Energy Limited will acquire all of the issued and outstanding ordinary shares of the Company from BPGIC plc in exchange for ordinary shares of Brooge Energy Limited, with the Company becoming a wholly-owned subsidiary of Brooge Energy Limited. The registered office is at P.O Box 50170 Al-Sodah, Khorr Fakkan Road, Fujairah, United Arab Emirates. The owners of the Company are: Name of Owner Number of Shares % of Shares Value in USD HH Sheikh Mohammed Khalifa Zayed Al Nahyan 1,000,000 20 % 272,257 M/s. AL Brooge Capital Providing for Oil and Gas LLC 1,000,000 20 % 272,257 M/s. Emirates Investment LLC FZC 3,000,000 60 % 816,771 5,000,000 100 % 1,361,285 |
Basis of Preparation of Consoli
Basis of Preparation of Consolidated Financial Statements | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basis of Preparation of Financial Statements [Abstract] | ||||||
Basis of Preparation of Consolidated Financial Statements | 2 Basis of Preparation of Consolidated Financial Statements The interim condensed consolidated financial statements for the six-month period ended 30 June 2022 have been prepared in accordance with International Accounting Standard 34 (“IAS 34”) “Interim Financial Reporting”. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as at and for the year ended 31 December 2021. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the adoption of new and amended standards as set out below. These interim condensed consolidated financial statements are presented in United States dollars (“USD”) which is the functional and presentation currency of the Group. The consolidated financial statements are prepared under the historical cost convention, except for re-measurement at fair value of warrant liability. 2.1 Going Concern During the period ended 30 June 2022, the Group earned a profit of USD 3.9 million and generated positive cash flows of USD 23.4 million. Further, as at that date, the Group had cash and cash equivalents of USD 1 million. As of 30 June 2022, the Group had a waiver for leverage ratio and working capital financial covenant requirements, however it was in technical breach of its Information Undertakings requirements. Even though the lender did not declare an event of default under the bond agreement, this constituted events of default and could have resulted in the lender requiring immediate repayment of the bonds. Accordingly, as of 30 June 2022, the Group has classified its debt balance of USD 177,321,777 as a current liability. As of 30 June 2022, the Group’s current liabilities exceeded its current assets by USD 289,616,665. All of the above represents a material uncertainty that casts significant doubt upon the Group’s ability to continue as a going concern. These interim condensed consolidated financial statements are prepared on a going concern basis and in compliance with International Financial Reporting Standards issued by International Accounting Standards Board (IASB). The validity of this assumption depends upon the continued financial support to the Group by its Shareholders. The financial statements do not include any adjustment that should result from a failure to obtain such combined financial support. The Management has no intention to discontinue the operations of the Group. The assets and liabilities are recorded on the basis that the Group will be able to realise its assets and discharge its liabilities in the normal course of business. This position does not impair the financial position of the Group. | 2 Basis of Preparation of Consolidated Financial Statements The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board “IASB”. These consolidated financial statements are presented in United States dollars (“USD”) which is the functional and presentation currency of the Group. All financial information presented in USD has been rounded to the whole numbers, unless otherwise stated. The consolidated financial statements are prepared under the historical cost convention, except for re-measurement at fair value of derivative financial instruments and derivative liability. (i) Subsidiaries The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 December 2022. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); ● Exposure, or rights, to variable returns from its involvement with the investee; and ● The ability to use its power over the investee to affect its returns When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including ● The contractual arrangement with the other vote holders of the investee; ● Rights arising from other contractual arrangements; and ● The Group’s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control. Assets, liabilities, income and expenses of a subsidiary acquired or disposed off during the year are included in the consolidated statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: ● Derecognises the assets (including goodwill) and liabilities of the subsidiary ● Derecognises the carrying amount of any non-controlling interests ● Derecognises the cumulative translation differences recorded in equity ● Recognises the fair value of the consideration received ● Recognises the fair value of any investment retained ● Recognises any surplus or deficit in profit or loss ● Reclassifies the parent’s share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities Details of subsidiaries as at 31 December 2022 are stated in Note 1. The financial statements of the subsidiary are prepared for the same reporting year as the Group. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. The carrying amount of the Company’s investment in the subsidiary and the equity of the subsidiary is eliminated on consolidation. All significant intra-group balances, and income and expenses arising from intra-group transactions are also eliminated on consolidation. (ii) Non-controlling interests (“NCI”) NCI are measured at their proportionate share of the acquiree’s identifiable net assets at the date of acquisition. Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (iii) Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any noncontrolling interests in the acquiree. For each business combination, the Group elects whether to measure the noncontrolling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. If the business combination is achieved in stages, any previously held equity interest is re-measured at its acquisition date fair value and any resulting gain or loss is recognised in profit or loss. It is then considered in the determination of goodwill. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with changes in fair value recognised either in profit or loss or as a change to other comprehensive income. Contingent consideration that is classified as equity is not re-measured and subsequent settlement is accounted for within equity. A ‘reverse acquisition’ is a business combination in which the legal acquirer - i.e. the entity that issues the securities (i.e. listed entity) becomes the acquiree for accounting purposes and the legal acquiree becomes the acquirer for accounting purposes. It is the application in accordance with IFRS 3 Business Combinations on identifying the acquirer, which results in the identification of the legal acquiree as the accounting acquirer in a reverse acquisition. Application in accordance with IFRS 3 Business Combinations on identifying the acquirer may result in identifying the listed entity as the accounting acquiree and the unlisted entity as the accounting acquirer. In this case, if the listed entity is: ● A business, IFRS 3 Business Combinations applies; ● Not a business, IFRS 2 Share-based Payment applies to the transaction once the acquirer has been identified following the principles in accordance with IFRS 3 Business Combinations. Under this approach, the difference between the fair value of the consideration paid less the fair value of the net assets acquired, is recognized as a listing expense in profit or loss. 2.1 Going Concern During the year ended 31 December 2022, the Group earned a profit of USD 27.2 million and generated positive cash flows of USD 44.1 million. Further, as at that date, the Group had unrestricted cash and cash equivalents of USD 0.9 million. As of 31 December 2022, the Group was in technical breach with leverage ratio and working capital financial covenant requirements. Even though the lender did not declare an event of default under the bond agreement, these technical breaches constituted events of default and could have resulted in the lender requiring immediate repayment of the bonds. Accordingly, as of 31 December 2022, the Group has classified its debt balance of USD 171,739,579 as a current liability. As of 31 December 2022, the Group’s current liabilities exceeded its current assets by USD 265,445,772. All of the above represents a material uncertainty that casts significant doubt upon the Company’s ability to continue as a going concern. These financial statements are prepared on a going concern basis and in compliance with International Financial Reporting Standards issued by International Accounting Standards Board (IASB). The validity of this assumption depends upon the continued financial support to the Group by its Shareholders. The financial statements do not include any adjustment that should result from a failure to obtain such combined financial support. The Management has no intention to discontinue the operations of the Group. The assets and liabilities are recorded on the basis that the Group will be able to realise its assets and discharge its liabilities in the normal course of business. This position does not impair the financial position of the Group. | 2 Basis of Preparation of Consolidated Financial Statements The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board “IASB”. These consolidated financial statements are presented in United States dollars (“USD”) which is the functional and presentation currency of the Group. All financial information presented in USD has been rounded to the nearest thousand, unless otherwise stated. The consolidated financial statements are prepared under the historical cost convention, except for re-measurement at fair value of derivative financial instruments and derivative liability. (i) Subsidiaries The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 December 2021. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); ● Exposure, or rights, to variable returns from its involvement with the investee; and ● The ability to use its power over the investee to affect its returns When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including ● The contractual arrangement with the other vote holders of the investee; ● Rights arising from other contractual arrangements; and ● The Group’s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control. Assets, liabilities, income and expenses of a subsidiary acquired or disposed off during the year are included in the consolidated statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: ● Derecognises the assets (including goodwill) and liabilities of the subsidiary ● Derecognises the carrying amount of any non-controlling interests ● Derecognises the cumulative translation differences recorded in equity ● Recognises the fair value of the consideration received ● Recognises the fair value of any investment retained ● Recognises any surplus or deficit in profit or loss ● Reclassifies the parent’s share of components previously recognised in OCI to profit or loss or retained Details of subsidiaries as at 31 December 2021 are stated in Note 1. (i) Subsidiaries (Continued) The financial statements of the subsidiary are prepared for the same reporting year as the Group. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. The carrying amount of the Company’s investment in the subsidiary and the equity of the subsidiary is eliminated on consolidation. All significant intra-group balances, and income and expenses arising from intra-group transactions are also eliminated on consolidation. (ii) Non-controlling interests (“NCI”) NCI are measured at their proportionate share of the acquiree’s identifiable net assets at the date of acquisition. Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (iii) Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any noncontrolling interests in the acquiree. For each business combination, the Group elects whether to measure the noncontrolling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. If the business combination is achieved in stages, any previously held equity interest is re-measured at its acquisition date fair value and any resulting gain or loss is recognised in profit or loss. It is then considered in the determination of goodwill. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with changes in fair value recognised either in profit or loss or as a change to other comprehensive income. Contingent consideration that is classified as equity is not re-measured and subsequent settlement is accounted for within equity. A ‘reverse acquisition’ is a business combination in which the legal acquirer - i.e. the entity that issues the securities (i.e. listed entity) becomes the acquiree for accounting purposes and the legal acquiree becomes the acquirer for accounting purposes. It is the application in accordance with IFRS 3 Business Combinations on identifying the acquirer, which results in the identification of the legal acquiree as the accounting acquirer in a reverse acquisition. (iii) Business combinations (Continued) Application in accordance with IFRS 3 Business Combinations on identifying the acquirer may result in identifying the listed entity as the accounting acquiree and the unlisted entity as the accounting acquirer. ● A business, IFRS 3 Business Combinations applies; ● Not a business, IFRS 2 Share-based Payment applies to the transaction once the acquirer has been identified following the principles in accordance with IFRS 3 Business Combinations. Under this approach, the difference between the fair value of the consideration paid less the fair value of the net assets acquired, is recognized as a listing expense in profit or loss. 2.1 Going Concern During the year ended 31 December 2021, the Group earned a profit of USD 25.6 million and generated positive cash flows of USD 29 million. Further, as at that date, the Group had cash and cash equivalents of USD 1.4 million. As of 31 December 2021, due to delay in construction of Phase II because of COVID, the Group was in technical breach with leverage ratio and working capital financial covenant requirements. Even though the lender did not declare an event of default under the bond agreement, these technical breaches constituted events of default and could have resulted in the lender requiring immediate repayment of the bonds. Accordingly, as of 31 December 2021, the Group has classified its debt balance of USD 182,781,617 as a current liability. As of 31 December 2021, the Group’s current liabilities exceeded its current assets by USD 283,342,631. All of the above represents a material uncertainty that casts significant doubt upon the Group’s ability to continue as a going concern. Except for above, the Group is in compliance with the repayment schedule and other underlying covenants. Further, in April 2022, the Group has entered into an agreement with its lender to waive off the requirement for the Group to comply with leverage ratio and working capital financial covenant (note 21) for 31 December 2021 and 30 June 2022. As Phase II also started operating from September 2021. Management forecasts that the existing cash balances as well as cash generated from ongoing operations provide sufficient liquidity to the Group to continue in operations for the foreseeable future. Management is currently evaluating various options regarding funding of its phase III project. These financial statements are prepared on a going concern basis and in compliance with International Financial Reporting Standards issued by International Accounting Standards Board (IASB). The validity of this assumption depends upon the continued financial support to the Group by its Shareholders. The financial statements do not include any adjustment that should result from a failure to obtain such combined financial support. The Management has no intention to discontinue the operations of the Group. The assets and liabilities are recorded on the basis that the Group will be able to realise its assets and discharge its liabilities in the normal course of business. This position does not impair the financial position of the Group. | 2 Basis of Preparation of Consolidated Financial Statements The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board “IASB”. These consolidated financial statements are presented in United States dollars (“USD”) which is the functional and presentation currency of the Group. All financial information presented in USD has been rounded to the nearest thousand, unless otherwise stated. The consolidated financial statements are prepared under the historical cost convention, except for re-measurement at fair value of derivative financial instruments and derivative liability. (i) Subsidiaries The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 December 2020. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); ● Exposure, or rights, to variable returns from its involvement with the investee; and ● The ability to use its power over the investee to affect its returns When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including ● The contractual arrangement with the other vote holders of the investee; ● Rights arising from other contractual arrangements; and ● The Group’s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control. Assets, liabilities, income and expenses of a subsidiary acquired or disposed off during the year are included in the consolidated statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: ● Derecognises the assets (including goodwill) and liabilities of the subsidiary ● Derecognises the carrying amount of any non-controlling interests ● Derecognises the cumulative translation differences recorded in equity ● Recognises the fair value of the consideration received ● Recognises the fair value of any investment retained ● Recognises any surplus or deficit in profit or loss ● Reclassifies the parent’s share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities. Details of subsidiaries as at 31 December 2020 are stated in Note 1. The financial statements of the subsidiary are prepared for the same reporting year as the Group. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. The carrying amount of the Company’s investment in the subsidiary and the equity of the subsidiary is eliminated on consolidation. All significant intra-group balances, and income and expenses arising from intra-group transactions are also eliminated on consolidation. (ii) Non-controlling interests (“NCI”) NCI are measured at their proportionate share of the acquiree’s identifiable net assets at the date of acquisition. Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (iii) Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any noncontrolling interests in the acquiree. For each business combination, the Group elects whether to measure the noncontrolling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. If the business combination is achieved in stages, any previously held equity interest is re-measured at its acquisition date fair value and any resulting gain or loss is recognised in profit or loss. It is then considered in the determination of goodwill. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with changes in fair value recognised either in profit or loss or as a change to other comprehensive income. Contingent consideration that is classified as equity is not re-measured and subsequent settlement is accounted for within equity. A ‘reverse acquisition’ is a business combination in which the legal acquirer - i.e. the entity that issues the securities (i.e. listed entity) becomes the acquiree for accounting purposes and the legal acquiree becomes the acquirer for accounting purposes. It is the application in accordance with IFRS 3 Business Combinations on identifying the acquirer, which results in the identification of the legal acquiree as the accounting acquirer in a reverse acquisition. Application in accordance with IFRS 3 Business Combinations on identifying the acquirer may result in identifying the listed entity as the accounting acquiree and the unlisted entity as the accounting acquirer. In this case, if the listed entity is: ● A business, IFRS 3 Business Combinations applies; ● Not a business, IFRS 2 Share-based Payment applies to the transaction once the acquirer has been identified following the principles in accordance with IFRS 3 Business Combinations. Under this approach, the difference between the fair value of the consideration paid less the fair value of the net assets acquired, is recognized as a listing expense in Consolidated statement of comprehensive income. 2.1 Going Concern During the year ended 31 December 2020, the Group earned a profit of USD 2.5 million and generated negative cash flows of USD 17.1 million. Further, as at that date, the Group had cash and cash equivalents of USD 20.9 million. In September 2020, BPGIC FZE issued bonds of USD 200 million to private investors with a face value of USD 1 with an issue price of USD 0.95. The bonds bear interest at 8.5% per annum to be paid along with the instalments. The Group settled its outstanding term loans using the proceeds of the bonds and will utilize the balance of the proceeds to fund phase II construction and working capital requirements. Management forecasts that the existing cash balances as well as cash generated from ongoing operations provide sufficient liquidity to the Group to continue in operations for the foreseeable future. Management is currently evaluating various options regarding funding of its phase III construction. In view of the above, management has prepared the consolidated financial statements assuming that the Group will continue as a going concern. Accordingly, the consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, the amounts and classification of liabilities, or any other adjustments that might result in the event the Group is unable to continue as a going concern. These financial statements are prepared on a going concern basis and in compliance with International Financial Reporting Standards issued by International Accounting Standards Board (IASB). The validity of this assumption depends upon the continued financial support to the Group by its Shareholders. The financial statements do not include any adjustment that should result from a failure to obtain such combined financial support. The Management has no intention to discontinue the operations of the Group. The assets and liabilities are recorded on the basis that the Group will be able to realise its assets and discharge its liabilities in the normal course of business. This position does not impair the financial position of the Group. | 2 Basis of Preparation of Consolidated Financial Statements The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board “IASB”. These consolidated financial statements are presented in United States dollars (“USD”) which is the functional and presentation currency of the Group. All financial information presented in USD has been rounded to the nearest thousand, unless otherwise stated. The consolidated financial statements are prepared under the historical cost convention, except for re-measurement at fair value of derivative financial instruments and warrant liability. (i) Subsidiaries The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at December 31, 2019. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: ● Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); ● Exposure, or rights, to variable returns from its involvement with the investee; and ● The ability to use its power over the investee to affect its returns When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: ● The contractual arrangement with the other vote holders of the investee; ● Rights arising from other contractual arrangements; and ● The Group’s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control. Assets, liabilities, income and expenses of a subsidiary acquired or disposed off during the year are included in the consolidated statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: ● derecognizes the assets (including goodwill) and liabilities of the subsidiary ● derecognizes the carrying amount of any non-controlling interests ● derecognizes the cumulative translation differences recorded in equity ● recognizes the fair value of the consideration received ● recognizes the fair value of any investment retained ● recognizes any surplus or deficit in profit or loss ● reclassifies the parent’s share of components previously recognized in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities Details of subsidiaries as at December 31, 2019 and December 31, 2018 are stated in Note 1. The financial statements of the subsidiaries are prepared for the same reporting year as the Group. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. The carrying amount of the Company’s investment in the subsidiaries and the equity of the subsidiaries are eliminated on consolidation. All significant intra-group balances, and income and expenses arising from intra-group transactions are also eliminated on consolidation. (ii) Non-controlling interests (“NCI”) NCI are measured at their proportionate share of the acquiree’s identifiable net assets at the date of acquisition. Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (iii) Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any noncontrolling interests in the acquiree. For each business combination, the Group elects whether to measure the noncontrolling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. If the business combination is achieved in stages, any previously held equity interest is re-measured at its acquisition date fair value and any resulting gain or loss is recognised in profit or loss. It is then considered in the determination of goodwill. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with changes in fair value recognised either in profit or loss or as a change to other comprehensive income. Contingent consideration that is classified as equity is not re-measured and subsequent settlement is accounted for within equity. A ‘reverse acquisition’ is a business combination in which the legal acquirer - i.e. the entity that issues the securities (i.e. listed entity) becomes the acquiree for accounting purposes and the legal acquiree becomes the acquirer for accounting purposes. It is the application in accordance with IFRS 3 Business Combinations on identifying the acquirer, which results in the identification of the legal acquiree as the accounting acquirer in a reverse acquisition. Application in accordance with IFRS 3 Business Combinations on identifying the acquirer may result in identifying the listed entity as the accounting acquiree and the unlisted entity as the accounting acquirer. In this case, if the listed entity is: ● A business, IFRS 3 Business Combinations applies; ● Not a business, IFRS 2 Share-based Payment applies to the transaction once the acquirer has been identified following the principles in accordance with IFRS 3 Business Combinations. Under this approach, the difference between the fair value of the consideration paid less the fair value of the net assets acquired, is recognized as a listing expense in profit or loss. 2 Fundamental Accounting Concept As of 31 December 2018, the Group had not paid USD 3.7 million of principal and accrued interest that was due under the Group’s Phase I Financing Facilities. Also, as of 31 December 2018, the Group was not in compliance with its debt covenants, including the debt service coverage ratio contained in the Group’s Phase I Financing Facilities. Even though the lender did not declare an event of default under the loan agreements, these breaches constituted events of default and could have resulted in the lender requiring immediate repayment of the loans. Accordingly, as of 31 December 2018, the Group has classified its debt balance of USD 94.8 million as a current liability. On September 10, 2019 and again on December 30, 2019 the Group entered into agreements with its lender to amend the Phase 1 Financing Facility such that on December 31, 2019 the Group was in compliance with the amended facility agreement. At December 31, 2019, the Group’s current liabilities exceeded its current assets by USD 131.8 million. Subsequent to the year end, the Group defaulted on its commitments under its term loans and the Group was not in compliance with its debt covenants, including the debt service coverage ratio contained in the Group’s loan agreement. Even though the lender did not declare an event of default under the loan agreements, these breaches constituted events of default and could have resulted in the lender requiring immediate repayment of the loans. On June 15, 2020, the Group entered into an agreement with its lender to amend its Phase I Financing Facilities (note 22). The Group will have to pay principal and accrued interest of USD 8.8 million in 2020 which represents the cumulative instalments including interest outstanding from periods prior to this amended agreement and an amendment fee of USD 136,000. Term loan (1) and Term loan (2) is now payable in 46 and 16 instalments respectively starting June 30, 2020 with final maturity on July 31, 2030 and July 31, 2023, respectively. During 2018, the Group signed a sales agreement for phase 2 to provide storage and ancillary services to an international commodity trading company, which was novated to a new party during the year. Phase 2 operations are scheduled to start in fourth quarter of 2020 and management expects this will generate significant operating cash flows. The Group is in receipt of a loan facility letter date 15 October 2018 from a lender. The Group intends to draw down from this facility to finance the payments due to the contractor in respect of Phase 2 construction in the third quarter of 2020. The ability of the Group to draw down on this facility is contingent upon a number of conditions agreed in the facility letter which will need to be assessed and approved by the bank prior to the disbursement of funds. Group incurred a net loss of USD 104,689,000 during the year ended December 31, 2019 and, as of that date, the Group’s current liabilities exceed current assets by USD 131,835,583. Based on the above noted, management has considered the going concern status of the Group and believes there to be a material uncertainty that casts significant doubt upon the Group’s ability to continue as a going concern. Based on management’s forecasts the capital expenditure requirements for phase 2 and debt servicing as described above will be funded by cash generated through the ongoing operations and further drawdowns from loan facilities. The Group’s management acknowledge that there is a risk that the quantum and timing of cash flows may not be achievable in line with the twelve months forecasts from the date of approval of the Group’s financial statements. Accordingly, there is significant doubt that the Group will be able to pay its obligations as they fall due and this significant doubt is not alleviated by management’s plans. These financial statements are prepared on a going concern basis and in compliance with International Financial Reporting Standards issued by International Accounting Standards Board (IASB). The validity of this assumption depends upon the continued financial support to the Group by its Shareholders. The financial statements do not include any adjustment that should result from a failure to obtain such combined financial support. The Management has no intention to discontinue the operations of the Group. The assets and liabilities are recorded on the basis that the Group will be able to realise its assets and discharge its liabilities in the normal course of business. This position does not impair the financial position of the Group. | 4 Basis of Preparation of Financial Statements These financial statements are prepared on a going concern basis and in compliance with International Financial Reporting Standards issued by International Accounting Standards Board (IASB). The validity of this assumption depends upon the continued financial support to the Company by its Shareholders. The financial statements do not include any adjustment that should result from a failure to obtain such combined financial support. The Management has no intention to discontinue the operations of the Company. The assets and liabilities are recorded on the basis that the Company will be able to realise its assets and discharge its liabilities in the normal course of business. This position does not impair the financial position of the Company. The financial statements have been prepared under the historical cost convention basis, except for re-measurement at fair value of derivative financial instruments. These financial statements are presented in United States dollars (“USD”) which is the functional and presentation currency of the Company. All financial information presented in USD has been rounded to the nearest thousand, unless otherwise stated. The preparation of financial statements in conformity with International Financial Reporting Standards requires Management to make judgements, estimates and assumptions that affect the application of accounting policies and the carrying amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant and reasonable under the circumstances. Estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that year, or in the year of revision and future periods if the revision affects both current and future years. Estimation and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: Useful lives of property, plant and equipment The Company’s management determines the estimated useful lives of its property, plant and equipment for calculating depreciation. This estimate is determined after considering the expected usage of the asset or physical wear and tear and the impact of expected residual value. Management reviews the useful lives annually and the future depreciation charge would be adjusted where management believes that the useful lives differ from previous estimates. The depreciation period of the right-of-use asset has been determined to be over the lease term on the basis that the land is expected to be used for the whole period of the lease considering the existing assets and future expansion on the land. Asset retirement obligation As part of the land lease agreement between Fujairah Municipality and the Company, the Company has a legal obligation to remove the plant at the end of its lease term. The Company initially records a provision for asset retirement obligations at the best estimate of the present value of the expenditure required to settle the obligation at the time a legal (or constructive) obligation is incurred, if the liability can be reliably estimated. When the provision is initially recorded, the carrying amount of the related asset is increased by the amount of the liability. Provisions are adjusted at each balance sheet date to reflect the current best estimate. The unwinding of the discount is recognised as finance cost. The Company’s operating assets generally consist of storage tanks and related facilities. These assets can be used for an extended period of time as long as they are properly maintained and/or upgraded. It is the Company’s current intent to maintain its assets and continue making improvements to those assets based on technological advances. There is no data or information that can be derived from past practice, industry practice or the Company’s intentions that could be used to make a reliable estimate of the decommissioning cost. Accordingly, the Company has not recorded a liability or corresponding asset as the amounts of such potential future costs are not reliably determinable. Discount rate used for initial measurement of lease liability The Company, as a lessee, measures the lease liability at the present value of the unpaid lease payments at the commencement date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company on initial recognition of the lease uses its incremental borrowing rate. Incremental borrowing rate is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use assets in similar economic environment. The Company determined its incremental borrowing rate at 9.5% (2017: 9.5%) in respect of the lease liability (Note 21). Impairment of trade receivables The Company uses the simplified approach under IFRS 9 to assess impairment of its trade receivables and calculates expected credit losses (ECLs) based on lifetime expected credit losses. The Company calculates the ECL based on Company historical credit loss experience, adjusted for forward-looking factors specific to the customer and the economic environment. Valuation of derivative financial instruments The Company has entered into derivative financial instruments (interest rate swaps) with a financial institution with investment grade credit rating. Interest rate swaps are valued using valuation techniques, which employ the use of market observable inputs. The most frequently applied valuation techniques include swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties and interest rate curves. The changes in counterparty credit risk had no material effect on the derivative financial instruments recognised at fair value. Judgements In the process of applying the Company’s accounting policies, management has made the following judgements which have the most significant effect on the amounts recognized in the financial statements: Functional currency The Company’s operating costs and borrowings are primarily in UAE Dirham (“AED”) and are expected to remain principally denominated in AED in the future. However, the construction contract for Phase1 and 2 and the current revenue contracts of the Company are dominated in USD. Management has determined USD is the Company’s functional currency. |
Changes in Accounting Policies
Changes in Accounting Policies and Disclosures | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in Accounting Policies And Disclosures [Abstract] | |||||
Changes in Accounting Policies And Disclosures | 3 Changes in Accounting Policies And Disclosures New and amended standards and interpretations The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2021. The Group has adopted the following new and amended IFRS’s in these interim condensed consolidated financial statements. Annual Improvements to IFRS Standards 2018 – 2020 – Amendments to IFRS 1, IFRS 9, illustrative examples accompanying IFRS 16 and IAS 41. Classification of Liabilities as Current or Non-current-Amendments to IAS 1 Property, Plant and Equipment - Proceeds before intended use - Amendments to IAS 16 Reference to Conceptual Framework - Amendments to IFRS 3 Onerous Contracts - Cost of Fulfilling a Contract - Amendments to IAS 37 The adoption of above standards and amendments did not have any significant impact on the consolidated financial statements of the Group. | 3 Changes in Accounting Policies And Disclosures New and Amended Standards and Interpretations. The Group has adopted the following new and amended IFRS’s in these consolidated financial statements. ● Annual Improvements to IFRS Standards 2018 – 2020 – Amendments to IFRS 1, IFRS 9, illustrative examples accompanying IFRS 16 and IAS 41. ● Property, Plant and Equipment - Proceeds before intended use - Amendments to IAS 16 ● Reference to Conceptual Framework - Amendments to IFRS 3 ● Onerous Contracts - Cost of Fulfilling a Contract - Amendments to IAS 37 The adoption of above standards and amendments did not have any significant impact on the consolidated financial statements of the Group. New Standards and Interpretations Not Yet Effective The Group intends to adopt the following standards, if applicable, when they become effective. ● IFRS 17 - Insurance contracts is effective for reporting periods beginning on or after 1 January 2023; ● Amendments to IAS 1: Classification of Liabilities as Current or Non-current, the amendments are effective for annual reporting periods beginning on or after 1 January 2024; ● Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of accounting policies, the amendments are effective for annual reporting periods beginning on or after 1 January 2023; ● Amendments to IAS 8: Definition of accounting estimates is effective for reporting periods beginning on or after 1 January 2023; ● Amendments to IAS 12: Deferred tax related to assets and liabilities arising from single transaction, the amendments are effective for annual reporting periods beginning on or after 1 January 2023; ● Amendments to IFRS 4: Insurance Contracts – Extension of temporary exemption from applying, the amendments are effective for annual reporting periods beginning on or after 1 January 2023; The Group does not expect these new standards and amendments to have any significant impact on the consolidated financial statements, when implemented in future periods. | 3 Changes in Accounting Policies And Disclosures New and amended standards and interpretations. The accounting policies applied in the preparation of the consolidated financial statements are consistent with those of the previous year, except for the adoption of amendments to the existing standards and interpretations effective as of 1 January 2021 and early adoption of amendments to IAS 16 – Property, Plant and Equipment, as described below. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Amendments to IFRS 16: Covid-19-Related Rent Concessions beyond 30 June 2021; Amendments to IFRS 7, IFRS 9 and IAS 39 Interest Rate Benchmark Reform - Phase II. The adoption of above standards and amendments did not have any significant impact on the consolidated financial statements of the Group. Amendments to IAS 16 – Property, Plant and Equipment: Proceeds before Intended Use In May 2020, the IASB issued the amendments to IAS 16 - Property, Plant and Equipment — Proceeds before Intended Use that are effective for annual reporting periods beginning on or after 1 January 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. The amendment prohibits an entity from deducting from the cost of an item of property, plant and equipment any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also clarifies that an entity is ‘testing whether the asset is functioning properly’ when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. New Standards and Interpretations Not Yet Effective The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s consolidated financial statements are disclosed below. ● IFRS 17 Insurance contracts, IFRS 17 is effective for reporting periods beginning on or after 1 January 2023; ● Amendments to IAS 1: Classification of Liabilities as Current or Non-current, the amendments are effective for annual reporting periods beginning on or after 1 January 2023; ● Reference to the Conceptual Framework – Amendments to IFRS 3, the amendments are effective for annual reporting periods beginning on or after 1 January 2022; ● Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37, the amendments are effective for annual reporting periods beginning on or after 1 January 2022; 3 Changes In Accounting Policies And Disclosures New Standards and Interpretations Not Yet Effective ● IFRS 1 First-time Adoption of International Financial Reporting Standards – Subsidiary as a first-time adopter, the amendment is effective for annual reporting periods beginning on or after 1 January 2022; ● IFRS 9 Financial Instruments – Fees in the ’10 per cent’ test for derecognition of financial liabilities, the amendment is effective for annual reporting periods beginning on or after 1 January 2022; and ● IAS 41 Agriculture – Taxation in fair value measurements, the amendment is effective for annual reporting periods beginning on or after 1 January 2022 ● Amendments to IAS 8 - Definition of Accounting Estimates, the amendment is effective for annual reporting periods beginning on or after 1 January 2023. ● Amendments to IAS 1 and IFRS Practice Statement 2- Disclosure of Accounting Policies, the amendment is effective for annual reporting periods beginning on or after 1 January 2023. The Group does not expect these new standards and amendments to have any significant impact on the consolidated financial statements, when implemented in future periods. | 3 Changes In Accounting Policies And Disclosures New and amended standards and interpretations. New and amended standards and interpretations adopted by the Group. The Group applied certain standards, interpretations and amendments for the first time, which are effective for annual periods beginning on or after 1 January 2020. ● Amendments to IFRS 3: Definition of a Business; ● Amendments to IFRS 7, IFRS 9 and IAS 39 Interest Rate Benchmark Reform; ● Amendments to IAS 1 and IAS 8 Definition of Material; ● Amendments to IFRS 16 Covid-19 Related Rent Concessions. The adoption of above standards and amendments did not have any significant impact on the consolidated financial statements of the Group. | 3 Changes in Accounting Policies and Disclosures New and amended standards and interpretations. The Group applied certain standards, interpretations and amendments for the first time, which are effective for annual periods beginning on or after 1 January 2019. Except for IFRS 16, which was early adopted during the year ended 31 December 2016, the Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. a) Amendments to IFRS 9 Prepayment Features with Negative Compensation; b) IFRIC Interpretation 23 Uncertainty over Income Tax Treatments c) Amendments to IAS 19 Plan Amendment, Curtailment or Settlement; and d) Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures. Annual Improvements 2015-2017 Cycle a) IFRS 3 Business Combinations; b) IFRS 11 Joint Arrangements; c) IAS 12 Income Taxes; and d) IAS 23 Borrowing Costs The adoption of above standards and amendments did not have any significant impact on the consolidated financial statements of the Group except the amendments in IAS 23. These amendments clarify that an entity treats as part of general borrowings any borrowing originally made to develop a qualifying asset when substantially all of the activities necessary to prepare that asset for its intended use or sale are complete. The entity applies the amendments to borrowing costs incurred on or after the beginning of the annual reporting period in which the entity first applies those amendments. An entity applies those amendments for annual reporting periods beginning on or after 1 January 2019. The implementation of the amendments resulted in USD 1,546,108 capitalisation of borrowing cost to Property, plant and equipment. |
Significant Accounting Estimate
Significant Accounting Estimates and Judgements | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Significant Accounting Estimates and Judgements [Abstract] | |||||
Significant Accounting Estimates and Judgements | 4 Significant Accounting Estimates And Judgements The preparation of the interim condensed consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of financial assets and liabilities and the disclosure of contingent liabilities. These judgments, estimates and assumptions also affect the revenue, expenses and provisions as well as fair value changes. Actual results may differ from these estimates. In preparing these interim condensed consolidated financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty are the same as those applied to the preparation of the Group’s consolidated financial statements as at and for the year ended 31 December 2021. | 4 Significant Accounting Estimates and Judgements The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. Estimation and Assumptions The key assumptions concerning the future, and other key sources of estimation uncertainty at the date of statement of financial position, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below: Asset Retirement Obligation As part of the land lease agreement between Fujairah Municipality and the Group, the Group has a legal obligation to remove the plant at the end of its lease term. The Group initially records a provision for asset retirement obligations at the best estimate of the present value of the expenditure required to settle the obligation at the time a legal (or constructive) obligation is incurred, if the liability can be reliably estimated. When the provision is initially recorded, the carrying amount of the related asset is increased by the amount of the liability. Provisions are adjusted at each balance sheet date to reflect the current best estimate. The unwinding of the discount is recognised as finance cost. The Group’s operating assets generally consist of storage tanks and related facilities. These assets can be used for an extended period of time as long as they are properly maintained and/or upgraded. It is the Group’s current intent to maintain its assets and continue making improvements to those assets based on technological advances. The calculation of provision related to asset retirement obligation is most sensitive to following judgements and assumptions: ● Discount rate of 3.24% based on inflation-adjusted long-term risk-free rate; and ● Inflation rate of 0.8% used to extrapolate cash flows. Useful Life and Depreciation of Property, Plant and Equipment The Group’s management determines the estimated useful lives of its property, plant and equipment for calculating depreciation. This estimate is determined after considering the expected usage of the asset or physical wear and tear and the impact of expected residual value. Management reviews the useful lives annually and the future depreciation charge would be adjusted where management believes that the useful lives differ from previous estimates. The depreciation period of the right-of-use asset has been determined to be over the lease term on the basis that the land is expected to be used for the whole period of the lease considering the existing assets and future expansion on the land. Impairment of Trade Receivables The Group uses the simplified approach under IFRS 9 to assess impairment of its trade receivables and calculates expected credit losses (ECLs) based on lifetime expected credit losses. The Group calculates the ECL based on Group historical credit loss experience, adjusted for forward-looking factors specific to the customer and the economic environment. Judgements In the process of applying the Group’s accounting policies, management has made the following judgements which have the most significant effect on the amounts recognised in the consolidated financial statements: Operating lease commitments – Group as a lessee The Group has entered into a land lease agreement (the “Phase III Land Lease Agreement”), dated as of 2 February 2020 (the “lease inception date”), by and between the Group and the Fujairah Oil Industry Zone (“FOIZ”) to lease an additional plot of land that has a total area of approximately 450,000 square meters (the “Phase III Land”) for a rent of UAE Dirhams 50 (USD 13.61) per square meter per annum with an escalation of 2% per annum. Rental payments commence from the beginning of the eighteenth month of the lease inception date. The Group intends to use the Phase III Land to expand its crude oil storage and service and refinery capacity (“Phase III”). Management has exercised judgment in assessing the lease commencement date in the initial cancellable period of the lease and recognized the lease on the consolidated statement of financial position from 1 December 2020. Classification of warrants In connection with the completion of the business combination on 20 December 2019 as described in Note 1 and Note 20 the Group issued warrants. The warrants agreement require the Group to issue a fixed number of shares for a fixed amount of cash, however it contains a clause that allows for cashless exercise (in the event that no effective registration is maintained), which may lead to the issuance of a variable number of shares. Management assessed that the maintenance of an effective registration statement is a matter not wholly within the control of the Group and as such classified the warrants as a financial liability at fair value through profit or loss. | 4 Significant Accounting Estimates And Judgements The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. Estimation and assumptions The key assumptions concerning the future, and other key sources of estimation uncertainty at the date of statement of financial position, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below: Useful Life and Depreciation of Property, Plant and Equipment The Group’s management determines the estimated useful lives of its property, plant and equipment for calculating depreciation. This estimate is determined after considering the expected usage of the asset or physical wear and tear and the impact of expected residual value. Management reviews the useful lives annually and the future depreciation charge would be adjusted where management believes that the useful lives differ from previous estimates. The depreciation period of the right-of-use asset has been determined to be over the lease term on the basis that the land is expected to be used for the whole period of the lease considering the existing assets and future expansion on the land. Asset retirement obligation As part of the land lease agreement between Fujairah Municipality and the Group, the Group has a legal obligation to remove the plant at the end of its lease term. The Group initially records a provision for asset retirement obligations at the best estimate of the present value of the expenditure required to settle the obligation at the time a legal (or constructive) obligation is incurred, if the liability can be reliably estimated. When the provision is initially recorded, the carrying amount of the related asset is increased by the amount of the liability. Provisions are adjusted at each balance sheet date to reflect the current best estimate. The unwinding of the discount is recognised as finance cost. The Group’s operating assets generally consist of storage tanks and related facilities. These assets can be used for an extended period of time as long as they are properly maintained and/or upgraded. It is the Group’s current intent to maintain its assets and continue making improvements to those assets based on technological advances. The calculation of provision related to asset retirement obligation is most sensitive to following judgements and assumptions: ● Discount rate of 3.24% based on inflation-adjusted long-term risk-free rate; and ● Inflation rate of 0.8% used to extrapolate cash flows. Impairment of trade receivables The Company uses the simplified approach under IFRS 9 to assess impairment of its trade receivables and calculates expected credit losses (ECLs) based on lifetime expected credit losses. The Company calculates the ECL based on Company historical credit loss experience, adjusted for forward-looking factors specific to the customer and the economic environment. Judgements In the process of applying the Group’s accounting policies, management has made the following judgements which have the most significant effect on the amounts recognised in the consolidated financial statements: Operating lease commitments – Group as a lessee The Group has entered into a land lease agreement (the “Phase III Land Lease Agreement”), dated as of 2 February 2020 (the “lease inception date”), by and between the Group and the Fujairah Oil Industry Zone (“FOIZ”) to lease an additional plot of land that has a total area of approximately 450,000 square meters (the “Phase III Land”) for a rent of UAE Dirhams 50 (USD 13.61) per square meter per annum with an escalation of 2% per annum. Rental payments commence from the beginning of the eighteenth month of the lease inception date. The Group intends to use the Phase III Land to expand its crude oil storage and service and refinery capacity (“Phase III”). Management has exercised judgment in assessing the lease commencement date in the initial cancellable period of the lease and recognized the lease on the consolidated statement of financial position from 1 December 2020. Classification of warrants In connection with the completion of the business combination on 20 December 2019 as described in Note 1, Note 20 and Note 31 the Group issued warrants. The warrants agreement require the Group to issue a fixed number of shares for a fixed amount of cash, however it contains a clause that allows for cashless exercise (in the event that no effective registration is maintained), which may lead to the issuance of a variable number of shares. Management assessed that the maintenance of an effective registration statement is a matter not wholly within the control of the Group and as such classified the warrants as a financial liability at fair value through profit or loss. | 4 Significant Accounting Estimates and Judgements The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. Estimation and assumptions The key assumptions concerning the future, and other key sources of estimation uncertainty at the date of statement of financial position, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below: Useful Life and Depreciation of Property, Plant and Equipment The Group’s management determines the estimated useful lives of its property, plant and equipment for calculating depreciation. This estimate is determined after considering the expected usage of the asset or physical wear and tear and the impact of expected residual value. Management reviews the useful lives annually and the future depreciation charge would be adjusted where management believes that the useful lives differ from previous estimates. The depreciation period of the right-of-use asset has been determined to be over the lease term on the basis that the land is expected to be used for the whole period of the lease considering the existing assets and future expansion on the land. Asset retirement obligation As part of the land lease agreement between Fujairah Municipality and the Group, the Group has a legal obligation to remove the plant at the end of its lease term. The Group initially records a provision for asset retirement obligations at the best estimate of the present value of the expenditure required to settle the obligation at the time a legal (or constructive) obligation is incurred, if the liability can be reliably estimated. When the provision is initially recorded, the carrying amount of the related asset is increased by the amount of the liability. Provisions are adjusted at each balance sheet date to reflect the current best estimate. The unwinding of the discount is recognised as finance cost. The Group’s operating assets generally consist of storage tanks and related facilities. These assets can be used for an extended period of time as long as they are properly maintained and/or upgraded. It is the Group’s current intent to maintain its assets and continue making improvements to those assets based on technological advances. The calculation of provision related to asset retirement obligation is most sensitive to following judgements and assumptions: ● Discount rate of 3.24% based on inflation-adjusted long-term risk-free rate; and ● Inflation rate of 0.8% used to extrapolate cash flows. Discount rate used for initial measurement of lease liability The Group, as a lessee, measures the lease liability at the present value of the unpaid lease payments at the commencement date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group on initial recognition of the lease uses its incremental borrowing rate. Incremental borrowing rate is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use assets in similar economic environment. The Group determined its incremental borrowing rate at 9.5% (2019: 9.5%) in respect of the lease liability (Note 23). Impairment of trade receivables The Group uses the simplified approach under IFRS 9 to assess impairment of its trade receivables and calculates expected credit losses (ECLs) based on lifetime expected credit losses. The Group calculates the ECL based on Group historical credit loss experience, adjusted for forward-looking factors specific to the customer and the economic environment. Valuation of derivative financial instruments The Group has entered into derivative financial instruments (interest rate swaps) with a financial institution with investment grade credit rating. Interest rate swaps are valued using valuation techniques, which employ the use of market observable inputs. The most frequently applied valuation techniques include swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties and interest rate curves. The most frequently applied valuation techniques include swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties and interest rate curves. The most frequently applied valuation techniques include swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties and interest rate curves. The changes in counterparty credit risk had no material effect on the derivative financial instruments recognised at fair value. Judgements In the process of applying the Group’s accounting policies, management has made the following judgements which have the most significant effect on the amounts recognised in the consolidated financial statements: Operating lease commitments – Group as a lessee The Group has entered into a land lease agreement (the “Phase III Land Lease Agreement”), dated as of 2 February 2020 (the “lease inception date”), by and between the Group and the Fujairah Oil Industry Zone (“FOIZ”) to lease an additional plot of land that has a total area of approximately 450,000 square meters (the “Phase III Land”) for a rent of UAE Dirhams 50 (USD 13.61) per square meter per annum with an escalation of 2% per annum. Rental payments commence from the beginning of the eighteenth month of the lease inception date. The Group intends to use the Phase III Land to expand its crude oil storage and service and refinery capacity (“Phase III”). Management has exercised judgment in assessing the lease commencement date in the initial cancellable period of the lease and recognized the lease on the consolidated statement of financial position from 1 December 2020. Classification of warrants In connection with the completion of the business combination on 20 December 2019 as described in Note 1, Note 20 and Note 31 the Group issued warrants. The warrants agreement require the Group to issue a fixed number of shares for a fixed amount of cash, however it contains a clause that allows for cashless exercise (in the event that no effective registration is maintained), which may lead to the issuance of a variable number of shares. Management assessed that the maintenance of an effective registration statement is a matter not wholly within the control of the Group and as such classified the warrants as a financial liability at fair value through profit or loss. Business combination (reverse acquisition) As the reverse acquisition of Brooge Energy did not constitute a business combination, the transaction was accounted for as an asset acquisition by the issuance of shares of the BPGIC FZE, for the net assets of Twelve Seas and its public listing. Accordingly, the transaction had been accounted for at the fair value of the equity instruments granted to the shareholders and warrant holders of Twelve Seas. Business combination (reverse acquisition) (Continued) Management applied the following primary judgments in accounting for the reverse acquisition: 1. BPGIC FZE was assessed as the accounting acquirer due to majority shareholding and representatives on the board of directors. 2. The accounting acquiree is not a business and not in scope of IFRS 3. 3. The acquisition has been accounted for in terms of IFRS 2 which is aligned to guidance issued by the IFRIC. The difference between the fair value of the consideration paid and the fair value of the net assets acquired has been recognised in profit and loss. 4. Fair value of ordinary shares issued: Refer to Note 31. 5. The fair value of the shares in escrow was not materially different from that of the shares which were not in escrow as the rights of these shares are similar to those of “normal ordinary shares”. Fair value of the shares in escrow: Refer to Note 26. 6. Fair value of warrants issued: Refer to Note 20. 7. Deemed share issue has been presented in the financing activities in the Statement of Cash Flows. | 4 Significant Accounting Estimates and Judgements The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. 4 Significant Accounting Estimates and Judgements (Continued) Estimation and assumptions The key assumptions concerning the future, and other key sources of estimation uncertainty at the date of statement of financial position, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below: Useful Life and Depreciation of Property, Plant and Equipment The Company’s management determines the estimated useful lives of its property, plant and equipment for calculating depreciation. This estimate is determined after considering the expected usage of the asset or physical wear and tear and the impact of expected residual value. Management reviews the useful lives annually and the future depreciation charge would be adjusted where management believes that the useful lives differ from previous estimates. The depreciation period of the right-of-use asset has been determined to be over the lease term on the basis that the land is expected to be used for the whole period of the lease considering the existing assets and future expansion on the land. Asset retirement obligation As part of the land lease agreement between Fujairah Municipality and the Group, the Group has a legal obligation to remove the plant at the end of its lease term. The Group initially records a provision for asset retirement obligations at the best estimate of the present value of the expenditure required to settle the obligation at the time a legal (or constructive) obligation is incurred, if the liability can be reliably estimated. When the provision is initially recorded, the carrying amount of the related asset is increased by the amount of the liability. Provisions are adjusted at each balance sheet date to reflect the current best estimate. The unwinding of the discount is recognised as finance cost. The Group’s operating assets generally consist of storage tanks and related facilities. These assets can be used for an extended period of time as long as they are properly maintained and/or upgraded. It is the Group’s current intent to maintain its assets and continue making improvements to those assets based on technological advances. There is no data or information that can be derived from past practice, industry practice or the Group’s intentions that could be used to make a reliable estimate of the decommissioning cost. Accordingly, the Group has not recorded a liability or corresponding asset as the amounts of such potential future costs are not reliably determinable. Discount rate used for initial measurement of lease liability The Group, as a lessee, measures the lease liability at the present value of the unpaid lease payments at the commencement date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group on initial recognition of the lease uses its incremental borrowing rate. Incremental borrowing rate is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use assets in similar economic environment. The Group determined its incremental borrowing rate at 9.5% (2018: 9.5%) in respect of the lease liability (Note 23). Impairment of trade receivables The Company uses the simplified approach under IFRS 9 to assess impairment of its trade receivables and calculates expected credit losses (ECLs) based on lifetime expected credit losses. The Company calculates the ECL based on Group historical credit loss experience, adjusted for forward-looking factors specific to the customer and the economic environment. 4 Significant Accounting Estimates and Judgements (Continued) Valuation of derivative financial instruments The Group has entered into derivative financial instruments (interest rate swaps) with a financial institution with investment grade credit rating. Interest rate swaps are valued using valuation techniques, which employ the use of market observable inputs. The most frequently applied valuation techniques include swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties and interest rate curves. The most frequently applied valuation techniques include swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties and interest rate curves. The most frequently applied valuation techniques include swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties and interest rate curves. The changes in counterparty credit risk had no material effect on the derivative financial instruments recognised at fair value. Fair value of Other Financial Instruments Where the fair value of financial assets and financial liabilities recorded in the statement of financial position cannot be derived from active markets, they are determined using valuation techniques including discounted cash flow model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of estimation is required in establishing fair values. The estimates include consideration of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. Judgements In the process of applying the Group’s accounting policies, management has made the following judgements which have the most significant effect on the amounts recognised in the consolidated financial statements: Business combination (reverse acquisition) As the reverse acquisition of Brooge Energy did not constitute a business combination, the transaction was accounted for as an asset acquisition by the issuance of shares of the Company, for the net assets of Twelve Seas and its public listing. Accordingly, the transaction had been accounted for at the fair value of the equity instruments granted to the shareholders and warrant holders of Twelve Seas. Management applied the following primary judgments in accounting for the reverse acquisition: 1. BPGIC was assessed as the accounting acquirer due to majority shareholding and representatives on the board of directors. 2. The accounting acquiree is not a business and not in scope of IFRS 3. 3. The acquisition has been accounted for in terms of IFRS 2 which is aligned to guidance issued by the IFRIC. The difference between the fair value of the consideration paid and the fair value of the net assets acquired has been recognised in profit and loss. 4. Fair value of ordinary shares issued: Refer to Note 30. 5. The fair value of the shares in escrow is not materially different from that of the shares which are not in escrow as the rights of these shares are similar to those of “normal ordinary shares”. Fair value of the shares in escrow: Refer to Note 30. 6. Fair value of warrants issued: Refer to note 20. 7. Deemed share issue has been presented in the financing activities in the Statement of Cash Flows. 4 Significant Accounting Estimates And Judgements (Continued) Classification of warrants Classification of warrants in connection with the completion of the business combination on 20 December 2019 as described in Note 1, Note 20 and Note 30 the Group issued warrants. The warrants agreement require the Group to issue a fixed number of shares for a fixed amount of cash, however it contains a clause that allows for cashless exercise (in the event that no effective registration is maintained), which may lead to the issuance of a variable number of shares. Management assessed that the maintenance of an effective registration statement is a matter not wholly within the control of the Group and as such classified the warrants as a financial liability at fair value through profit or loss. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |||||
Summary of Significant Accounting Policies | 5 Summary of Significant Accounting Policies Revenue Recognition Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services or goods. Revenue is net of discounts and value added taxes. Monthly storage rates and prices for other services are contractually agreed before the services are rendered and do not contain material variable components. When it is probable that the future economic benefits will flow to the Group, the recognition in the consolidated statement of income is in proportion to the stage of the rendered performance as at the end of the reporting period. The Group has a right to a consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s services completed to date. Tank storage rentals, including minimum guaranteed throughputs, are recognized on a straight-line basis over the contractual period during which the services are rendered. Revenues from excess throughputs, heating/cooling, homogenization, product movements and other services are recognized when these services are rendered. Customers simultaneously consume and benefit from the services at the moment that these are rendered, resulting in a situation where revenue is recognized over time. Where substantially the entire storage capacity is leased to a single customer, the contract contains a lease and the entire storage revenue is presented as lease revenue. Storage fees are invoiced upfront in the month preceding the month to which the storage fees relate. Handling and other services are invoiced afterwards, based on the actual usage. Inventories Inventories are valued at the lower of cost, determined on the basis of weighted average cost, and net realizable value. Costs are those expenses incurred in bringing each item to its present location and condition. Net realisable value is valued at selling prices net of selling costs. Fair values The fair value of the financial assets and liabilities at the date of consolidated statement of financial position approximate their carrying amounts in the consolidated statement of financial position. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: ● In the principal market for the asset or liability, or ● In the absence of a principal market, in the most advantageous market for the asset or liability. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; ● Level 2 inputs, other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and ● Level 3 inputs are unobservable inputs for the asset or liability. Current and Non-Current Classification The Group presents assets and liabilities in the consolidated statement of financial position based on current / non-current classification. An asset is current when it is: - Expected to be realized or intended to be sold or consumed in normal operating cycle. - Held primarily for the purpose of trading. - Expected to be realised within twelve months after the reporting period, or - Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: - It is expected to be settled in normal operating cycle. - It is held primarily for the purpose of trading. - It is due to be settled within twelve months after the reporting period, or - There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non-current. Taxes Value Added Tax: Expenses and assets are recognized net of the amount of input tax, except: - When the input tax is incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the input tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable; - The net amount of value added tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the consolidated statement of financial position, as applicable. Input VAT and Output VAT Input VAT is recognized when the goods or services are supplied to the BPGIC FZE and the tax on which is paid/due to be paid by the BPGIC FZE to the Supplier. Output VAT is recognized in respect of taxable supply of goods/services rendered by the BPGIC FZE on which tax is charged and due to be paid to the UAE Federal Tax Authority. Borrowing Costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the consolidated statement of comprehensive income (within profit and loss) in the period during which they are incurred. Property, Plant and Equipment Property, plant and equipment, is stated at historical costs less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the Management. The cost of replacing or addition to an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The costs of day-to-day servicing of property, plant and equipment are recognised in the profit or loss as incurred. Depreciation is charged to write off the cost of assets using the straight line method as follows: Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset – Land 60 years The useful lives and depreciation method are reviewed periodically to ensure that the year and method of depreciation are consistent with the pattern of economic benefits expected to flow to the Group through the use of items of property, plant and equipment. The carrying amounts are reviewed at each reporting date to assess whether they are recorded in excess of their recoverable amounts, and where carrying values exceed this estimated recoverable amount, assets are written down to their recoverable amount, being the higher of their fair value less costs to sell and their value in use. The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised as profit or loss in the consolidated statement of comprehensive income. Capital work in progress. Capital work in progress is stated at cost, which represents costs for the design, development, procurement, construction and commissioning of the asset under development. Cost includes borrowing cost capitalised and depreciation of the right of use asset during the construction phase. When the asset is in the location and condition necessary to operate in the manner intended by management, capital work in progress is transferred to the appropriate property, plant and equipment category and depreciated in accordance with the Group’s policies. Leases At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For a contract that is, or contains, a lease, the Group accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The Group determines the lease term as the non-cancellable period of a lease, together with both: a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. In assessing whether a lessee is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, the Group considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Group revises the lease term if there is a change in the non cancellable period of a lease. Group as a lessor Leases where the Group does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same bases as rental income. Contingent rents are recognised as revenue in the period in which they are earned. Group as a lessee For a contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. The relative stand-alone price of lease and non-lease components is determined on the basis of the price the lessor, or a similar supplier, would charge an entity for that component, or a similar component, separately. If an observable stand-alone price is not readily available, the Group estimates the stand-alone price, maximising the use of observable information. For determination of the lease term, the Group reassesses whether it is reasonably certain to exercise an extension option, or not to exercise a termination option, upon the occurrence of either a significant event or a significant change in circumstances that: a) is within the control of the Group; and b) affects whether the Group is reasonably certain to exercise an option not previously included in its determination of the lease term, or not to exercise an option previously included in its determination of the lease term. At the commencement date, the Group recognises a right-of-use asset classified within property, plant and equipment and a lease liability classified separately on the consolidated statement of financial position. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease of 12 months or less and leases of low-value assets of USD 5,000 or less when new. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Right-of-use assets The right-of-use asset is initially recognised at cost comprising of: a) the amount of the initial measurement of the lease liability; b) any lease payments made at or before the commencement date, less any lease incentives received; c) any initial direct costs incurred by the Group; and d) an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. These costs are recognised as part of the cost of the right-of-use asset when the Group incurs an obligation for these costs. The obligation for these costs is incurred either at the commencement date or as a consequence of having used the underlying asset during a particular period. After initial recognition, the Group amortises the right-of-use asset over the term of the lease. In addition the right of use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. Lease liability The lease liability is initially recognised at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group uses its incremental borrowing rate. After initial recognition, the lease liability is measured by (a) increasing the carrying amount to reflect interest on the lease liability; (b) reducing the carrying amount to reflect the lease payments made; and (c) remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. Where, (a) there is a change in the lease term as a result of the reassessment of certainty to exercise an option, or not to exercise a termination option as discussed above; or (b) there is a change in the assessment of an option to purchase the underlying asset, assessed considering the events and circumstances in the context of a purchase option, the Group remeasures the lease liabilities to reflect changes to lease payments by discounting the revised lease payments using a revised discount rate. The Group determines the revised discount rate as the interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined, or its incremental borrowing rate at the date of reassessment, if the interest rate implicit in the lease cannot be readily determined. Where, (a) there is a change in the amounts expected to be payable under a residual value guarantee; or (b) there is a change in future lease payments resulting from a change in an index or a rate used to determine those payments, including a change to reflect changes in market rental rates following a market rent review, the Group remeasures the lease liabilities by discounting the revised lease payments using an unchanged discount rate, unless the change in lease payments results from a change in floating interest rates. In such case, the Group uses a revised discount rate that reflects changes in the interest rate. The Group accounts for a lease modification as a separate lease if both: a) the modification increases the scope of the lease by adding the right to use one or more underlying b) the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract. Financial Instruments Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group’s financial assets at amortised cost include other receivables and due from related parties. Financial assets at fair value through OCI, impairment losses or reversals are recognised in the statement of comprehensive income and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. The Group derecognizes a financial asset when the contractual rights to the cash flow from the assets cease and any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. Offsetting of Financial Instruments: Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. Impairment of financial assets Under IFRS 9, the Group records an allowance for Expected Credit Loss (ECL) for all loans and debt financial assets not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an approximation to the asset’s original effective interest rate. For trade and other receivables, the Group has applied the standard’s simplified approach and has calculated ECLs based on lifetime expected credit losses. The Group calculates the ECL based on the Group’s historical credit loss experience, adjusted for forward-looking factors specific to the customer and the economic environment. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group comprising of share capital, share premium and shareholders’ accounts are recorded at the proceeds received, net of direct issue costs. Escrow shares issued as part of the reverse acquisition are subject to meeting certain financial milestones during the vesting period as disclosed in Note 28. The fair value of the shares in escrow is not materially different from that of the shares which are not in escrow as the rights of these shares are similar to those of “normal ordinary shares”. Financial liabilities Initial recognition Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognized initially at fair value and in the case of loans and borrowings fair value of the consideration received less directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, lease liability, warrants and borrowings. Subsequent measurement The measurement of financial liabilities depends on their classification as follows: Accounts payable Liabilities are recognized for amounts to be paid in the future for goods and services received, whether billed by the supplier or not. Loans and borrowings All loans and borrowings are initially recognized at the fair values less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in the consolidated statement of comprehensive income (within profit and loss) when liabilities are derecognized. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statement of comprehensive income (within profit and loss). A non-substantial modification to a financial liability is not treated as a derecognition of the original liability. The difference between the carrying amount and the net present value of the modified terms discounted using the original effective interest rate is recognized in the consolidated statement of comprehensive income (within profit and loss) Amortized cost of financial instruments Amortized cost is computed using the effective interest method less any allowance for impairment and principal repayment or reduction. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. Non-derivative financial assets and liabilities Receivables Receivables are those financial assets that have fixed or determinable payments and for which there is no active market are initially recognized at fair value plus any directly attributable transactions costs. Subsequent to initial recognition they are measured at amortized cost using the effective interest method. These comprise trade accounts and other receivables, receivables from related parties, bank balances including fixed and margin deposits with banks. Receivables are carried at certified revenue less an estimate made for doubtful receivables based on a review of all outstanding amounts at the year-end. Bad debts are written off when identified. Trade Accounts and Other Receivable Receivable are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. The Management undertakes a periodic review of amounts recoverable from trade and other receivable, and determines recoverability based on various factors such as ageing of receivable, payment history, collateral available and other knowledge about the receivable. Provision for bad and doubtful debts represents estimates of ultimate unrealizable debts. The estimates are judgmental and are based on case based evaluation by the management. Provisions created during the year are reflected in the operating results of the year. Debts which are recognised as unrealizable are written off during the year. Cash and Cash Equivalents Cash and cash equivalents comprise of cash on hand, banks accounts and short term highly liquid deposits with a maturity date of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Statutory Reserve As required by the Articles of Association of BPGIC FZE, 10% of the profit for the year must be transferred to the general reserve. The subsidiary has resolved to discontinue such annual transfers as the reserve has reached 50% of the subsidiary’s issued share capital. The general reserve is not available for distribution to the shareholders. Employees’ End of Service Benefits The Group provides end of service benefits to its employees. The entitlement to these benefits is based upon the employees’ final salary and length of service, subject to the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment. Trade Accounts and Other Payable Trade accounts and other payable are stated at nominal amounts payable for goods or services rendered. Derivative Financial Instruments The Group uses derivative financial instruments, interest rate swaps, to hedge its interest risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Warrants are accounted for as derivative financial instruments (a financial liability) as they give the holder the right to obtain a variable number of common (ordinary) shares in case an effective registration statement is not maintained, which is not fully within the control of the Group. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value through profit or loss. The warrants shall lapse and expire after five years from the closing of the business combination. Any gains or losses arising from changes in the fair value of derivatives are taken directly to the consolidated statement of comprehensive income (within profit and loss) as the Group has not designated derivative financial instruments under hedging arrangements. Provisions Provisions are recognised when the Group has a present obligation as a result of past event and it is probable that the outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the amount expected to be required to settle the obligation and the risk specific to the obligation. Foreign Currencies Translations The consolidated financial statements are presented in US Dollars, which is the Group’s functional and presentation currency. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. All differences are taken to the consolidated statement of comprehensive income (within profit and loss). Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Asset retirement obligation As part of the land lease agreement between Fujairah Municipality and the Group, the Group has a legal obligation to remove the plant at the end of its lease term. The Group initially records a provision for asset retirement obligations at the best estimate of the present value of the expenditure required to settle the obligation at the time a legal (or constructive) obligation is incurred, if the liability can be reliably estimated. When the provision is initially recorded, the carrying amount of the related asset is increased by the amount of the liability. Provisions are adjusted at each balance sheet date to reflect the current best estimate. The unwinding of the discount is recognised as finance cost. The Group’s operating assets generally consist of storage tanks and related facilities. | 5 Summary of Significant Accounting Policies Revenue Recognition Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services or goods. Revenue is net of discounts and value added taxes. Monthly storage rates and prices for other services are contractually agreed before the services are rendered and do not contain material variable components. When it is probable that the future economic benefits will flow to the Group, the recognition in the consolidated statement of income is in proportion to the stage of the rendered performance as at the end of the reporting period. The Group has a right to a consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s services completed to date. Tank storage rentals, including minimum guaranteed throughputs, are recognized on a straight-line basis over the contractual period during which the services are rendered. Revenues from excess throughputs, heating/cooling, homogenization, product movements and other services are recognized when these services are rendered. Customers simultaneously consume and benefit from the services at the moment that these are rendered, resulting in a situation where revenue is recognized over time. Where substantially the entire storage capacity is leased to a single customer, the contract contains a lease and the entire storage revenue is presented as lease revenue. Storage fees are invoiced upfront in the month preceding the month to which the storage fees relate. Handling and other services are invoiced afterwards, based on the actual usage. Inventories Inventories are valued at the lower of cost, determined on the basis of weighted average cost, and net realizable value. Costs are those expenses incurred in bringing each item to its present location and condition. Net realisable value is valued at selling prices net of selling costs. Fair values The fair value of the financial assets and liabilities at the date of statement of financial position approximate their carrying amounts in the statement of financial position. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: ● In the principal market for the asset or liability, or ● In the absence of a principal market, in the most advantageous market for the asset or liability The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; ● Level 2 inputs, other than quoted prices included within Level 1 that are observable for the asset or either directly or indirectly; and ● Level 3 inputs are unobservable inputs for the asset or liability. Current and Non-Current Classification The Group presents assets and liabilities in the statement of financial position based on current / non-current classification. An asset is current when it is: - Expected to be realized or intended to be sold or consumed in normal operating cycle. - Held primarily for the purpose of trading. - Expected to be realised within twelve months after the reporting period, or - Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: - It is expected to be settled in normal operating cycle. - It is held primarily for the purpose of trading. - It is due to be settled within twelve months after the reporting period, or - There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non-current. Taxes Value Added Tax: Expenses and assets are recognized net of the amount of input tax, except: - When the input tax is incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the input tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable; - The net amount of value added tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position, as applicable. Input VAT and Output VAT Input VAT is recognized when the goods or services are supplied to the BPGIC FZE and the tax on which is paid/due to be paid by the BPGIC FZE to the Supplier. Output VAT is recognized in respect of taxable supply of goods/services rendered by the BPGIC FZE on which tax is charged and due to be paid to the UAE Federal Tax Authority. Borrowing Costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the consolidated statement of comprehensive income (within profit and loss) in the period during which they are incurred. Property, Plant and Equipment Property, plant and equipment, is stated at historical costs less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the Management. The cost of replacing or addition to an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The costs of day-to-day servicing of property, plant and equipment are recognised in the profit or loss as incurred. Depreciation is charged to write off the cost of assets using the straight line method as follows: Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset - Land 60 years The useful lives and depreciation method are reviewed periodically to ensure that the year and method of depreciation are consistent with the pattern of economic benefits expected to flow to the Group through the use of items of property, plant and equipment. The carrying amounts are reviewed at each reporting date to assess whether they are recorded in excess of their recoverable amounts, and where carrying values exceed this estimated recoverable amount, assets are written down to their recoverable amount, being the higher of their fair value less costs to sell and their value in use. The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised as profit or loss in the statement of comprehensive income. Capital work in progress Capital work in progress is stated at cost, which represents costs for the design, development, procurement, construction and commissioning of the asset under development. Cost includes borrowing cost capitalised and depreciation of the right of use asset during the construction phase. When the asset is in the location and condition necessary to operate in the manner intended by management, capital work in progress is transferred to the appropriate property, plant and equipment category and depreciated in accordance with the Group’s policies. Leases At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For a contract that is, or contains, a lease, the Group accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The Group determines the lease term as the non-cancellable period of a lease, together with both: a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. In assessing whether a lessee is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, the Company considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Company revises the lease term if there is a change in the non cancellable period of a lease. Group as a lessor Leases where the Group does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same bases as rental income. Contingent rents are recognised as revenue in the period in which they are earned. Group as a lessee For a contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. The relative stand-alone price of lease and non-lease components is determined on the basis of the price the lessor, or a similar supplier, would charge an entity for that component, or a similar component, separately. If an observable stand-alone price is not readily available, the Group estimates the stand-alone price, maximising the use of observable information. For determination of the lease term, the Group reassesses whether it is reasonably certain to exercise an extension option, or not to exercise a termination option, upon the occurrence of either a significant event or a significant change in circumstances that: a) is within the control of the Group; and b) affects whether the Group is reasonably certain to exercise an option not previously included in its determination of the lease term, or not to exercise an option previously included in its determination of the lease term. At the commencement date, the Group recognises a right-of-use asset classified within property, plant and equipment and a lease liability classified separately on the consolidated statement of financial position. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease of 12 months or less and leases of low-value assets of USD 5,000 or less when new. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Right-of-use assets The right-of-use asset is initially recognised at cost comprising of: a) the amount of the initial measurement of the lease liability; b) any lease payments made at or before the commencement date, less any lease incentives received; c) any initial direct costs incurred by the Group; and d) an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. These costs are recognised as part of the cost of the right-of-use asset when the Group incurs an obligation for these costs. The obligation for these costs is incurred either at the commencement date or as a consequence of having used the underlying asset during a particular period. After initial recognition, the Group amortises the right-of-use asset over the term of the lease. In addition the right of use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. Lease liability The lease liability is initially recognised at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group uses its incremental borrowing rate. After initial recognition, the lease liability is measured by (a) increasing the carrying amount to reflect interest on the lease liability; (b) reducing the carrying amount to reflect the lease payments made; and (c) remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. Where, (a) there is a change in the lease term as a result of the reassessment of certainty to exercise an option, or not to exercise a termination option as discussed above; or (b) there is a change in the assessment of an option to purchase the underlying asset, assessed considering the events and circumstances in the context of a purchase option, the Group remeasures the lease liabilities to reflect changes to lease payments by discounting the revised lease payments using a revised discount rate. The Group determines the revised discount rate as the interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined, or its incremental borrowing rate at the date of reassessment, if the interest rate implicit in the lease cannot be readily determined. Where, (a) there is a change in the amounts expected to be payable under a residual value guarantee; or (b) there is a change in future lease payments resulting from a change in an index or a rate used to determine those payments, including a change to reflect changes in market rental rates following a market rent review, the Group remeasures the lease liabilities by discounting the revised lease payments using an unchanged discount rate, unless the change in lease payments results from a change in floating interest rates. In such case, the Group uses a revised discount rate that reflects changes in the interest rate. The Group accounts for a lease modification as a separate lease if both: a) the modification increases the scope of the lease by adding the right to use one or more underlying b) the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract. Financial Instruments Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group’s financial assets at amortised cost include other receivables and due from related parties. Financial assets at fair value through OCI, impairment losses or reversals are recognised in the statement of comprehensive income and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. The Group derecognizes a financial asset when the contractual rights to the cash flow from the assets cease and any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. Offsetting of Financial Instruments: Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. Impairment of financial assets Under IFRS 9, the Group records an allowance for Expected Credit Loss (ECL) for all loans and debt financial assets not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an approximation to the asset’s original effective interest rate. For trade and other receivables, the Group has applied the standard’s simplified approach and has calculated ECLs based on lifetime expected credit losses. The Group calculates the ECL based on the Group’s historical credit loss experience, adjusted for forward-looking factors specific to the customer and the economic environment. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group comprising of share capital, share premium and shareholders’ accounts are recorded at the proceeds received, net of direct issue costs. Escrow shares issued as part of the reverse acquisition are subject to meeting certain financial milestones during the vesting period as disclosed in Note 29. The fair value of the shares in escrow is not materially different from that of the shares which are not in escrow as the rights of these shares are similar to those of “normal ordinary shares”. Financial liabilities Initial recognition Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognized initially at fair value and in the case of loans and borrowings fair value of the consideration received less directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, lease liability, warrants and borrowings. Subsequent measurement The measurement of financial liabilities depends on their classification as follows: Accounts payable Liabilities are recognized for amounts to be paid in the future for goods and services received, whether billed by the supplier or not. Loans and borrowings All loans and borrowings are initially recognized at the fair values less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in the consolidated statement of comprehensive income (within profit and loss) when liabilities are derecognized. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statement of comprehensive income (within profit and loss). A non-substantial modification to a financial liability is not treated as a derecognition of the original liability. The difference between the carrying amount and the net present value of the modified terms discounted using the original effective interest rate is recognized in the consolidated statement of comprehensive income (within profit and loss) Amortized cost of financial instruments Amortized cost is computed using the effective interest method less any allowance for impairment and principal repayment or reduction. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. Non-derivative financial assets and liabilities Receivables Receivables are those financial assets that have fixed or determinable payments and for which there is no active market are initially recognized at fair value plus any directly attributable transactions costs. Subsequent to initial recognition they are measured at amortized cost using the effective interest method. These comprise trade accounts and other receivables, receivables from related parties, bank balances including fixed and margin deposits with banks. Receivables are carried at certified revenue less an estimate made for doubtful receivables based on a review of all outstanding amounts at the year-end. Bad debts are written off when identified. Trade Accounts and Other Receivable Receivable are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. The Management undertakes a periodic review of amounts recoverable from trade and other receivable, and determines recoverability based on various factors such as ageing of receivable, payment history, collateral available and other knowledge about the receivable. Provision for bad and doubtful debts represents estimates of ultimate unrealizable debts. The estimates are judgmental and are based on case based evaluation by the management. Provisions created during the year are reflected in the operating results of the year. Debts which are recognised as unrealizable are written off during the year. Cash and Cash Equivalents Cash and cash equivalents comprise of cash on hand, banks accounts and short term highly liquid deposits with a maturity date of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Statutory Reserve As required by the Articles of Association of BPGIC FZE, 10% of the profit for the year must be transferred to the Statutory reserve. The subsidiary has resolved to discontinue such annual transfers as the reserve has reached 50% of the subsidiary’s issued share capital. The general reserve is not available for distribution to the shareholders. Employees’ End of Service Benefits The Group provides end of service benefits to its employees. The entitlement to these benefits is based upon the employees’ final salary and length of service, subject to the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment. Trade Accounts and Other Payable Trade accounts and other payable are stated at nominal amounts payable for goods or services rendered. Derivative Financial Instruments The Group uses derivative financial instruments, interest rate swaps, to hedge its interest risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Warrants are accounted for as derivative financial instruments (a financial liability) as they give the holder the right to obtain a variable number of common (ordinary) shares in case an effective registration statement is not maintained, which is not fully within the control of the Group. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value through profit or loss. The warrants shall lapse and expire after five years from the closing of the business combination (Note 31). Any gains or losses arising from changes in the fair value of derivatives are taken directly to the consolidated statement of comprehensive income (within profit and loss) as the Group has not designated derivative financial instruments under hedging arrangements. Provisions Provisions are recognised when the Group has a present obligation as a result of past event and it is probable that the outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the amount expected to be required to settle the obligation and the risk specific to the obligation. Foreign Currencies Translations The consolidated financial statements are presented in US Dollars, which is the Group’s functional and presentation currency. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. All differences are taken to the consolidated statement of comprehensive income (within profit and loss). Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Asset Retirement Obligation As part of the land lease agreement between Fujairah Municipality and the Group, the Group has a legal obligation to remove the plant at the end of its lease term. The Group initially records a provision for asset retirement obligations at the best estimate of the present value of the expenditure required to settle the obligation at the time a legal (or constructive) obligation is incurred, if the liability can be reliably estimated. When the provision is initially recorded, the carrying amount of the related asset is increased by the amount of the liability. Provisions are adjusted at each balance sheet date to reflect the current best estimate. The unwinding of the discount is recognised as finance cost. The Group’s operating assets generally consist of storage tanks and related facilities. | 5 Summary of Significant Accounting Policies Revenue Recognition Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services or goods. Revenue is net of discounts and value added taxes. Monthly storage rates and prices for other services are contractually agreed before the services are rendered and do not contain material variable components. When it is probable that the future economic benefits will flow to the Group, the recognition in the consolidated statement of income is in proportion to the stage of the rendered performance as at the end of the reporting period. The Group has a right to a consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s services completed to date. Tank storage rentals, including minimum guaranteed throughputs, are recognized on a straight-line basis over the contractual period during which the services are rendered. Revenues from excess throughputs, heating/cooling, homogenization, product movements and other services are recognized when these services are rendered. Customers simultaneously consume and benefit from the services at the moment that these are rendered, resulting in a situation where revenue is recognized over time. Where substantially the entire storage capacity is leased to a single customer, the contract contains a lease and the entire storage revenue is presented as lease revenue. Storage fees are invoiced upfront in the month preceding the month to which the storage fees relate. Handling and other services are invoiced afterwards, based on the actual usage. Inventories Inventories are valued at the lower of cost, determined on the basis of weighted average cost, and net realizable value. Costs are those expenses incurred in bringing each item to its present location and condition. Net realisable value is valued at selling prices net of selling costs. Fair values The fair value of the financial assets and liabilities at the date of statement of financial position approximate their carrying amounts in the statement of financial position. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: ● In the principal market for the asset or liability, or ● In the absence of a principal market, in the most advantageous market for the asset or liability The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; ● Level 2 inputs, other than quoted prices included within Level 1 that are observable for the asset or either directly or indirectly; and ● Level 3 inputs are unobservable inputs for the asset or liability. Current and Non-Current Classification The Group presents assets and liabilities in the statement of financial position based on current / non-current classification. An asset is current when it is: - Expected to be realized or intended to be sold or consumed in normal operating cycle. - Held primarily for the purpose of trading. - Expected to be realised within twelve months after the reporting period, or - Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: - It is expected to be settled in normal operating cycle. - It is held primarily for the purpose of trading. - It is due to be settled within twelve months after the reporting period.or There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non-current. Taxes Value Added Tax: Expenses and assets are recognized net of the amount of input tax, except: - When the input tax is incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the input tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable; - The net amount of value added tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position, as applicable. Input VAT and Output VAT Input VAT is recognized when the goods or services are supplied to the BPGIC FZE and the tax on which is paid/due to be paid by the BPGIC FZE to the Supplier. Output VAT is recognized in respect of taxable supply of goods/services rendered by the BPGIC FZE on which tax is charged and due to be paid to the UAE Federal Tax Authority. Borrowing Costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the consolidated statement of comprehensive income (within profit and loss) in the period during which they are incurred. Property, Plant and Equipment Property, plant and equipment, is stated at historical costs less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the Management. The cost of replacing or addition to an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The costs of day-to-day servicing of property, plant and equipment are recognised in the profit or loss as incurred. Depreciation is charged to write off the cost of assets using the straight line method as follows: Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset - Land 60 years The useful lives and depreciation method are reviewed periodically to ensure that the year and method of depreciation are consistent with the pattern of economic benefits expected to flow to the Group through the use of items of property, plant and equipment. The carrying amounts are reviewed at each reporting date to assess whether they are recorded in excess of their recoverable amounts, and where carrying values exceed this estimated recoverable amount, assets are written down to their recoverable amount, being the higher of their fair value less costs to sell and their value in use. The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised as profit or loss in the statement of comprehensive income. Capital work in progress Capital work in progress is stated at cost, which represents costs for the design, development, procurement, construction and commissioning of the asset under development. Cost includes borrowing cost capitalised and depreciation of the right of use asset during the construction phase. When the asset is in the location and condition necessary to operate in the manner intended by management, capital work in progress is transferred to the appropriate property, plant and equipment category and depreciated in accordance with the Group’s policies. Leases At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For a contract that is, or contains, a lease, the Group accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The Group determines the lease term as the non-cancellable period of a lease, together with both: a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. In assessing whether a lessee is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, the Group considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Group revises the lease term if there is a change in the noncancellable period of a lease. Group as a lessor Leases where the Group does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same bases as rental income. Contingent rents are recognised as revenue in the period in which they are earned. Group as a lessee For a contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. The relative stand-alone price of lease and non-lease components is determined on the basis of the price the lessor, or a similar supplier, would charge an entity for that component, or a similar component, separately. If an observable stand-alone price is not readily available, the Group estimates the stand-alone price, maximising the use of observable information. For determination of the lease term, the Group reassesses whether it is reasonably certain to exercise an extension option, or not to exercise a termination option, upon the occurrence of either a significant event or a significant change in circumstances that: a) is within the control of the Group; and b) affects whether the Group is reasonably certain to exercise an option not previously included in its determination of the lease term, or not to exercise an option previously included in its determination of the lease term. At the commencement date, the Group recognises a right-of-use asset classified within property, plant and equipment and a lease liability classified separately on the consolidated statement of financial position. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease of 12 months or less and leases of low-value assets of USD 5,000 or less when new. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Right-of-use assets The right-of-use asset is initially recognised at cost comprising of: a) the amount of the initial measurement of the lease liability; b) any lease payments made at or before the commencement date, less any lease incentives received; c) any initial direct costs incurred by the Group; and d) an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. These costs are recognised as part of the cost of the right-of-use asset when the Group incurs an obligation for these costs. The obligation for these costs is incurred either at the commencement date or as a consequence of having used the underlying asset during a particular period. After initial recognition, the Group amortises the right-of-use asset over the term of the lease. In addition the right of use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. Lease liability The lease liability is initially recognised at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group uses its incremental borrowing rate. After initial recognition, the lease liability is measured by (a) increasing the carrying amount to reflect interest on the lease liability; (b) reducing the carrying amount to reflect the lease payments made; and (c) remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. Where, (a) there is a change in the lease term as a result of the reassessment of certainty to exercise an option, or not to exercise a termination option as discussed above; or (b) there is a change in the assessment of an option to purchase the underlying asset, assessed considering the events and circumstances in the context of a purchase option, the Group remeasures the lease liabilities to reflect changes to lease payments by discounting the revised lease payments using a revised discount rate. The Group determines the revised discount rate as the interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined, or its incremental borrowing rate at the date of reassessment, if the interest rate implicit in the lease cannot be readily determined. Where, (a) there is a change in the amounts expected to be payable under a residual value guarantee; or (b) there is a change in future lease payments resulting from a change in an index or a rate used to determine those payments, including a change to reflect changes in market rental rates following a market rent review, the Group remeasures the lease liabilities by discounting the revised lease payments using an unchanged discount rate, unless the change in lease payments results from a change in floating interest rates. In such case, the Group uses a revised discount rate that reflects changes in the interest rate. The Group accounts for a lease modification as a separate lease if both: a) the modification increases the scope of the lease by adding the right to use one or more underlying assets; and b) the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract. Financial Instruments Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group’s financial assets at amortised cost include other receivables and due from related parties. Financial assets at fair value through OCI, impairment losses or reversals are recognised in the statement of comprehensive income and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. The Group derecognizes a financial asset when the contractual rights to the cash flow from the assets cease and any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. Offsetting of Financial Instruments: Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. Impairment of financial assets Under IFRS 9, the Group records an allowance for Expected Credit Loss (ECL) for all loans and debt financial assets not held at Fair value through profit & loss (FVPL). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an approximation to the asset’s original effective interest rate. For trade and other receivables, the Group has applied the standard’s simplified approach and has calculated ECLs based on lifetime expected credit losses. The Group calculates the ECL based on the Group’s historical credit loss experience, adjusted for forward-looking factors specific to the customer and the economic environment. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. Equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group comprising of share capital, share premium and shareholders’ accounts are recorded at the proceeds received, net of direct issue costs. Escrow shares issued as part of the reverse acquisition are subject to meeting certain financial milestones during the vesting period as disclosed in Note 31 The fair value of the shares in escrow is not materially different from that of the shares which are not in escrow as the rights of these shares are similar to those of “normal ordinary shares”. Financial liabilities Initial recognition Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognized initially at fair value and in the case of loans and borrowings fair value of the consideration received less directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, lease liability, warrants and borrowings. Subsequent measurement The measurement of financial liabilities depends on their classification as follows: Accounts payable Liabilities are recognized for amounts to be paid in the future for goods and services received, whether billed by the supplier or not. Loans and borrowings All loans and borrowings are initially recognized at the fair values less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in the consolidated statement of comprehensive income (within profit and loss) when liabilities are derecognized. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statement of comprehensive income (within profit and loss). A non-substantial modification to a financial liability is not treated as a derecognition of the original liability. The difference between the carrying amount and the net present value of the modified terms discounted using the original effective interest rate is recognized in the consolidated statement of comprehensive income (within profit and loss) Amortized cost of financial instruments Amortized cost is computed using the effective interest method less any allowance for impairment and principal repayment or reduction. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. Non-derivative financial assets and liabilities Receivables Receivables are those financial assets that have fixed or determinable payments and for which there is no active market are initially recognized at fair value plus any directly attributable transactions costs. Subsequent to initial recognition they are measured at amortized cost using the effective interest method. These comprise trade accounts and other receivables, receivables from related parties, bank balances including fixed and margin deposits with banks. Receivables are carried at certified revenue less an estimate made for doubtful receivables based on a review of all outstanding amounts at the year-end. Bad debts are written off when identified. Trade Accounts and Other Receivable Receivable are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. The Management undertakes a periodic review of amounts recoverable from trade and other receivable, and determines recoverability based on various factors such as ageing of receivable, payment history, collateral available and other knowledge about the receivable. Provision for bad and doubtful debts represents estimates of ultimate unrealizable debts. The estimates are judgmental and are based on case based evaluation by the management. Provisions created during the year are reflected in the operating results of the year. Debts which are recognised as unrealizable are written off during the year. Cash and Cash Equivalents Cash and cash equivalents comprise of cash on hand, banks accounts and short term highly liquid deposits with a maturity date of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Statutory Reserve As required by the Articles of Association of BPGIC FZE, 10% of the profit for the year must be transferred to the Statutory reserve. The general reserve is not available for distribution to the shareholders. Employees’ End of Service Benefits The Group provides end of service benefits to its employees. The ion of a minimum service period. The expected costs of these benefits are accrued over the period of employment. Trade Accounts and Other Payable Trade accounts and other payable are stated at nominal amounts payable for goods or services rendered. Derivative Financial Instruments The Group uses derivative financial instruments, interest rate swaps, to hedge its interest risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Warrants are accounted for as derivative financial instruments (a financial liability) as they give the holder the right to obtain a variable number of common (ordinary) shares in case an effective registration statement is not maintained, which is not fully within the control of the Group. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value through profit or loss. The warrants shall lapse and expire after five years from the closing of the business combination (Note 31). Any gains or losses arising from changes in the fair value of derivatives are taken directly to the consolidated statement of comprehensive income (within profit and loss) as the Group has not designated derivative financial instruments under hedging arrangements. Provisions Provisions are recognised when the Group has a present obligation as a result of past event and it is probable that the outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the amount expected to be required to settle the obligation and the risk specific to the obligation. Foreign Currencies Translations The financial statements are presented in US Dollars, which is the Group’s functional and presentation currency. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. All differences are taken to the consolidated statement of comprehensive income (within profit and loss). Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Asset retirement obligation As part of the land lease agreement between Fujairah Municipality and the Group, the Group has a legal obligation to remove the plant at the end of its lease term. The Group initially records a provision for asset retirement obligations at the best estimate of the present value of the expenditure required to settle the obligation at the time a legal (or constructive) obligation is incurred, if the liability can be reliably estimated. When the provision is initially recorded, the carrying amount of the related asset is increased by the amount of the liability. Provisions are adjusted at each balance sheet date to reflect the current best estimate. The unwinding of the discount is recognised as finance cost. The Group’s operating assets generally consist of storage tanks and related facilities. | 5 Summary of Significant Accounting Policies Revenue Recognition Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services or goods. Revenue is net of discounts and value added taxes. Monthly storage rates and prices for other services are contractually agreed before the services are rendered and do not contain material variable components. When it is probable that the future economic benefits will flow to the Group, the recognition in the consolidated statement of income is in proportion to the stage of the rendered performance as at the end of the reporting period. The Group has a right to a consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s services completed to date. Tank storage rentals, including minimum guaranteed throughputs, are recognized on a straight-line basis over the contractual period during which the services are rendered. Revenues from excess throughputs, heating/cooling, homogenization, product movements and other services are recognized when these services are rendered. Customers simultaneously consume and benefit from the services at the moment that these are rendered, resulting in a situation where revenue is recognized over time. Where substantially the entire storage capacity is leased to a single customer, the contract contains a lease and the entire storage revenue is presented as lease revenue. Storage fees are invoiced upfront in the month preceding the month to which the storage fees relate. Handling and other services are invoiced afterwards, based on the actual usage. Inventories Inventories are valued at the lower of cost, determined on the basis of weighted average cost, and net realizable value. Costs are those expenses incurred in bringing each item to its present location and condition. Net realisable value is valued at selling prices net of selling costs. Fair values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: - in the principal market for the asset or liability, or - in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: - Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; - Level 2 inputs, other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and - Level 3 inputs are unobservable inputs for the asset or liability. Current and Non-Current Classification The Group presents assets and liabilities in the statement of financial position based on current / non-current classification. An asset is current when it is: - Expected to be realized or intended to be sold or consumed in normal operating cycle. - Held primarily for the purpose of trading. - Expected to be realised within twelve months after the reporting period, or - Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: - It is expected to be settled in normal operating cycle. - It is held primarily for the purpose of trading. - It is due to be settled within twelve months after the reporting period. - There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non-current. Taxes Value Added Tax: Expenses and assets are recognized net of the amount of input tax, except: - When the input tax is incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the input tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable; - The net amount of value added tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position, as applicable. Input VAT and Output VAT Input VAT is recognized when the goods or services are supplied to the Company and the tax on which is paid/due to be paid by the Company to the Supplier. Output VAT is recognized in respect of taxable supply of goods/services rendered by the Company on which tax is charged and due to be paid to the UAE Federal Tax Authority. Borrowing Costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the consolidated statement of comprehensive income (within profit and loss) in the period during which they are incurred. Property, Plant and Equipment Property, plant and equipment, is stated at historical costs less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the Management. The cost of replacing or addition to an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The costs of day-to-day servicing of property, plant and equipment are recognised in the profit or loss as incurred. Capital work under progress is stated at cost and subsequently transferred to assets when it is available for use. Depreciation is charged to write off the cost of assets using the straight line method as follows: Office Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset - Land 60 years The useful lives and depreciation method are reviewed periodically to ensure that the year and method of depreciation are consistent with the pattern of economic benefits expected to flow to the Group through the use of items of property, plant and equipment. The carrying amounts are reviewed at each reporting date to assess whether they are recorded in excess of their recoverable amounts, and where carrying values exceed this estimated recoverable amount, assets are written down to their recoverable amount, being the higher of their fair value less costs to sell and their value in use. The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised as profit or loss in the statement of comprehensive income. Capital work in progress Capital work in progress is stated at cost, which represents costs for the design, development, procurement, construction and commissioning of the asset under development. Cost includes borrowing cost capitalised and depreciation of the right of use asset during the construction phase. When the asset is in the location and condition necessary to operate in the manner intended by management, capital work in progress is transferred to the appropriate property, plant and equipment category and depreciated in accordance with the Group’s policies. Leases At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For a contract that is, or contains, a lease, the Group accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The Group determines the lease term as the non-cancellable period of a lease, together with both: a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. In assessing whether a lessee is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, the Group considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Group revises the lease term if there is a change in the non-cancellable period of a lease. Group as a lessor Leases where the Group does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same bases as rental income. Contingent rents are recognized as revenue in the period in which they are earned. Group as a lessee The Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. The relative stand-alone price of lease and non-lease components is determined on the basis of the price the lessor, or a similar supplier, would charge an entity for that component, or a similar component, separately. If an observable stand-alone price is not readily available, the Group estimates the stand-alone price, maximising the use of observable information. For determination of the lease term, the Group reassesses whether it is reasonably certain to exercise an extension option, or not to exercise a termination option, upon the occurrence of either a significant event or a significant change in circumstances that: is within the control of the Group; and At the commencement date, the Group recognizes a right-of-use asset classified within property, plant and equipment and a lease liability presented separately on the consolidated statement of financial position. Short-term leases and leases of low-value assets The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease of 12 months or less and leases of low-value assets when new. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Right-of-use assets The right-of-use asset is initially recognized at cost comprising of the amount of the initial measurement of the lease liability; any lease payments made at or before the commencement date, less any lease incentives received; any initial direct costs incurred by the Group; and an estimate of costs to be incurred by the Company in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. These costs are recognized as part of the cost of the right-of-use asset when the Group incurs an obligation for these costs. The obligation for these costs is incurred either at the commencement date or as a consequence of having used the underlying asset during a particular period. After initial recognition, the Group amortises the right-of-use asset over the term of the lease. In addition the right-of- use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. Lease liability The lease liability is initially recognized at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group uses its incremental borrowing rate. After initial recognition, the lease liability is measured by (a) increasing the carrying amount to reflect interest on the lease liability; (b) reducing the carrying amount to reflect the lease payments made; and (c) remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. Where, (a) there is a change in the lease term as a result of the reassessment of certainty to exercise an option, or not to exercise a termination option as discussed above; or (b) there is a change in the assessment of an option to purchase the underlying asset, assessed considering the events and circumstances in the context of a purchase option, the Group remeasures the lease liabilities to reflect changes to lease payments by discounting the revised lease payments using a revised discount rate. The Group determines the revised discount rate as the interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined, or its incremental borrowing rate at the date of reassessment, if the interest rate implicit in the lease cannot be readily determined. Where, (a) there is a change in the amounts expected to be payable under a residual value guarantee; or (b) there is a change in future lease payments resulting from a change in an index or a rate used to determine those payments, including a change to reflect changes in market rental rates following a market rent review, the Group remeasures the lease liabilities by discounting the revised lease payments using an unchanged discount rate, unless the change in lease payments results from a change in floating interest rates. In such case, the Group uses a revised discount rate that reflects changes in the interest rate. The Group recognizes the amount of the re-measurement of the lease liability as an adjustment to the right-of use asset. Where the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, the Group recognizes any remaining amount of the re-measurement in the consolidated statement of comprehensive income (within profit and loss). The Group accounts for a lease modification as a separate lease if both: the modification increases the scope of the lease by adding the right to use one or more underlying assets; and the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract. Financial Instruments Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group’s financial assets at amortised cost include other receivables and due from related parties. Financial assets at fair value through OCI, impairment losses or reversals are recognised in the statement of comprehensive income and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial liabilities On Initial recognition, Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and in the case of loans and borrowings fair value of the consideration received less directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, lease liability and term loans. Derecognition of financial assets and liabilities The Group derecognizes a financial asset when the contractual rights to the cash flow from the assets cease and any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. Offsetting of Financial Instruments: Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. Amortised cost of financial instruments Amortised cost is computed using the effective interest method less any allowance for impairment and principal repayment or reduction. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. Non-derivative financial assets and liabilities Receivables Receivables are those financial assets that have fixed or determinable payments and for which there is no active market are initially recognized at fair value plus any directly attributable transactions costs. Subsequent to initial recognition they are measured at amortized cost using the effective interest method. These comprise trade accounts and other receivables, receivables from related parties, bank balances including fixed and margin deposits with banks. Trade Accounts and Other Receivable Receivable are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. The Management undertakes a periodic review of amounts recoverable from trade and other receivable, and determines recoverability based on various factors such as ageing of receivable, payment history, collateral available and other knowledge about the receivable. Provision for bad and doubtful debts represents estimates of ultimate unrealizable debts. The estimates are judgmental and are based on case based evaluation by the management. Provisions created during the year are reflected in the operating results of the year. Debts which are recognised as unrealizable are written off during the year. Cash and Cash Equivalents Cash and cash equivalents comprise of cash on hand, banks accounts and short term highly liquid deposits with a maturity date of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Statutory Reserve Statutory reserve is created by appropriating 10% of the net profits BPGIC FZE for the year as required by Article 103 of the UAE Federal Law No. 2 of 2015 on commercial companies, concerning commercial companies in the UAE. Employees’ End of Service Benefits Provision is made for the amounts payable under the UAE labour law applicable to the employees and is based on current basic remuneration and cumulative period of service at the balance sheet date. Provision is made on the assumption that all employees were to leave as of the balance sheet date since this provides, in Management’s opinion, a reasonable estimate of the present value of terminal benefits. Trade Accounts and Other Payable Trade accounts and other payable are stated at nominal amounts payable for goods or services rendered. Asset Retirement Obligation As part of the land lease agreement between Fujairah Municipality and the Group, the Group has a legal obligation to remove the plant at the end of its lease term. The Group initially records a provision for asset retirement obligations at the best estimate of the present value of the expenditure required to settle the obligation at the time a legal (or constructive) obligation is incurred, if the liability can be reliably estimated. When the provision is initially recorded, the carrying amount of the related asset is increased by the amount of the liability. Provisions are adjusted at each balance sheet date to reflect the current best estimate. The unwinding of the discount is recognized as finance cost. The Group’s operating assets generally consist of storage tanks and related facilities. These assets can be used for an extended period of time as long as they are properly maintained and/or upgraded. It is the Group’s current intent to maintain its assets and continue making improvements to those assets based on technological advances. There is no data or information that can be derived from past practice, industry practice or the Group’s intentions that could be used to make a reliable estimate of the decommissioning cost. Accordingly, the Group has not recorded a liability or corresponding asset as the amounts of such potential future costs are not reliably determinable. Provisions Provisions are recognised when the Group has a present obligation as a result of past event and it is probable that the outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the amount expected to be required to settle the obligation and the risk specific to the obligation. Foreign Currencies Translations The financial statements are presented in US Dollars, which is the Group’s functional and presentation currency. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year - end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Derivative financial instruments The Group uses derivative financial instruments, interest rate swaps, to hedge its interest risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Warrants are accounted for as derivative financial instruments (a financial liability) as they give the holder the right to obtain a variable number of common (ordinary) shares in case an effective registration statement is not maintained, which is not fully within the control of the Group. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value through profit or loss. The warrants shall lapse and expire after five years from the closing of the business combination (Note 30). Any gains or losses arising from changes in the fair value of derivatives are taken directly to the consolidated statement of comprehensive income (within profit and loss) as the Group has not designated derivative financial instruments under hedging arrangements. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group comprising of share capital, share premium and shareholders’ accounts are recorded at the proceeds received, net of direct issue costs. Escrow shares issued as part of the reverse acquisition are subject to meeting certain financial milestones during the vesting period as disclosed in Note 30. The fair value of the shares in escrow is not materially different from that of the shares which are not in escrow as the rights of these shares are similar to those of “normal ordinary shares”. | 5 Summary of Significant Accounting Policies Revenue recognition Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services or goods. Revenue is net of discounts and value added taxes. Monthly storage rates and prices for other services are contractually agreed before the services are rendered and do not contain material variable components. When it is probable that the future economic benefits will flow to the Company, the recognition in the consolidated statement of income is in proportion to the stage of the rendered performance as at the end of the reporting period. The Company has a right to a consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s services completed to date. Tank storage rentals, including minimum guaranteed throughputs, are recognized on a straight-line basis over the contractual period during which the services are rendered. Revenues from excess throughputs, heating/cooling, homogenization, product movements and other services are recognized when these services are rendered. Customers simultaneously consume and benefit from the services at the moment that these are rendered, resulting in a situation where revenue is recognized over time. Where substantially the entire storage capacity is leased to a single customer, the contract contains a lease and the entire storage revenue is presented as lease revenue. Storage fees are invoiced upfront in the month preceding the month to which the storage fees relate. Handling and other services are invoiced afterwards, based on the actual usage. Inventories Inventories are valued at the lower of cost, determined on the basis of weighted average cost, and net realisable value. Costs are those expenses incurred in bringing each item to its present location and condition. Net realisable value is valued at selling prices net of selling costs. Fair Values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: ● In the principal market for the asset or liability, or ● In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity ● Level 2 inputs, other than quoted prices included within Level 1 that are observable for the asset or liability, ● Level 3 inputs are unobservable inputs for the asset or liability. Current versus non-current classification The Company presents assets and liabilities in statement of financial position based on current/non-current classification. An asset is current when it is: ● Expected to be realised or intended to be sold or consumed in a normal operating cycle ● Held primarily for the purpose of trading ● Expected to be realised within twelve months after the reporting period, Or ● Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period All other assets are classified as non-current. A liability is current when it is: ● Expected to be settled in normal operating cycle ● Held primarily for the purpose of trading ● Due to be settled within twelve months after the reporting period, Or ● There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The Company classifies all other liabilities as non-current. Taxes Value Added Tax Expenses and assets are recognized net of the amount of input tax, except: ● When the input tax is incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the input tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable; ● The net amount of value added tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position, as applicable. Input VAT and Output VAT Input VAT is recognized when the goods or services are supplied to the Company and the tax on which is paid/due to be paid by the Company to the Supplier. Output VAT is recognized in respect of taxable supply of goods/services rendered by the Company on which tax is charged and due to be paid to the UAE Federal Tax Authority. Borrowing Costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in the statement of comprehensive income (within profit and loss) in the period during which they are incurred. Property, Plant and Equipment Property, plant and equipment, is stated at historical costs less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the Management. The cost of replacing or addition to an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The costs of day-to-day servicing of property, plant and equipment are recognised in the profit or loss as incurred. Capital work under progress is stated at cost and subsequently transferred to assets when it is available for use. Depreciation is charged to write off the cost of assets using the straight-line method as follows: Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset - Land 60 years The useful lives and depreciation method are reviewed periodically to ensure that the year and method of depreciation are consistent with the pattern of economic benefits expected to flow to the Company through the use of items of property, plant and equipment. The carrying amounts are reviewed at each reporting date to assess whether they are recorded in excess of their recoverable amounts, and where carrying values exceed this estimated recoverable amount, assets are written down to their recoverable amount, being the higher of their fair value less costs to sell and their value in The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised as profit or loss in the statement of comprehensive income. Capital Work In Progress Capital work in progress is stated at cost, which represents costs for the design, development, procurement, construction and commissioning of the asset under development. Cost includes borrowing cost capitalized and depreciation of the right-of-use asset during the construction phase. When the asset is in the location and condition necessary to operate in the manner intended by management, capital work in progress is transferred to the appropriate property, plant and equipment category and depreciated in accordance with the Company’s policies. Leases At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For a contract that is, or contains, a lease, the Company accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The Company determines the lease term as the non-cancellable period of a lease, together with both: a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. In assessing whether a lessee is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, the Company considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Company revises the lease term if there is a change in the non-cancellable period of a Company as a lessor Leases where the Company does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same bases as rental income. Contingent rents are recognized as revenue in the period in which they are earned. Company as a lessee For a contract that contains a lease component and one or more additional lease or non-lease components, the Company allocates the consideration in the contract to each lease component on the basis of the relative stand- alone price of the lease component and the aggregate stand-alone price of the non-lease components. The relative stand-alone price of lease and non-lease components is determined on the basis of the price the lessor, or a similar supplier, would charge an entity for that component, or a similar component, separately. If an observable stand-alone price is not readily available, the Company estimates the stand-alone price, maximising the use of observable information. For determination of the lease term, the Company reassesses whether it is reasonably certain to exercise an extension option, or not to exercise a termination option, upon the occurrence of either a significant event or a significant change in circumstances that: is within the control of the Company; and At the commencement date, the Company recognizes a right-of-use asset classified within property, plant and equipment and a lease liability presented separately on the consolidated statement of financial position. Short-term leases and leases of low-value assets The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease of 12 months or less and leases of low-value assets when new. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Right-of-use assets The right-of-use asset is initially recognized at cost comprising of: a) the amount of the initial measurement of the lease liability; b) any lease payments made at or before the commencement date, less any lease incentives received; c) any initial direct costs incurred by the Company; and d) an estimate of costs to be incurred by the Company in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. These costs are recognized as part of the cost of the right-of-use asset when the Company incurs an obligation for these costs. The obligation for these costs is incurred either at the commencement date or as a consequence of having used the underlying asset during a particular period. After initial recognition, the Company amortises the right-of-use asset over the term of the lease. In addition, the right of use asset is periodically reduced, if any, and adjusted for certain re-measurements of the lease liability. Lease liability The lease liability is initially recognized at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company uses its incremental borrowing rate. After initial recognition, the lease liability is measured by (a) increasing the carrying amount to reflect interest on the lease liability; (b) reducing the carrying amount to reflect the lease payments made; and (c) remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. Where, (a) there is a change in the lease term as a result of the reassessment of certainty to exercise an option, or not to exercise a termination option as discussed above; or (b) there is a change in the assessment of an option to purchase the underlying asset, assessed considering the events and circumstances in the context of a purchase option, the Company remeasures the lease liabilities to reflect changes to lease payments by discounting the revised lease payments using a revised discount rate. The Company determines the revised discount rate as the interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined, or its incremental borrowing rate at the date of reassessment, if the interest rate implicit in the lease cannot be readily determined. Where, (a) there is a change in the amounts expected to be payable under a residual value guarantee; or (b) there is a change in future lease payments resulting from a change in an index or a rate used to determine those payments, including a change to reflect changes in market rental rates following a market rent review, the Company remeasures the lease liabilities by discounting the revised lease payments using an unchanged discount rate, unless the change in lease payments results from a change in floating interest rates. In such case, the Company uses a revised discount rate that reflects changes in the interest rate. The Company recognizes the amount of the re-measurement of the lease liability as an adjustment to the right- of-use asset. Where the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, the Company recognizes any remaining amount of the re- measurement in the consolidated statement of comprehensive income (within profit and loss). The Company accounts for a lease modification as a separate lease if both: a) the modification increases the scope of the lease by adding the right to use one or more underlying assets; and b) the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract. Financial Instruments Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company’s business model for managing them. Receivables that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price determined under IFRS 15. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Company’s financial assets at amortised cost include other receivables and due from related parties. Financial assets at fair value through OCI, impairment losses or reversals are recognised in the statement of comprehensive income and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial liabilities On Initial recognition, financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Company determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and in the case of loans and borrowings fair value of the consideration received less directly attributable transaction costs. The Company’s financial liabilities include trade and other payables, lease liability and term loans. Derecognition of financial assets and liabilities The Company derecognizes a financial asset when the contractual rights to the cash flow from the assets cease and any interest in such derecognised financial assets that is created or retained by the Company is recognised as a separate asset. The Company derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. Offsetting of Financial Instruments: Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. Amortised cost of financial instruments Amortised cost is computed using the effective interest method less any allowance for impairment and principal repayment or reduction. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. Non-derivative financial assets and liabilities Receivables Receivables are those financial assets that have fixed or determinable payments and for which there is no active market are initially recognized at fair value plus any directly attributable transactions costs. Subsequent to initial recognition they are measured at amortized cost using the effective interest method. These comprise trade accounts and other receivables, receivables from related parties, bank balances including fixed and margin deposits with banks. Trade Accounts and Other Receivable Receivable are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. The Management undertakes a periodic review of amounts recoverable from trade and other receivable, and determines recoverability based on various factors such as ageing of receivable, payment history, collateral available and other knowledge about the receivable. Provision for bad and doubtful debts represents estimates of ultimate unrealizable debts. The estimates are judgmental and are based on case based evaluation by the management. Provisions created during the year are reflected in the operating results of the year. Debts which are recognised as unrealizable are written off during the year. Cash and Cash Equivalents Cash and cash equivalents comprise of cash on hand, banks accounts and short term highly liquid deposits with a maturity date of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Statutory Reserve Statutory reserve is created by appropriating 10% of the net profits of the Company for the year as required by Article 103 of the UAE Federal Law No. 2 of 2015 on commercial companies, concerning commercial companies in the UAE. The non-derivative financial liabilities comprise of trade accounts and other payables and Owners’ accounts. Employees’ End of Service Benefits Provision is made for the amounts payable under the UAE labour law applicable to the employees and is based on current basic remuneration and cumulative period of service at the balance sheet date. Provision is made on the assumption that all employees were to leave as of the balance sheet date since this provides, in Management’s opinion, a reasonable estimate of the present value of terminal benefits. Trade Accounts and Other Payable Trade accounts and other payable are stated at nominal amounts payable for goods or services rendered. Decommissioning liabilities As part of the land lease agreement between Fujairah Municipality and the Company, the Company has a legal obligation to remove the plant at the end of its lease term. The Company initially records a provision for asset retirement obligations at the best estimate of the present value of the expenditure required to settle the obligation at the time a legal (or constructive) obligation is incurred, if the liability can be reliably estimated. When the provision is initially recorded, the carrying amount of the related asset is increased by the amount of the liability. Provisions are adjusted at each balance sheet date to reflect the current best estimate. The unwinding of the discount is recognized as finance cost. The Company’s operating assets generally consist of storage tanks and related facilities. Provisions Provisions are recognised when the Company has a present obligation as a result of past event and it is probable that the outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the amount expected to be required to settle the obligation and the risk specific to the obligation. Foreign Currencies Translations Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year - end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Financial Risk Management The Company is exposed to financial risks of markets mainly related to currency risk, interest rate risks, other price risks, credit risks and liquidity risk. The Company’s policies and procedures keeps the Management updated on these risks and it takes appropriate measures to control or minimise its adverse effects if any on the financial position and performance of the Company. Market Risks Market risks is the risk that is associated with the changes in market prices and market rates, such as interest rates, equity prices and currency rates will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risks exposures within acceptable parameters, while optimising the returns on the risks. Currency Risk The Company’s substantial assets and liabilities are denominated in Arab Emirates Dirhams or in United States Dollars to which the Arab Emirate Dirham is fixed, hence there is no material exchange rate risks. At the balance sheet date, since there was no material exposure to currencies other than United States Dollars and Gulf Corporation Council currencies, net profits for the year is not materially sensitive to currency risks. Interest Rate Risk The Company has interest rate risk as at the year end under review. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s balances with banks and interest bearing loans and borrowings at variable rates. Credit Risk Credit risk is the risk of financial loss to the Company if the customer or counterparty to the financial instrument fails to meet its contractual obligations. Credit risk is mainly attributable to trade accounts and other receivables and cash at bank. The exposure to credit risk on trade and other receivables and amounts due from related parties is monitored on an ongoing basis by the Management and these are considered as recoverable by the Management. The Company’s bank account are placed with regulated financial institutions. Advances and other receivable are settled in the ordinary course of business. Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. Liquidity risk relates to amounts due to related parties and long-term payables. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities and obligations as and when they fall due without having to face any losses which may adversely effect the Company’s financial position and reputation. Capital Management The primary objective of the Company is to maintain adequate capital to support its business and to maximise Owners’ value. The Company manages its capital structure and make adjustments to it, in light of changes in economic conditions. To maintain or to adjust structure, the Company may adjust the dividend payment to Owners or issue new shares. |
Revenue
Revenue | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue [Abstract] | ||||||
Revenue | (Figures in USD) June 30, June 30, 5 Revenue Storage rental income 27,405,640 16,413,047 Miscellaneous income (Note 5.1) 473,092 1,282,098 Ancillary services 520,640 5,424,589 28,399,372 23,119,734 Note 5.1 The Group has only one segment at the reporting date. Revenue generation from leasing of storage capacity of tanks and other ancillary services started in December 2017. The commercial contracts with customers related to the Phase 1 and Phase 2 have been assigned as security against the borrowing obtained in 2020. Miscellaneous income includes port charges of USD 473,092 that are paid by the Group to the port authority and recharged to the customers. The revenues of the Group mainly comprise of fixed fees for storage and related services and variable fees for ancillary services provided under a contract with its customers. Accordingly, there is no cyclicality in the Group’s operations. | 6 Revenue Storage rental income Miscellaneous income (Note 6.1) Ancillary services (Figures in USD) 2022 2021 Storage rental income 77,577,633 37,467,396 Miscellaneous income (Note 6.1) 2,039,396 1,681,878 Ancillary services 1,923,747 2,612,341 81,540,776 41,761,615 Note 6.1 The Group has only one segment at the reporting date. Revenue generation from leasing of storage capacity of tanks and other ancillary services started in December 2017. The commercial contracts with customers related to the Phase 1 and Phase 2 have been assigned as security against the borrowing obtained in 2020. Miscellaneous income represents port charges of USD 2,039,396 that are paid by the Group to the port authority and recharged to the customers. The revenues of the Group mainly comprise of fixed fees for storage and related services and variable fees for ancillary services provided under a contract with its customers. Accordingly, there is no cyclicality in the Group’s operations. | 6 Revenue Storage rental income (Note 32) 37,467,396 23,754,376 Miscellaneous income (Note 6.1) 1,681,878 1,558,887 Ancillary services 2,612,341 1,877,913 41,761,615 27,191,176 Note 6.1 The Group has only one segment at the reporting date. Revenue generation from leasing of storage capacity of tanks and other ancillary services started in December 2017. The commercial contracts with customers related to the Phase 1 and Phase 2 have been assigned as security against the borrowing obtained in 2020. Miscellaneous income includes port charges of USD 1,681,878 that are paid by the Group to the port authority and recharged to the customers. The revenues of the Group mainly comprise of fixed fees for storage and related services and variable fees for ancillary services provided under a contract with its customers. Accordingly, there is no cyclicality in the Group’s operations. | 6 Revenue Storage rental income (Note 34) 23,754,376 13,397,209 Miscellaneous income (Note 6.1) 1,558,887 1,294,829 Ancillary services 1,877,913 1,193,181 27,191,176 15,885,219 The Group has only one segment at the reporting date. Revenue generation from leasing of storage capacity of tanks and other ancillary services started in December 2017. The commercial contracts with customers related to the Phase 1 and Phase 2 have been assigned as security against the borrowing obtained in 2020. Miscellaneous income represents port charges of USD 1,558,887 that are paid by the Group to the port authority and recharged to the customers. The revenues of the Group mainly comprise of fixed fees for storage and related services and variable fees for ancillary services provided under a contract with its customers. Accordingly, there is no cyclicality in the Group’s operations. | 6 Revenue Storage rental income (Note 33) 13,397,209 5,694,418 Miscellaneous income (Note 6.1) 1,294,829 423,094 Ancillary services 1,193,181 269,836 15,885,219 6,387,348 The Group has only one segment at the reporting date. Revenue generation from leasing of storage capacity of tanks and other ancillary services started in December 2017. 6.1: Miscellaneous income represents port charges that are paid by the Group to the port authority and recharged to the customers. | 8 Revenue Storage rental income (Note 24) 5,694,418 62,995 Miscellaneous income (Note 8.1) 423,094 Nil Ancillary services 269,836 26,598 6,387,348 89,593 8.1 Miscellaneous income represents port charges that are paid by the Company to the port authority and recharged to the customers. |
Direct Costs
Direct Costs | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Direct Costs [Abstract] | |||||
Direct Costs | 7 Direct Costs Depreciation on property, plant and equipment (Note 15) 12,615,658 6,806,198 Employees’ costs 4,232,980 3,891,969 Reimbursable port charges (Note 6.1) 2,039,396 1,681,878 Spare parts and consumables used 1,460,979 938,386 Insurance charges 955,977 782,357 Maintenance charges 2,741,780 332,658 Others 644,672 550,576 24,691,442 14,984,022 | 7 Direct Costs Depreciation on property, plant and equipment (Note 15) 6,806,198 5,800,007 Employees’ costs 3,891,969 3,482,431 Reimbursable port charges (Note 6.1) 1,681,878 1,558,887 Spare parts and consumables used 938,386 657,917 Insurance charges 782,357 397,976 Others 883,234 811,168 14,984,022 12,708,386 | 7 Direct Costs Depreciation on property, plant and equipment (Note 16) 5,800,007 5,785,745 Employees’ costs 3,482,431 3,074,727 Reimbursable port charges (Note 6.1) 1,558,887 1,294,829 Spare parts and consumables used 657,917 788,792 Insurance charges 397,976 323,702 Others 811,168 229,444 12,708,386 11,497,239 | 7 Direct Costs Depreciation on property, plant and equipment (Note 16) 5,785,745 5,763,150 Employees’ costs 3,074,727 2,808,702 Port expense (Note 6.1) 1,294,829 423,094 Spare parts and consumables used 788,792 592,471 Insurance charges 323,702 377,053 Others 229,444 135,764 11,497,239 10,100,234 | 9 Direct Costs Depreciation on property, plant and equipment (Note 17) 5,763,150 692,775 Operations staff salary 2,808,702 1,518,794 Port expenses (Note 8.1) 423,094 Nil Spare parts and consumables (Note 15) 592,471 50,891 Insurance charges 377,053 31,304 Maintenance charges 95,357 Nil Operations pickup charges 10,352 Nil Repairs & maintenance consumables 5,049 Nil License fees 7,907 Nil Power and electricity 1,247 Nil Other expenses 15,852 2,045 10,100,234 2,295,809 |
Other Income
Other Income | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income [Abstract] | |||||
Other Income | 8 Other Income Rent- waiver (Note 22) Nil 6,126,800 Miscellaneous 180,345 110,820 180,345 6,237,620 | 8 Other Income Rent- waiver (Note 22) 6,126,800 Nil Write back of accrued interest not settled Nil 754,929 Miscellaneous 110,820 73,403 6,237,620 828,332 | 8 Other Income Written back of accrued interest 754,929 Nil Miscellaneous 73,403 4,188 828,332 4,188 | 8 Other Income Miscellaneous income 4,188 8,554 4,188 8,554 | 10 Other Income Miscellaneous income 8,554 Nil 8,554 Nil |
General and Administration Expe
General and Administration Expenses | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
General And Administrative Expense [Abstract] | |||||
General and Administration Expenses | 9 General and Administration Expenses (Figures in USD) 2022 2021 Employees’ cost 3,292,361 2,486,933 Legal and professional 7,383,335 2,877,264 Sales and marketing 3,026,399 60,389 Insurance 949,784 937,329 Rent 166,894 112,306 Office expenses 409,544 393,187 Board fees and expenses 356,493 518,278 Travelling expenses 67,464 15,035 Repairs and maintenance 545 22,149 15,652,819 7,422,870 | (Figures in USD) 2021 2020 (Re-stated) 9 General and Administration Expenses Employees’ cost 2,486,933 2,014,858 Legal and professional 2,877,264 2,594,801 Insurance 937,329 639,345 Board fees and expenses 518,278 354,169 Office expenses 393,187 270,259 Repairs and maintenance 22,149 247,302 Sales and marketing 60,389 211,383 Rent 112,306 177,850 Travelling expenses 15,035 154,336 7,422,870 6,664,303 | 10 General and Administration Expenses Employees’ cost 2,014,858 1,473,335 Legal and professional 2,594,801 549,702 Insurance 639,345 Nil Board fees and expenses 354,169 Nil Office expenses 270,259 248,752 Repairs and maintenance 247,302 74,542 Sales and marketing 211,383 70,877 Rent 177,850 10,346 Travelling expenses 154,336 42,871 6,664,303 2,470,425 | 10 General and Administration Expenses Employees’ cost 1,473,335 1,210,102 Legal and professional 549,702 177,298 Office expenses 248,752 106,943 Repairs and maintenance 74,542 75,985 Sales and marketing 70,877 114,682 Travelling expenses 42,871 5,667 Rent 10,346 22,325 Other expense Nil 111,378 2,470,425 1,824,380 | 11 General and Administration Expenses Employees’ cost 1,210,102 287,481 Legal and professional 177,298 131,313 Sales and marketing 114,682 37,223 Office expenses 106,943 22,015 Repairs and maintenance 75,985 Nil Rent 22,325 43,380 Other expenses 111,378 36,310 Travelling expenses 5,667 16,544 1,824,380 574,266 |
Finance Costs
Finance Costs | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finance Costs [Abstract] | |||||
Finance Costs | 10 Finance Costs Interest expense on borrowings 22,177,769 4,966,876 Interest on lease liability 3,043,214 1,685,010 Asset retirement obligation - accretion expenses 65,859 28,252 Bank charges 119,347 89,587 Exchange loss 11,800 40,993 25,417,989 6,810,718 | 10 Finance Costs Interest expense on borrowings 4,966,876 5,467,250 Interest on lease liability 1,685,010 2,041,006 Early settlement charges Nil 706,643 Asset retirement obligation - accretion expenses 28,252 79,555 Bank charges 89,587 11,696 Exchange loss 40,993 29,119 6,810,718 8,335,269 | 11 Finance Costs Interest expense on borrowings 5,467,250 4,002,772 Interest on lease liability 2,041,006 1,412,796 Early settlement charges 706,643 Nil Asset retirement obligation - accretion expenses 79,555 Nil Bank charges 11,696 314,967 Exchange loss 29,119 51,895 8,335,269 5,782,430 | 11 Finance Costs Interest expense on term loans 4,002,772 5,559,195 Interest on lease liability 1,412,796 1,387,612 Bank charges 314,967 5,116 Exchange loss 51,895 Nil 5,782,430 6,951,923 | (Figures in USD) 2018 2017 12 Finance Costs Interest expense 5,559,195 647,969 Interest on lease liability 1,387,612 318,957 Bank charges 5,116 Nil 6,951,923 966,926 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | ||||||
Cash and Cash Equivalents | June 30, December 31, 6 Cash and Cash Equivalents Cash in hand 12,141 3,195 Balances in current accounts 12,325,931 15,877,796 12,338,072 15,880,991 The above consist of the following: Non-current Restricted bank balance 8,500,000 8,500,000 8,500,000 8,500,000 Current Cash and Cash Equivalents 1,015,899 1,452,316 Restricted bank balance 2,822,173 5,928,675 3,838,072 7,380,991 | 11 Cash and Cash Equivalents Cash in hand 18,839 3,195 Balances in current accounts 16,741,142 15,877,796 16,759,981 15,880,991 The above consist of the following: Non-current Restricted bank balance 8,500,000 8,500,000 8,500,000 8,500,000 Current Cash and Cash Equivalents 940,925 940,925 Restricted bank balance 7,319,056 5,928,675 8,259,981 7,380,991 The cash and bank balances disclosed above and in the consolidated statement of cash flows include USD 15,819,056 (2021: USD 14,428,675) which are held in restricted bank accounts under the Bond terms (Note 21). These include USD 8,500,000 held in the Liquidity account, nil A first priority pledge over the balances in the Earnings account, Liquidity account, Construction Funding account and Debt Service Retention account is held as security under the Bond terms (Note 21). | 11 Cash and Cash Equivalents Cash in hand 3,195 5,026 Balances in current accounts 15,877,796 47,884,909 15,880,991 47,889,935 The above consist of the following: Non-current Restricted bank balance 8,500,000 8,500,000 8,500,000 8,500,000 Current Cash and Cash Equivalents 1,452,316 20,989,970 Restricted bank balance 5,928,675 18,399,965 7,380,991 39,389,935 The cash and bank balances disclosed above and in the consolidated statement of cash flows include USD 14,428,675 (2020: USD 26,899,965) which are held in restricted bank accounts under the Bond terms (Note 21). These include USD 8,500,000 held in the Liquidity account, Nil A first priority pledge over the balances in the Earnings account, Liquidity account, Construction Funding account and Debt Service Retention account is held as security under the Bond terms (Note 21). | 12 Cash and Cash Equivalents Cash in hand 5,026 1,960 Balances in current accounts 47,884,909 19,828,811 47,889,935 19,830,771 The above consist of the following: Non-current. 8,500,000 Nil Restricted bank balance 8,500,000 Nil Current Cash and Cash Equivalents 20,989,970 19,830,771 Restricted bank balance 18,399,965 Nil 39,389,935 19,830,771 The cash and bank balances disclosed above and in the consolidated statement of cash flows include USD 26,899,965 which are held in restricted bank accounts under the Bond terms. These include USD 8,500,000 held in the Liquidity account, USD 24,999,963 is held in the Construction Funding account, and USD 8,400,000 held in the Debt Service Retention account. The amount in the Construction Funding account can be withdrawn up to a limit of USD 5,000,000 per month. Accordingly, USD 15,000,000 out of the balance in the Construction Funding account is considered as cash and cash equivalent. A first priority pledge over the balances in the Earnings account, Liquidity account, Construction Funding account and Debt Service Retention account is held as security under the Bond terms (Note 22). | 12 Cash and Cash Equivalents Cash in hand 1,960 5,013 Balances in current accounts 19,828,811 32,338 19,830,771 37,351 There are no restricted cash balances for the Group. | 14 Cash and Cash Equivalents Cash in hand 5,013 2,273 Balance in local currency account 32,338 Nil 37,351 2,273 |
Trade Accounts Receivables
Trade Accounts Receivables | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Trade Accounts Receivables [Abstract] | |||||
Trade Accounts Receivables | (Figures in USD) June 30, December 31, 7 Trade Accounts Receivable Trade accounts receivable 8,667,673 3,771,492 8,667,673 3,771,492 | 12 Trade Accounts Receivables Trade accounts receivables 5,275,047 3,771,492 5,275,047 3,771,492 a) As of the date of approval of these consolidated financial statements, the Group has realised amounts aggregating to USD 590,429 from the trade accounts receivables. b) Credit Risk On the basis of assessment of creditworthiness of customers judged by a combination of factors such as their conduct in the past and reputation, management’s trade experience and available market information, the credit period is extended up to 14 days of invoicing. The accounting staff monitor the outstanding amounts and follows up for recovery with periodic calls and also visits to the customers, if required. At the end of the reporting period, there was no credit risk with respect to trade receivables outside the UAE as the Group’s customers are based in the UAE. c) Currency Risk The Group transacts its business in the local market. As such, it is not exposed to any exchange rate risk with respect to trade accounts receivables. d) Impairment The age analysis of trade accounts receivables as at the end of the reporting period was as follows: Neither past-due nor impaired (0-150 days) 627,710 2,935,830 Past-due: - 151 –365 days* 4,647,337 835,662 Total 5,275,047 3,771,492 *Trade receivables past due as of the year end The overdue amounts mainly pertains to be collected from a UAE based customer. The customer and the group were parties to a commercial storage agreement, pursuant to which the group provided the customer with storage capacity and ancillary services for their products. The group has initiated successful legal proceedings against this customer and the management expects to recover all the outstanding amounts from this customer. | 12 Trade Accounts Receivable Accounts receivables 3,771,492 Nil 3,771,492 Nil At 31 December 2021, all trade receivables were neither past due nor impaired. Receivables are due within 14 days of invoicing. Unimpaired trade receivables are expected to be fully recoverable. It is not the practice of the Group to obtain collateral over receivables and the vast majority is, therefore, unsecured. As of the date of approval of these consolidated financial statements, the Group has realised amounts aggregating to USD 3,348,133 from the trade receivables. The age analysis of trade receivables as at the end of the reporting period was as follows: Neither past-due nor impaired (0-150 days) 2,935,830 Nil Past-due: - 151 - 365 days 835,662 Nil - Over 365 days Nil Nil Total 3,771,492 Nil | 13 Trade Accounts Receivables Accounts receivables Nil 163,567 Nil 163,567 Receivables are due within 14 days of invoicing. Unimpaired trade receivables are expected to be fully recoverable. It is not the practice of the Group to obtain collateral over receivables and the vast majority is, therefore, unsecured. | 13 Trade Accounts Receivable Accounts receivables 163,567 Nil 163,567 Nil At December 31, 2019, all trade receivables were neither past due nor impaired. Receivables are due within 14 days of invoicing. Unimpaired trade receivables are expected to be fully recoverable. It is not the practice of the Group to obtain collateral over receivables and the vast majority is, therefore, unsecured. |
Inventories
Inventories | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventories [Abstract] | ||||||
Inventories | 8 Inventories Spare parts and consumables 277,366 250,360 277,366 250,360 Cost of inventories recognised during the year amounted to USD 630,939 (2021: USD 938,386). No Nil | 13 Inventories (Figures in USD) 2022 2021 Spare parts and consumables 315,576 250,360 315,576 250,360 Cost of inventories recognised during the year amounted to USD 1,460,979 (2021: USD 938,386). No provision is required for inventories at 31 December 2022 (2021: Nil | 13 Inventories Spare parts and consumables 250,360 321,789 250,360 321,789 Cost of inventories recognised during the year amounted to USD 938,386 (2020: USD 657,917). No provision is required for inventories at 31 December 2021 (2020: Nil | 14 Inventories Spare parts and consumables 321,789 179,644 321,789 179,644 Cost of inventories recognised during the year amounted to USD 657,917 (2019: USD 788,792). No provision is required for inventories as at 31 December 2020 (2019: Nil | 14 Inventories Spare parts and consumables 179,644 147,090 179,644 147,090 Cost of inventories recognised during the year amounted to USD 788,792 (2018: USD 592,471). No provision is required for inventories as at December 31, 2019 (2018: Nil). | 15 Inventories Spare parts and consumables 147,090 176,651 147,090 176,651 Cost of inventories recognised during the year amounted to USD 592,471 (2017: USD 50,891). No Nil |
Other Receivables and Prepaymen
Other Receivables and Prepayments | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Receivables and Prepayments [Abstract] | ||||||
Other Receivables and Prepayments | 9 Other Receivable and Prepayments Prepaid expenses 1,284,586 289,463 Due from shareholder Nil 504,214 Due from related parties (Note 21) 92,553 86,142 Staff advances 152,389 152,389 Deposits 342,921 99,660 Other receivable 3,720 Nil 1,876,169 1,131,868 | 14 Other Receivables and Prepayments Due from shareholder 34,136 504,214 Due from related parties 110,502 86,142 Prepaid expenses 223,490 289,463 Staff advances 30,216 152,389 Deposits 320,475 99,660 Other receivables 5,274 Nil 724,093 1,131,868 | 14 Other Receivable and Prepayments Due from shareholder 504,214 Nil Due from related parties 86,142 81,013 Prepaid expenses 289,463 247,741 Staff advances 152,389 6,288 VAT receivable Nil 37,290 Deposits 99,660 21,537 1,131,868 393,869 | 15 Other Receivables and Prepayments Prepaid expenses 247,741 57,543 Due from related parties (Note 27) 81,013 57,550 VAT receivable 37,290 573,923 Deposits 21,537 15,526 Staff advances 6,288 Nil Advance paid to suppliers and contractors Nil 136,129 393,869 840,671 | 15 Other Receivable and Prepayments VAT receivable 573,923 221,448 Prepaid expenses 57,543 Nil Due from related parties 57,550 Nil Deposits 15,526 10,352 Advance paid to suppliers and contractors 136,129 13,028 840,671 244,828 | 16 Other Receivables VAT receivable 221,448 Nil Deposits 10,352 448,952 Advance paid to suppliers and contractors 13,028 133,633 244,828 582,585 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||||||
Property, Plant and Equipment | 10 Property, Plant and Equipment a) The movement schedule is set out on page 25. | 15 Property, Plant and Equipment a) The movement schedule is set out on page 43. | 15 Property, Plant and Equipment a) The movement schedule is set out on page 45. | 16 Property, Plant and Equipment a) The movement schedule is set out on page 48. | 16 Property, Plant and Equipment a) The groupings are mentioned on page 47. | 17 Property, Plant and Equipment Buildings Installations Other Equipment Tanks Capital Right - of Total Cost: As at January 01, 2018 (Re-stated) 28,037,886 65,860,351 79,645 76,100,795 294,403 27,540,969 197,914,049 Additions during the year Nil 7,895 134,198 Nil 8,050,444 Nil 8,192,537 As at December 31, 2018 28,037,886 65,868,246 213,843 76,100,795 8,344,847 27,540,969 206,106,586 Accumulated Depreciation: As at January 01, 2018 (Re-stated) 129,051 325,525 3,232 181,306 Nil 1,836,064 2,475,178 Charge for the year 1,121,515 2,823,140 33,204 1,565,419 Nil 459,016 6,002,294 As at December 31, 2018 1,250,566 3,148,665 36,436 1,746,725 Nil 2,295,080 8,477,472 Net Carrying Amount: As at December 31, 2018 26,787,320 62,719,581 177,407 74,354,070 8,344,847 25,245,889 197,629,114 As at December 31, 2017 (Restated) 27,908,835 65,534,826 76,413 75,919,489 294,403 25,704,905 195,438,871 Tanks and related assets with a carrying value of USD 164,038,378 (2017: USD 169,439,563) are mortgaged as security against loans obtained in 2014 and 2017 (Note 19). Further, as security against the term loan (2), a step-in right to use the leased land, has been provided to the commercial bank. Capital work in progress at December 31, 2018 includes total amount capitalised relating to the construction of Phase 2 and includes an amount of USD 1,151,797 related to finance charge on lease liability and an amount of USD 239,144 related to depreciation charge on right-of-use asset capitalised. The Company has entered into a land lease agreement with the municipality of Fujairah. The lease commenced in 2013 and is for a period of 30 years extendable for another 30 years at the option of the Company. Considering the use of the land, it is reasonably certain that the Company will continue to lease the land till the end of the lease period (i.e. 60 years) and the lease rentals have been discounted at the incremental borrowing rate of 9.5%. As per the land lease agreement, the lease rentals will be increased by 2% every year. The depreciation charge for the year is allocated to the statement of comprehensive income (within profit and loss) and capital work in progress as follows. 2018 2017 Direct costs (Note 9) 5,763,150 692,775 CWIP 239,144 405,647 6,002,294 1,098,422 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Financial Instruments [Abstract] | |||||
Derivative Financial Instruments | 11 Derivative financial instruments Call option 7,364,829 5,422,917 7,364,829 5,422,917 On 24 September 2020, the Group issued long term fixed interest rate senior secured bonds of USD 200,000,000 to private investors with a face value of USD 1 at an issue price of USD 0.95. The Group has the option to redeem the bonds in full or in part any time after 24 September 2023 (the “call option”). The call option represents an embedded derivative that has been separated from the host contract and separately valued. At 30 June 2022 management has assessed the value of the call option of USD 7,364,829 and classified as change in fair value of derivative financial instrument in the interim consolidated statement of comprehensive income (Note 16). | 16 Derivative Financial Instruments Call option 9,306,741 5,422,917 9,306,741 5,422,917 On 24 September 2020, the Group issued long term fixed interest rate senior secured bonds of USD 200,000,000 to private investors with a face value of USD 1 at an issue price of USD 0.95. The Group has the option to redeem the bonds in full or in part any time after 24 September 2023 (the “call option”). The call option represents an embedded derivative that has been separated from the host contract and separately valued. At 31 December 2022 management has assessed the value of the call option of USD 9,306,741 and classified as change in fair value of derivative financial instrument in the consolidated statement of comprehensive income (Note 21). | 16 Derivative Financial Instruments Call option 5,422,917 Nil 5,422,917 Nil On 24 September 2020, the Group issued long term fixed interest rate senior secured bonds of USD 200,000,000 to private investors with a face value of USD 1 at an issue price of USD 0.95. The Group has the option to redeem the bonds in full or in part any time after 24 September 2023 (the “call option”). The call option represents an embedded derivative that has been separated from the host contract and separately valued. At 31 December 2021 management has assessed the value of the call option of USD 5,422,917 and classified as change in fair value of derivative financial instrument in the consolidated statement of comprehensive income (Note 21). | 21 Derivative Financial Instruments Interest rate swaps Nil 1,518,249 Nil 1,518,249 In 2018, the Group entered into an interest rate swap with a commercial bank exchanging variable interest for fixed interest at specified dates on its term loan 1. The interest rate swap matures in June 2023. The Group is exposed to variability in future interest cash flows on terms loan and Islamic ijara loan which bears interest at a variable rate. During the year, the Group fully settled the term loans as well as the interest rate swaps. The Group have repaid USD 1,858,753 in settlement. The details of these derivative financial instruments are as follows: Notional Fair value Fair value Amount asset liability 31 December 2020 Designated at FVTPL Interest rate swaps Nil Nil Nil 31 December 2019 Designated at FVTPL Interest rate swaps 79,253,015 Nil 1,518,249 | 21 Derivative Financial Instruments Interest rate swaps 1,518,249 1,190,073 1,518,249 1,190,073 In 2018, the Group entered into an interest rate swap with a commercial bank exchanging variable interest for fixed interest at specified dates on its term loan 1. The interest rate swap matures in June 2023. The Group is exposed to variability in future interest cash flows on terms loan and Islamic ijara loan which bears interest at a variable rate. In order to reduce its exposure to interest rates fluctuations on the loans, the Group has entered into an interest rate arrangement with counter-party banks for a notional amount that mirrors the draw down schedule of the loans, covering not less than 90% of the outstanding term loan. At December 31, 2019 the fixed interest rates varied from 2.78% to 4.76% (2018: 2.78% to 4.76%). The floating interest rate is based on EIBOR. The notional amount outstanding at December 31, 2019 was USD 79.2 million (2018: USD 83.8 million). The interest rate swap match the terms of the fixed rate loan (i.e., notional amount, maturity, payment and reset dates). The details of these derivative financial instruments are as follows: Notional Fair value Fair value December 31, 2019 Designated at FVTPL 79,253,015 Nil 1,518,249 December 31, 2018 Designated at FVTPL 83,855,305 Nil 1,190,073 |
Advances to Contractor
Advances to Contractor | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Advances to Contractor [Abstract] | |||||
Advances to Contractor | (Figures in USD) June 30, December 31, 12 Advances to Contractor Advances to contractor 15,571,215 3,499,988 15,571,215 3,499,988 The above amount mainly includes the advances paid towards Audex Fujairah LL FZE for the interconnectivity construction amounting USD 15,006,262. | 17 Advances to Contractor Advances to contractor 15,223,215 3,499,988 15,223,215 3,499,988 The above amount mainly includes the advances paid towards Audex Fujairah LL FZE for the interconnectivity construction amounting USD 15Mn. | 17 Advances to Contractor Advances to contractor 3,499,988 16,458,252 3,499,988 16,458,252 The above amount represents the advances paid for the purchase of new office space. Subsequent to the year end, the capital advances have been transferred to property, plant and equipment on handed over and transfer of title to the Group. | 17 Advances to Contractor Advances to contractor 16,458,252 21,664,764 16,458,252 21,664,764 The amount represents the advances paid to a contractor (Audex) for future services in relation to phase 2 amounting USD 15,655,981 and USD 802,271 paid as an advance for the purchase of new office space. | 17 Advances to Contractor Advances to contractor 21,664,764 Nil 21,664,764 Nil The amount represents the advances paid to a contractor (Audex) for future services in relation to Phase 2. |
Trade and Accounts Payable
Trade and Accounts Payable | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Trade and Accounts Payable [Abstract] | ||||||
Trade and Accounts Payable | 13 Trade and Accounts Payable Trade accounts payable 17,627,226 9,113,183 Accrued interest on borrowings 3,965,660 4,101,250 Advances from customer 4,876,252 2,417,956 Accrued expenses 9,054,622 394,611 Due to a related party (Note 21) 2,041,927 2,041,927 VAT payable 20,766 20,566 Payables to third parties 65,865 N 37,652,318 18,189,493 | 18 Trade and Accounts Payable (Figures in USD) 2022 2021 Trade accounts payable 9,853,157 9,113,183 Accrued interest on borrowings 3,815,551 4,101,250 Advances from customer 6,222,055 2,417,956 Accrued expenses 3,076,957 394,611 Due to a related party Nil 2,041,927 VAT payable 497,083 120,566 23,464,803 18,189,493 | 18 Trade and Accounts Payable Trade accounts payable 9,113,183 5,216,243 Accrued interest on borrowings 4,101,250 4,250,000 Advances from customer 2,417,956 1,340,252 Due to a related party 2,041,927 2,041,927 Accrued expenses 394,611 467,840 VAT payable 120,566 Nil Capital accruals Nil 4,450,313 18,189,493 17,766,575 | (Figures in USD) 2020 2019 18 Trade and Accounts Payable Trade accounts payable 5,216,243 25,989,965 Capital accruals 4,450,313 31,466,080 Accrued interest on term loans 4,250,000 3,295,382 Due to a related party (Note 27) 2,041,927 Nil Advances from customer 1,340,252 Nil Accrued expenses 467,840 360,180 Payables to third parties Nil 22,360 17,766,575 61,133,967 | 18 Trade and Accounts Payable Trade accounts payable 25,989,965 1,566,717 Capital accruals 31,466,080 5,978,220 Accrued interest on term loans 3,295,382 910,691 Accrued expenses 360,180 546,333 Payables to third parties 22,360 Nil 61,133,967 9,001,961 Trade accounts payables mainly includes the payables to Audex (Phase 2 contractor) amounting to USD 21.5 million. Capital accruals represents contractor’s capital accruals for Phase 2. | 18 Trade and Accounts payable Trade accounts payable 1,566,717 1,750,774 Capital accruals 5,978,220 Nil Accrued expenses 546,333 43,227 Accrued interest on term loans 910,691 2,620,150 Advance from customers Nil 166,022 9,001,961 4,580,173 |
Other Payable
Other Payable | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Payable [Abstract] | |||||
Other Payable | 14 Other Payable M/s Brooge International Advisory LLC 74,253,965 74,253,965 74,253,965 74,253,965 As disclosed on May 27, 2022, the Group has not been able to file the 2021 Form 20-F due to an ongoing non-public examination being conducted by the U.S. Securities and Exchange Commission (the “SEC”) regarding the financial statements of the Group. Subsequently, the Audit Committee of the Board of Directors (the “Audit Committee”), engaged independent counsel to conduct under its supervision, an internal examination into the Group’s revenue recognition practices and related matters. As a result of the findings from this internal examination, on August 12, 2022, the Audit Committee, in consultation with the Group’s management, concluded that the previously issued audited consolidated financial statements as of and for the periods ending December 31, 2020, 2019, and 2018, and the previously issued unaudited financial statements for interim periods therein and the six months ended June 30, 2021 should no longer be relied upon. In connection with the internal examination, the Group conducted a comprehensive review of the accounting policies, procedures, and internal controls related to revenue recognition. All available customer contracts were assessed based on International Financial Reporting Standard (IFRS) 15 ‘Revenue from Contracts with Customers’ and IFRS 16 ‘Leases’. This review identified that the funds received from a related party viz. M/s Al Brooge International Advisory LLC do not qualify to be recognised as revenue. Due to the qualitative nature of the matters identified in the Group’s internal examination, including the number of years over which the non-qualified revenue was recognized the Group determined that it would be appropriate to rectify the misstatements in the previously issued financial statements by restating such financial statements. Accordingly, the above USD 74,253,965 mainly represents funds received from BIA, which was reversed from revenue and re-classified as Other payables under Liabilities. The Management does not expect to settle these amounts using any of it’s current assets or any existing resources in the foreseeable future. Pending its potential receipt of confirmation or adequate supporting documentation from the party, the Group has taken a conservative approach to recognise this as a liability. The Group continues to assess this liability and will evaluate whether there arises any obligation or it is discharged or cancelled or expires or is swapped out for one with significantly different terms or when the terms of are significantly modified, such an exchange or modification is recognized as a derecognition of the old liability and the recognition of a new liability or as equity contribution, as applicable and the difference in the respective carrying amounts will be recorded in the statement of either other comprehensive income or directly as equity as applicable. | 19 Other Payable M/s Brooge International Advisory LLC 74,253,965 74,253,965 74,253,965 74,253,965 As disclosed on May 27, 2022, the Group has not been able to file the 2021 Form 20-F due to an ongoing non-public examination being conducted by the U.S Securities and Exchange Commission (the “SEC”) regarding the consolidated financial statements of the Group. Subsequently, the Audit Committee of the Board of Directors (the “Audit Committee”), engaged independent counsel to conduct under its supervision, an internal examination into the Group’s revenue recognition practices and related matters. As a result of the findings from this internal examination, on August 12, 2022, the Audit Committee, in consultation with the Group’s management, concluded that the previously issued audited consolidated financial statements as of and for the periods ending December 31, 2020 and 2019, and the previously issued unaudited consolidated financial statements for interim periods therein and the six months ended June 30, 2021 should no longer be relied upon. In connection with the internal examination, the Group conducted a comprehensive review of the accounting policies, procedures, and internal controls related to revenue recognition. All available customer contracts were assessed based on International Financial Reporting Standard (IFRS) 15 ‘Revenue from Contracts with Customers’ and IFRS 16 ‘Leases’. This review identified that the funds received from a related party viz. M/s Al Brooge International Advisory LLC do not qualify to be recognised as revenue. Due to the qualitative nature of the matters identified in the Group’s internal examination, including the number of years over which the non-qualified revenue was recognized the Group determined that it would be appropriate to rectify the misstatements in the previously issued consolidated financial statements by restating such consolidated financial statements. Accordingly, an amount of USD 74,253,965 which represents funds received from BIA, was reversed from revenue and re-classified as Other payable under Liabilities for the financial years from 2018 to 2020. The Management do not expect to settle these amounts using any of it’s current assets or any existing resources in the foreseeable future. Pending its potential receipt of confirmation or adequate supporting documentation from the party, the Group has taken a conservative approach to recognise this as a liability. The Group continues to assess this liability and will evaluate whether there arises any obligation or it is discharged or cancelled or expires or is swapped out for one with significantly different terms or when the terms of are significantly modified, such an exchange or modification is recognized as a derecognition of the old liability and the recognition of a new liability or as equity contribution, as applicable and the difference in the respective carrying amounts will be recorded in the consolidated statement of either other comprehensive income or directly as equity as applicable. The above changes pertaining to reversal of Revenue and recognition of such amount under Other payable were accounted retrospectively in accordance with IAS 8. | 19 Other Payable M/s Brooge International Advisory LLC (Note 32) 74,253,965 73,453,606 74,253,965 73,453,606 | 19 Other Payable M/s Brooge International Advisory LLC 73,453,606 57,794,495 73,453,606 57,794,495 | 19 Other Payable M/s Brooge International Advisory LLC 57,794,495 27,854,947 57,794,495 27,854,947 Please refer Note 33 for more details. |
Derivative Warrant Liability
Derivative Warrant Liability | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Warrant Liability [Abstract] | |||||
Derivative Warrant Liability | 15 Derivative Warrant Liability Issuance of 21,228,900 warrants in connection with merger 11,675,815 13,161,838 Fair value remeasurement of derivative warrant liability (4,458,069 ) (1,486,023 ) 7,217,746 11,675,815 In accordance with IAS 32, a contract to issue a variable number of shares fails to meet the definition of equity and must instead be classified as a derivative liability and measured at fair value with changes in fair value recognized in the interim consolidated statement of comprehensive income at each reporting date. The derivative liabilities will ultimately be converted into the Group’s equity (ordinary shares) when the warrants are exercised, or will be extinguished on the expiry of the outstanding warrants, and will not result in the outlay of any cash by the Group. In connection with the completion of the business combination on 20 December 2019, each of Twelve Sea’s 21,229,000 outstanding warrants were converted into the Group’s warrants at 1:1 ratio. The warrants allow the holder to subscribe for the ordinary shares of the Company at 1:1 basis at an exercise price of USD 11.50. The warrants shall lapse and expire after five years from the closing of the business combination. The holders of the warrants issued pursuant to the business combination may elect, if the Group does not have an effective registration statement or the prospectus contained therein is not available for the issuance of the warrant shares to the holder, in lieu of exercising the warrants for cash, a cashless exercise option to receive a variable number of common shares. At initial recognition on 20 December 2019, the Group recorded a derivative warrant liability of USD 16,983,200 based on the quoted price on 20 December 2019 of USD 0.8 per warrant and then revalued at USD 0.74 at 31 December 2019 resulting in a fair value gain of USD 1,273,740 and a warrant derivative liability of USD 15,709,460. These warrants were accounted for as part of the consideration transferred under IFRS 2. On 14 May 2020, holders of 100 warrants have exercised their rights through cash exercise and converted the warrants into ordinary shares. At 30 June 2022, the Group recorded a derivative warrant liability of USD 7,217,746 (31 December 2021: USD 11,675,815 ) which resulted in a gain on revaluation of derivative warrant liability for the year ended 30 June 2022 of USD 4,458,069 (31 December 2021: USD 1,486,023). | 20 Derivative Warrant Liability (Figures in USD) 2022 2021 Issuance of 21,228,900 warrants in connection with merger 11,675,815 13,161,838 Fair value remeasurement of derivative warrant liability (7,430,035 ) (1,486,023 ) 4,245,780 11,675,815 In accordance with IAS 32, a contract to issue a variable number of shares fails to meet the definition of equity and must instead be classified as a derivative liability and measured at fair value with changes in fair value recognized in the consolidated statement of comprehensive income at each reporting date. The derivative liabilities will ultimately be converted into the Group’s equity (ordinary shares) when the warrants are exercised, or will be extinguished on the expiry of the outstanding warrants, and will not result in the outlay of any cash by the Group. In connection with the completion of the business combination on 20 December 2019, each of Twelve Sea’s 21,229,000 outstanding warrants were converted into the Group’s warrants at 1:1 ratio. The warrants allow the holder to subscribe for the ordinary shares of the Company at 1:1 basis at an exercise price of USD 11.50. The warrants shall lapse and expire after five years from the closing of the business combination. The holders of the warrants issued pursuant to the business combination may elect, if the Group does not have an effective registration statement or the prospectus contained therein is not available for the issuance of the warrant shares to the holder, in lieu of exercising the warrants for cash, a cashless exercise option to receive a variable number of common shares. At initial recognition on 20 December 2019, the Group recorded a derivative warrant liability of USD 16,983,200 based on the quoted price on 20 December 2019 of USD 0.8 per warrant and then revalued at USD 0.74 at 31 December 2019 resulting in a fair value gain of USD 1,273,740 and a warrant derivative liability of USD 15,709,460. These warrants were accounted for as part of the consideration transferred under IFRS 2. On 14 May 2020, holders of 100 warrants have exercised their rights through cash exercise and converted the warrants into ordinary shares. At 31 December 2022, the Group recorded a derivative warrant liability of USD 4,245,780 (31 December 2021: USD 11,675,815) which resulted in a gain on revaluation of derivative warrant liability for the year ended 31 December 2021 of USD 7,430,035 (31 December 2021: USD 1,486,023). | 20 Derivative Warrant Liability Issuance of 21,228,900 warrants in connection with merger 13,161,838 15,709,460 Fair value remeasurement of derivative warrant liability (1,486,023 ) (2,547,622 ) 11,675,815 13,161,838 In accordance with IAS 32, a contract to issue a variable number of shares fails to meet the definition of equity and must instead be classified as a derivative liability and measured at fair value with changes in fair value recognized in the consolidated statement of comprehensive income at each reporting date. The derivative liabilities will ultimately be converted into the Group’s equity (ordinary shares) when the warrants are exercised, or will be extinguished on the expiry of the outstanding warrants, and will not result in the outlay of any cash by the Group. In connection with the completion of the business combination on 20 December 2019, each of Twelve Sea’s 21,229,000 outstanding warrants were converted into the Group’s warrants at 1:1 ratio. The warrants allow the holder to subscribe for the ordinary shares of the Company at 1:1 basis at an exercise price of USD 11.50. The warrants shall lapse and expire after five years from the closing of the business combination. The holders of the warrants issued pursuant to the business combination may elect, if the Group does not have an effective registration statement or the prospectus contained therein is not available for the issuance of the warrant shares to the holder, in lieu of exercising the warrants for cash, a cashless exercise option to receive a variable number of common shares. At initial recognition on 20 December 2019, the Group recorded a derivative warrant liability of USD 16,983,200 based on the quoted price on 20 December 2019 of USD 0.8 per warrant and then revalued at USD 0.74 at 31 December 2019 resulting in a fair value gain of USD 1,273,740 and a warrant derivative liability of USD 15,709,460. These warrants were accounted for as part of the consideration transferred under IFRS 2. On 14 May 2020, holders of 100 warrants have exercised their rights through cash exercise and converted the warrants into ordinary shares. At 31 December 2021, the Group recorded a derivative warrant liability of USD 11,675,815 (31 December 2020: USD 13,161,838 ) which resulted in a gain on revaluation of derivative warrant liability for the year ended 31 December 2021 of USD 1,486,023 (31 December 2020: USD 2,547,622). | 20 Derivative Warrant Liability Issuance of 21,228,900 warrants in connection with merger (Note 31) 15,709,460 16,983,200 Fair value remeasurement of derivative warrant liability (2,547,622 ) (1,273,740 ) 13,161,838 15,709,460 In accordance with IAS 32, a contract to issue a variable number of shares fails to meet the definition of equity and must instead be classified as a derivative liability and measured at fair value with changes in fair value recognized in the consolidated statement of comprehensive income at each reporting date. The derivative liabilities will ultimately be converted into the Group’s equity (ordinary shares) when the warrants are exercised or will be extinguished on the expiry of the outstanding warrants, and will not result in the outlay of any cash by the Group. In connection with the completion of the business combination on 20 December 2019, each of Twelve Sea’s 21,229,000 outstanding warrants were converted into the Group’s warrants at 1:1 ratio. The warrants allow the holder to subscribe for the ordinary shares of the Company at 1:1 basis at an exercise price of USD 11.50. The warrants shall lapse and expire after five years from the closing of the business combination. The holders of the warrants issued pursuant to the business combination may elect, if the Group does not have an effective registration statement or the prospectus contained therein is not available for the issuance of the warrant shares to the holder, in lieu of exercising the warrants for cash, a cashless exercise option to receive a variable number of common shares. At initial recognition on 20 December 2019, the Group recorded a derivative warrant liability of USD 16,983,200 based on the quoted price on 20 December 2019 of USD 0.8 per warrant and then revalued at USD 0.74 at 31 December 2019 resulting in a fair value gain of USD 1,273,740 and a warrant derivative liability of USD 15,709,460. These warrants were accounted for as part of the consideration transferred under IFRS 2. Additional information is provided in Note 26. On 14 May 2020, holders of 100 warrants have exercised their rights through cash exercise and converted the warrants into ordinary shares. At 31 December 2020, the Group recorded a derivative warrant liability of USD 13,161,838 (31 December 2019: USD 15,709,460) which resulted in a gain on revaluation of derivative warrant liability for the year ended 31 December 2020 of USD 2,547,622 (31 December 2019: USD 1,273,740). | 20 Derivative Warrant Liability Issuance of 21,229,000 warrants in connection with merger (Note 30) 16,983,200 Nil Fair value remeasurement of derivative warrant liability (1,273,740 ) Nil 15,709,460 Nil In accordance with IAS 32, a contract to issue a variable number of shares fails to meet the definition of equity and must instead be classified as a derivative liability and measured at fair value with changes in fair value recognized in the consolidated statement of comprehensive income at each reporting date. The derivative liabilities will ultimately be converted into the Group’s equity (ordinary shares) when the warrants are exercised or will be extinguished on the expiry of the outstanding warrants, and will not result in the outlay of any cash by the Group. In connection with the completion of the business combination on 20 December 2019, each of Twelve Sea’s 21,229,000 outstanding warrants were converted into the Group’s warrants at 1:1 ratio. The warrants allow the holder to subscribe for the ordinary shares of the Company at 1:1 basis at an exercise price of USD 11.50. The warrants shall lapse and expire after five years from the closing of the business combination. The holders of the warrants issued pursuant to the business combination may elect, if the Group does not have an effective registration statement or the prospectus contained therein is not available for the issuance of the warrant shares to the holder, in lieu of exercising the warrants for cash, a cashless exercise option to receive a variable number of common shares. At initial recognition on 20 December 2019, the Group recorded a derivative warrant liability of USD 16,983,200 based on the quoted price on 20 December 2019 of USD 0.8 per warrant and then revalued at USD 0.74 at December 31, 2019 resulting in a fair value gain of USD 1,273,740 and a warrant derivative liability of USD 15,709,460. These warrants were accounted for as part of the consideration transferred under IFRS 2. Additional information is provided in Note 30. On 14 May 2020, holders of 100 warrants have exercised their rights through cash exercise and converted the warrants into ordinary shares. |
Borrowings
Borrowings | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Borrowings [Abstract] | ||||||
Borrowings | (Figures in USD) June 30, December 31, 16 Borrowings Term loan 2,376,804 Nil Bonds 176,925,643 182,781,617 179,302,447 182,781,617 The current and non- current break up as below: Non- Current Maturity Term loan 2028 1,980,670 Nil 1,980,670 Nil Current Term loan 396,134 Nil Bonds On demand 176,925,643 182,781,617 177,321,777 182,781,617 Coupon Effective interest 2022 2021 Bonds rate % rate % Maturity date USD USD USD 200,000,000 bond net of transaction costs 8.50 % 10.57 % Refer note below 176,925,643 182,781,617 On 24 September 2020, the Group issued long term fixed interest rate senior secured bonds of USD 200,000,000 to private investors with a face value of USD 1 at an issue price of USD 0.95. The Group can issue further bonds of up to USD 50,000,000 under identical terms except issue price that can be above or below the nominal amount, subject to certain conditions. The proceeds of the bonds of USD 186,000,000 net of USD 4,000,000 of transaction costs were drawn down during November 2020. In accordance with the terms of the bonds, the proceeds were used to settle the existing term loans and promissory notes. An amount of USD 85,000,000 were transferred to a Construction account to be used solely to fund the remaining phase 2 construction costs. The balance proceeds were used for general corporate purposes. The bonds will be repaid in semi-annual payments of USD 7,000,000 starting September 2021 until March 2025, and one bullet repayment of USD 144,000,000 in September 2025. Interest will accrue at a coupon rate of 8.5% and will be payable semi-annually in March and September each year. The Group has the option to redeem the bonds in full or in part any time after 24 September 2023 (the “call option”). The call option represents an embedded derivative that has been separated from the host contract and separately valued. At 31 December 2021, management has assessed the value of the call option of USD 5,422,917 and classified as change in fair value of derivative financial instrument. The comparative amount of USD 340,504 relates to the changes in fair value of interest rate swaps relating to Group’s previous term loans which were settled in November 2020. The bonds are secured by: (i) pledge over all the existing and future shares of BPGIC FZE; (ii) assignment of rights and pledge over the balance in the Earnings account; (iii) pledge over the balance in the Liquidity account, the Debt Service Retention account and the Construction Funding account; (iv) pledge over moveable assets of BPGIC FZE and its subsidiaries; (v) security assignment of commercial contracts related to phase I and phase II, land lease agreement, port facilities agreement and EPC construction contract; (vi) security assignment over insurance contracts for phase I terminal, phase II terminal and admin building; (vii) security assignment over group and intercompany loans; and (viii) corporate guarantee from Brooge Energy Limited. The bond agreement also restricts BPGIC FZE from making any distributions other than in the form of an inter company loan for phase III construction. Under the bond agreement, BPGIC FZE is subject to the following financial covenants during the term of the bonds: (i) Minimum Liquidity: BPGIC FZE to maintain $8.5 million in the Liquidity account; (ii) Leverage Ratio: BPGIC FZE and its subsidiaries’ leverage ratio not to exceed: (A) 5.5x at 31 December 2020; (B) 3.5x at 31 December 2021; and (C) 3.0x anytime thereafter; and (iii) Working Capital: BPGIC FZE and its subsidiaries to maintain a positive working capital. The bond agreement requires the Group to comply with the following financial covenant: (i) Brooge Energy Limited to maintain a minimum equity ratio of 25%. As of 30 June 2022, the Group was in technical breach of the requirements to comply with the leverage ratio and working capital thresholds. Even though the lenders did not declare an event of default under the bond agreement, these technical breaches constituted events of default and could have resulted in the lender requiring immediate repayment of the bonds. Accordingly, the Group has classified the respective bonds as a current liability at the end of 30 June 2022. Subsequent to the year end, the lenders have confirmed their intention to not require immediate repayment of the outstanding amounts or alter the repayment pattern in the original bond agreement. Bond Waiver letter On April 27, 2022, the Group entered into an agreement with the Bondholders to implement following amendments to the Bond Financing Facility, effective immediately: (a) Waiver of the Events of Defaults that are triggered by the technical breaches of the Leverage Ratio and positive Working Capital covenants until December 31, 2022. (b) The requirement to maintain a Leverage Ratio to not exceed certain thresholds is suspended (waived) for the results period from December 31, 2021 to and including December 30, 2022, and shall be tested again for the 12 months results period from (and including) January 1, 2022 to December 31, 2022 (inclusive) at 3.5x, stepping down to 3.0x anytime thereafter (as per the original terms of the Bond Financing Facility). For the avoidance of doubt, the costs associated with the amendments shall not be taken into consideration in EBITDA when calculating Leverage Ratio. (c) The requirement to maintain a positive Working Capital is suspended (waived) for the period from December 31, 2021 to and including December 30, 2022, and shall be tested again starting from and including December 31, 2022. (d) Permitted Distribution: (i) No Permitted Distribution shall be made before BPGIC is in compliance with financial covenant requirements under the original terms of the Bond Facility Financing. (ii) Furthermore, BPGIC shall provide to the Bond Trustee a written statement signed by its chief executive officer and chief financial officer within three business days prior to any permitted distribution under the terms of the Bond Financing Facility that (A) states the amount being distributed as a permitted distribution, (B) confirms the conditions with respect to such distribution are satisfied, and (C) declares such distribution will not lead to an Event of Default on the next testing date. Term loan During the year, the Group obtained a new term loan facility from a commercial bank in the UAE amounting to USD 2,395,862 to partially finance the purchase of corporate office for the Group in Dubai. The new facility carries interest at 3 months EIBOR + 4% margin (minimum 6.5% per annum) and is repayable in 24 quarterly instalments commencing 6 months after the date of disbursement. The term loan is secured by: i. Corporate Guarantee of M/s Brooge Energy Limited. ii. BPGIC Phase III FZE grants in favor of the commercial bank a First Rank Degree Mortgage for a total mortgage of AED 13,000,000 of the corporate office. iii. Rental Income generated by the corporate office to be automatically assigned to the commercial bank unless the parties agree otherwise in writing. iv. Authority to debit account no: 1001752862 of BPGIC FZE signed by the signatories (RIM No.1123593) v. Promissory note for the secured loan. vi. Security cheque covering the total facility limit drawn by the Group. | 21 Borrowings (Figures in USD) 2022 2021 Term loan 2,178,737 Nil Bonds 171,343,445 182,781,617 173,522,182 182,781,617 The current and non- current break up as below: Non- Current Maturity Term loan 2028 1,782,603 Nil 1,782,603 Nil Current Term loan 396,134 Nil Bonds On demand 171,343,445 182,781,617 171,739,579 182,781,617 Bonds Coupon Effective Maturity date 2022 2021 USD 200,000,000 bond net of transaction costs 8.50 % 10.57 % Refer note below 171,343,445 182,781,617 On 24 September 2020, the Group issued long term fixed interest rate senior secured bonds of USD 200,000,000 to private investors with a face value of USD 1 at an issue price of USD 0.95. The Group can issue further bonds of up to USD 50,000,000 under identical terms except issue price that can be above or below the nominal amount, subject to certain conditions. The proceeds of the bonds of USD 186,000,000 net of USD 4,000,000 of transaction costs were drawn down during November 2020. In accordance with the terms of the bonds, the proceeds were used to settle the existing term loans and promissory notes. An amount of USD 85,000,000 were transferred to a Construction account to be used solely to fund the remaining phase 2 construction costs. The balance proceeds were used for general corporate purposes. The bonds will be repaid in semi-annual payments of USD 7,000,000 starting September 2021 until March 2025, and one bullet repayment of USD 144,000,000 in September 2025. Interest will accrue at a coupon rate of 8.5% and will be payable semi-annually in March and September each year. The Group has the option to redeem the bonds in full or in part any time after 24 September 2023 (the “call option”). The call option represents an embedded derivative that has been separated from the host contract and separately valued. At 31 December 2022, management has assessed the value of the call option of USD 9,306,741 and classified as change in fair value of derivative financial instrument. The bonds are secured by: (i) pledge over all the existing and future shares of BPGIC FZE; (ii) assignment of rights and pledge over the balance in the Earnings account; (iii) pledge over the balance in the Liquidity account, the Debt Service Retention account and the Construction Funding account; (iv) pledge over moveable assets of BPGIC FZE and its subsidiaries; (v) security assignment of commercial contracts related to phase I and phase II, land lease agreement, port facilities agreement and EPC construction contract; (vi) security assignment over insurance contracts for phase I terminal, phase II terminal and admin building; (vii) security assignment over group and intercompany loans; and (viii) corporate guarantee from Brooge Energy Limited. The bond agreement also restricts BPGIC FZE from making any distributions other than in the form of an inter company loan for phase III construction. Under the bond agreement, BPGIC FZE is subject to the following financial covenants during the term of the bonds. (i) Minimum Liquidity: BPGIC FZE to maintain $8.5 million in the Liquidity account; (ii) Leverage Ratio: BPGIC FZE and its subsidiaries’ leverage ratio not to exceed: (A) 5.5x at 31 December 2020; (B) 3.5x at 31 December 2021; and (C) 3.0x anytime thereafter; and (iii) Working Capital: BPGIC FZE and its subsidiaries to maintain a positive working capital. The bond agreement requires the Group to comply with the following financial covenant: (i) Brooge Energy Limited to maintain a minimum equity ratio of 25%. As of 31 December 2022, the Group was in technical breach of the requirements to comply with the leverage ratio and working capital thresholds. Even though the lenders did not declare an event of default under the bond agreement, these technical breaches constituted events of default and could have resulted in the lender requiring immediate repayment of the bonds. Accordingly, the Group has classified the respective bonds as a current liability at the end of 31 December 2022. Subsequent to the year end, the lenders have confirmed their intention to not require immediate repayment of the outstanding amounts or alter the repayment pattern in the original bond agreement. Bond Waiver letter On April 27, 2022, the Group entered into an agreement with the Bondholders to implement following amendments to the Bond Financing Facility, effective immediately: (a) Waiver of the Events of Defaults that are triggered by the technical breaches of the Leverage Ratio and positive Working Capital covenants until December 31, 2022. (b) The requirement to maintain a Leverage Ratio to not exceed certain thresholds is suspended (waived) for the results period from December 31, 2021 to and including December 30, 2022, and shall be tested again for the 12 months results period from (and including) January 1, 2022 to December 31, 2022 (inclusive) at 3.5x, stepping down to 3.0x anytime thereafter (as per the original terms of the Bond Financing Facility). For the avoidance of doubt, the costs associated with the amendments shall not be taken into consideration in EBITDA when calculating Leverage Ratio. (c) The requirement to maintain a positive Working Capital is suspended (waived) for the period from December 31, 2021 to and including December 30, 2022, and shall be tested again starting from and including December 31, 2022. (d) Permitted Distribution: (i) No Permitted Distribution shall be made before BPGIC is in compliance with financial covenant requirements under the original terms of the Bond Facility Financing. (ii) Furthermore, BPGIC shall provide to the Bond Trustee a written statement signed by its chief executive officer and chief financial officer within three business days prior to any permitted distribution under the terms of the Bond Financing Facility that (A) states the amount being distributed as a permitted distribution, (B) confirms the conditions with respect to such distribution are satisfied, and (C) declares such distribution will not lead to an Event of Default on the next testing date. Term loan During the year, the Group obtained a new term loan facility from a commercial bank in the UAE amounting to USD 2,395,862 to partially finance the purchase of corporate office for the Group in Dubai. The new facility carries interest at 3 months EIBOR + 4% margin (minimum 6.5% per annum) and is repayable in 24 quarterly instalments commencing 6 months after the date of disbursement. The term loan is secured by i. Corporate Guarantee of M/s Brooge Energy Limited ii. BPGIC Phase III FZE grants in favor of the commercial bank a First Rank Degree Mortgage for a total mortgage of AED 13,000,000 of the corporate office. iii. Rental Income generated by the corporate office to be automatically assigned to the commercial bank unless the parties agree otherwise in writing. iv. Authority to debit account no: 1001752862 of BPGIC FZE signed by the signatories (RIM No. 1123593) v. Promissory note for the secured loan vi. Security cheque covering the total facility limit drawn by the Group. | 21 Borrowings Bonds 182,781,617 187,014,715 182,781,617 187,014,715 The current and non- current break up as below: Non- Current Maturity Bonds 2025 Nil 180,014,715 Nil 180,014,715 Current Bonds On demand 182,781,617 7,000,000 182,781,617 7,000,000 Coupon Effective 2021 2020 Bonds rate % interest Maturity date USD USD USD 200,000,000 bond net of transaction costs 8.50 % 10.57 % Refer note below 182,781,617 187,014,715 On 24 September 2020, the Group issued long term fixed interest rate senior secured bonds of USD 200,000,000 to private investors with a face value of USD 1 at an issue price of USD 0.95. The Group can issue further bonds of up to USD 50,000,000 under identical terms except issue price that can be above or below the nominal amount, subject to certain conditions. The proceeds of the bonds of USD 186,000,000 net of USD 4,000,000 of transaction costs were drawn down during November 2020. In accordance with the terms of the bonds, the proceeds were used to settle the existing term loans and promissory notes. An amount of USD 85,000,000 were transferred to a Construction account to be used solely to fund the remaining phase 2 construction costs. The balance proceeds were used for general corporate purposes. The bonds will be repaid in semi-annual payments of USD 7,000,000 starting September 2021 until March 2025, and one bullet repayment of USD 144,000,000 in September 2025. Interest will accrue at a coupon rate of 8.5% and will be payable semi-annually in March and September each year. The Group has the option to redeem the bonds in full or in part any time after 24 September 2023 (the “call option”). The call option represents an embedded derivative that has been separated from the host contract and separately valued. At 31 December 2021, management has assessed the value of the call option of USD 5,422,917 and classified as change in fair value of derivative financial instrument. The comparative amount of USD 340,504 relates to the changes in fair value of interest rate swaps relating to Group’s previous term loans which were settled in November 2020. The bonds are secured by: (i) pledge over all the existing and future shares of BPGIC FZE; (ii) assignment of rights and pledge over the balance in the Earnings account; (iii) pledge over the balance in the Liquidity account, the Debt Service Retention account and the Construction Funding account; (iv) pledge over moveable assets of BPGIC FZE and its subsidiaries; (v) security assignment of commercial contracts related to phase I and phase II, land lease agreement, port facilities agreement and EPC construction contract; (vi) security assignment over insurance contracts for phase I terminal, phase II terminal and admin building; (vii) security assignment over group and intercompany loans; and (viii) corporate guarantee from Brooge Energy Limited. The bond agreement also restricts BPGIC FZE from making any distributions other than in the form of an inter company loan for phase III construction. Under the bond agreement, BPGIC FZE is subject to the following financial covenants during the term of the bonds: (i) Minimum Liquidity: BPGIC FZE to maintain $8.5 million in the Liquidity account; (ii) Leverage Ratio: BPGIC FZE and its subsidiaries’ leverage ratio not to exceed: (A) 5.5x at 31 December 2020; (B) 3.5x at 31 December 2021; and (C) 3.0x anytime thereafter; and (iii) Working Capital: BPGIC FZE and its subsidiaries to maintain a positive working capital. The bond agreement requires the Group to comply with the following financial covenant: (i) Brooge Energy Limited to maintain a minimum equity ratio of 25%. As of 31 December 2021, the Group was in technical breach of the requirements to comply with the leverage ratio and working capital thresholds. Even though the lenders did not declare an event of default under the bond agreement, these technical breaches constituted events of default and could have resulted in the lender requiring immediate repayment of the bonds. Accordingly, the Group has classified the respective bonds as a current liability at the end of 31 December 2021. Subsequent to the year end, the lenders have confirmed their intention to not require immediate repayment of the outstanding amounts or alter the repayment pattern in the original bond agreement. Term loan During the year, the Group obtained a new term loan facility from a commercial bank in the UAE amounting to USD 2,395,862 to partially finance the purchase of corporate office for the Group in Dubai. The new facility carries interest at 3 months EIBOR + 4% margin (minimum 6.5% per annum) and is repayable in 24 quarterly instalments commencing 6 months after the date of disbursement. Subsequent to the year end on 28 February 2022, the Group has made a drawdown of USD 2,376,804 from the term loan facility. | 22 Borrowings Bonds 187,014,715 Nil Secured term loans Nil 86,435,137 Promissory notes Nil 2,265,000 187,014,715 88,700,137 The current and non- current break up as below: Non- Current Maturity Bonds 180,014,715 Nil Term loan 1 Nil 68,271,743 Term loan 2 Nil 5,889,207 180,014,715 74,160,950 Current Bonds 7,000,000 Nil Term loan 1 Nil 10,135,939 Term loan 2 Nil 2,138,248 Term loan 3 Nil Nil Promissory notes Nil 2,265,000 7,000,000 14,539,187 Coupon Effective interest 2020 2019 Bonds rate % rate % Maturity date USD USD USD 200,000,000 bond net of transaction costs 8.50 % 10.57 % September 187,014,715 Nil On 24 September 2020, the Group issued long term fixed interest rate senior secured bonds of USD 200,000,000 to private investors with a face value of USD 1 at an issue price of USD 0.95. The Group can issue further bonds of up to USD 50,000,000 under identical terms except issue price that can be above or below the nominal amount, subject to certain conditions. The proceeds of the bonds of USD 186,000,000 net of USD 4,000,000 of transaction costs were drawn down during November 2020. In accordance with the terms of the bonds, the proceeds were used to settle the existing term loans and promissory notes. An amount of USD 85,000,000 were transferred to a Construction account to be used solely to fund the remaining phase 2 construction costs. The balance proceeds were used for general corporate purposes. The bonds will be repaid in semi-annual payments of USD 7,000,000 starting September 2021 until March 2025, and one bullet repayment of USD 144,000,000 in September 2025. Interest will accrue at a coupon rate of 8.5% and will be payable semi-annually in March and September each year. The Group has the option to redeem the bonds in full or in part any time after 24 September 2023 (the “call option”). The call option represents an embedded derivative that has been separated from the host contract and separately valued. At 31 December 2020, management has assessed the value of the call option to be immaterial. The bonds are secured by: (i) pledge over all the existing and future shares of BPGIC FZE; (ii) assignment of rights and pledge over the balance in the Earnings account; (iii) pledge over the balance in the Liquidity account, the Debt Service Retention account and the Construction Funding account; (iv) pledge over moveable assets of BPGIC FZE and its subsidiaries; (v) security assignment of commercial contracts related to phase I and phase II, land lease agreement, port facilities agreement and EPC construction contract; (vi) security assignment over insurance contracts for phase I terminal, phase II terminal and admin building; (vii) security assignment over group and intercompany loans; and (viii) corporate guarantee from Brooge Energy Limited. The bond agreement also restricts BPGIC FZE from making any distributions other than in the form of an inter-company loan for phase III construction. Under the bond agreement, BPGIC FZE is subject to the following financial covenants during the term of the bonds: (i) Minimum Liquidity: BPGIC FZE to maintain $8.5 million in the Liquidity account; (ii) Leverage Ratio: BPGIC FZE and its subsidiaries’ leverage ratio not to exceed: (A) 5.5x at 31 December 2020; (B) 3.5x at 31 December 2021; and (C) 3.0x anytime thereafter; and (iii) Working Capital: BPGIC FZE and its subsidiaries to maintain a positive working capital. The bond agreement requires the Group to comply with the following financial covenant: (i) Brooge Energy Limited to maintain a minimum equity ratio of 25%. As of 31 December 2020, BPGIC FZE and the Group was in compliance with its commitments under the bond agreement. Included in secured loans are the below term loans: Term loan 1 In 2014, the Group obtained term loan facility (1) amounting to USD 84,595,154 from a commercial bank in the UAE to partially finance the construction of phase 1 (14 oil storage tanks in Fujairah). During the year 2019, the Group has not drawn down any amounts (2018: USD 550,445) from this facility. The loan was repayable in 48 quarterly instalments, commencing 27 months after the start of the construction with final maturity not exceeding 31 March 2028 and is stated net of prepaid finance cost of USD 499,158. The interest is due on a quarterly basis from the loan drawdown date. In 2018, the Group entered into an agreement to amend term loan facility (1). As a result of this amendment the loan was repayable in 48 quarterly instalments starting October 2018 with final maturity in July 2030. The loan carries interest at 3 month EIBOR + 3% as compared to interest at 6 month EIBOR + 3.5% previously. As of 31 December 2018, the Group had not paid USD 3.7 million of principal and accrued interest that was due under the Phase I Financing Facilities. Also, as of 31 December 2018, the Group was not in compliance with its debt covenants, including the debt service coverage ratio contained in the Phase I Financing Facilities. Even though the lender did not declare an event of default under the loan agreements, these breaches constituted events of default and could have resulted in the lender requiring immediate repayment of the loans. Accordingly, as of 31 December 2018, the Group classified its debt balance of $94.8 million as a current liability. On 10 September 2019, the Group entered into an agreement with the bank to again amend term loan facility (1). The loan was payable in 45 instalments starting 31 October 2019 with final maturity on 30 July 2030. One of the instalments included a one-time lump sum repayment of USD 5,729,418 which represented the cumulative instalments including interest outstanding from periods prior to this amended agreement of USD 5,494,063 and an amendment fee of USD 235,355. On 30 December 2019, the Group entered into an amendment for term loan facility (1). The loan was payable in 44 instalments starting 31 January 2020 with final maturity on 30 July 2030. One of the instalments included a one-time lump sum repayment of USD 6,612,194, which represented the cumulative instalments including interest outstanding from periods prior to this amended agreement of USD 6,520,130 and an amendment fee of USD 92,064. At 31 December 2019, the Group’s current liabilities exceeded its current assets by USD 72.7 million. Subsequent to the year end, the Group defaulted on its commitments under its term loans and the Group was not in compliance with its debt covenants, including the debt service coverage ratio contained in the Group’s loan agreements. Even though the lender did not declare an event of default under the loan agreements, these breaches constituted events of default and could have resulted in the lender requiring immediate repayment of the loans. On 15 June 2020, the Group entered into another amendment for term loan facility (1). The new payment terms comprised of 46 instalments starting 30 June 2020 with final maturity on 31 July 2030. The loan carried interest at 6 month EIBOR + 4% [minimum 5%] per annum to be further enhanced to 6 month EIBOR + 4.5% [minimum 5%] per annum starting from January 2021, compared to interest at 3 month EIBOR + 3% per annum previously. An amendment fee of USD 136,128 was paid. In November 2020, the Group fully settled the term loan facility (1) using the proceeds of the Bond issue. The Group paid USD 74,082,548 in final settlement in addition to repayments of USD 4,824,291 during the year. The final settlement amount included USD 559,637 as a prepayment penalty. Term loan 2 During 2017, the Group obtained an additional term loan facility (2) of USD 11,108,086 from a commercial bank in the UAE for the construction of an administrative building in Fujairah. The loan was repayable in 20 quarterly instalments starting after a 6 months grace period commencing in April 2017 and is stated net of prepaid finance cost of USD 58,578 .The interest is due on a quarterly basis from the loan drawdown date. During the year 2018, the Group has entered in to an agreement to amend term loan facility (2). The loan was repayable in 20 quarterly instalments starting October 2018 with final maturity in July 2023.The loan carried interest at 3 month EIBOR + 3% as compared to interest at 3 month EIBOR + 3.5% previously. Term loan (2) was not amended as part of the 10 September 2019 and 30 December 2019 agreements to amend loan (1). In 2019, the Group repaid all instalments due in accordance with the repayment schedule. On 15 June 2020, the Group entered into another amendment by revoking the previous amendment for term loan facility (2). The loan was payable in 16 instalments starting 30 June 2020 with final maturity on 31 July 2030. The loan carried interest at 3 month EIBOR + 4% [minimum 5%] per annum to be further enhanced to 3 month EIBOR + 4.5% [minimum 5%] per annum starting from January 2021 as compared to interest at 3 month EIBOR + 3% per annum previously. In November 2020, the Group fully settled the term loan facility (2) using the proceeds of the Bond issue. The Group paid USD 7,546,964 in final settlement in addition to repayments of USD 539,069 during the year. The final settlement amount included USD 147,006 as a prepayment penalty. The term loans 1 and 2 were secured by a mortgage on the tanks and the office/administration building, step-in right to the leased land and assignment of insurance policies. The security was released upon the settlement of loans. Term Loan 3 In 2018, the Group obtained a new facility from a commercial bank in the UAE amounting to USD 95,290,000 to partially finance the construction of phase 2. The new facility carries interest at 3 month EIBOR + 3% margin and is repayable in 17 bi-annual instalments commencing 6 months after the date of completion of phase 2. The Group did not make any drawdowns on the term loan facility (4). In 2020, the Group has cancelled the facility subsequent to the issuance of the bonds. Promissory notes Pursuant to the Business Combination Agreement, on December 20, 2019, Twelve Seas, Early Bird Capital (EBC), and the Company entered into the Business Combination Marketing Agreement Fee Amendment (the “BCMA Fee Amendment”) whereby the Company became party to the Business Combination Marketing Agreement solely with respect to the provision relating to EBC’s fees and EBC’s fees were amended. Pursuant to the Business Combination Marketing Agreement, as amended by the BCMA Fee Amendment, EBC received as full payment for any and all fees under the Business Combination Marketing Agreement, a cash fee equal to USD 3 million and a USD 1.5 million non interest bearing promissory note of the Company due and payable on the earlier of (i) the first anniversary of the Closing and (ii) the consummation by the Company of a follow-on securities offering. In case of default, the promissory note would bear interest at the rate of 10% per annum. There is an additional promissory note of USD 765,000 that was issued by Twelve Seas prior to the Business Combination payable to Twelve Seas sponsors which was included in the net assets contributed by Twelve Seas as part of the Business Combination, further details disclosed in Note 31. | 22 Borrowings (Figures in USD) 2019 2018 Secured term loans 86,435,137 94,792,088 Promissory notes 2,265,000 Nil Bank overdraft Nil 3,745,048 88,700,137 98,537,136 The current and non- current break up as below: Maturity Non- Current Term loan 1 2030 68,271,743 Nil Term loan 2 2023 5,889,207 Nil 74,160,950 Nil Maturity Current Term loan 1 2020 10,135,939 82,245,595 Term loan 2 2020 2,138,248 10,165,703 Term loan 3 2020 Nil 2,380,790 Promissory notes 2,265,000 Nil 14,539,187 94,792,088 Included in secured loans are the below term loans: Term loan 1 In 2014, the Group obtained term loan facility (1) amounting to USD 84,595,154 from a commercial bank in the UAE to partially finance the construction of Phase 1 (14 oil storage tanks in Fujairah). During the year 2019, the Group has not drawn down any amounts (2018: USD 550,445) from this facility. The loan was repayable in 48 quarterly instalments, commencing 27 months after the start of the construction with final maturity not exceeding 31 March 2028 and is stated net of prepaid finance cost of USD 499,158 (2018: USD 559,607). The interest is due on a quarterly basis from the loan drawdown date. The loan was drawn down in AED. In 2018, the Group entered into an agreement to amend term loan facility (1). As a result of this amendment the loan was repayable in 48 quarterly instalments starting October 2018 with final maturity in July 2030. The loan carries interest at 3 month EIBOR + 3% as compared to interest at 6 month EIBOR + 3.5% previously. On 10 September 2019, the Group entered into an agreement with the bank to again amend term loan facility (1). The loan was payable in 45 instalments starting 31 October 2019 with final maturity on 30 July 2030. One of the instalments included a one-time lump sum repayment of USD 5,729,418 which represented the cumulative instalments including interest outstanding from periods prior to this amended agreement of USD 5,494,063 and an amendment fee of USD 235,355. On 30 December 2019, the Group entered into another amendment by revoking the previous amendment for term loan facility (1). The loan is now payable in 44 instalments starting 31 January 2020 with final maturity on 30 July 2030. One of the instalments includes a one-time lump sum repayment of USD 6,612,194, which represents the cumulative instalments including interest outstanding from periods prior to this amended agreement of USD 6,520,130 and an amendment fee of USD 92,064. Term loan 2 During 2017, the Group obtained an additional term loan facility (2) of USD 11,108,086 from a commercial bank in the UAE for the construction of an administrative building in Fujairah. The loan was repayable in 20 quarterly instalments starting after a 6 months grace period commencing in April 2017 and is stated net of prepaid finance cost of USD 58,578 (2018: USD 76,606). The interest is due on a quarterly basis from the loan drawdown date. The loan was drawn down in AED. During the year 2018, the Group has entered in to an agreement to amend term loan facility (2). The loan was repayable in 20 quarterly instalments starting October 2018 with final maturity in July 2023.The loan carried interest at 3 month EIBOR + 3% as compared to interest at 3 month EIBOR + 3.5% previously. Term loan (2) was not amended as part of the 10 September 2019 and 30 December agreement to amend loan (1). In 2019, the Group repaid all instalments due under the repayment schedule. Term loan 1 and 2 The term loans are secured by a mortgage on the tanks and the office/administration building, step-in right to the leased land and assignment of insurance policies. Under the term loan facility agreements, the Group is subject to certain covenants requiring amongst other things, the maintenance of: i) a minimum debt service coverage ratio of 150% at all times and if the ratio decreases to 120% or less, it results in an event of default; the debt service coverage ratio (DSCR) is defined as net operating income divided by total debt service and; ii) an amount equivalent to one quarterly instalment including interest in a debt service reserve account at all times. Under the amended agreement signed on 30 December 2019, the maintenance of above covenants is required to be complied from 28 February 2020. As of December 31, 2019, the Group was in compliance with its commitments under the loan agreements and has accordingly classified the balance between current and non-current liability based on the loan agreements in effect at December 31, 2019. Subsequent to year end, the Group has again defaulted on the instalments due under the loan agreements and are also in breach of the loan covenants. The lender has not declared an event of default under the loan agreement. The Group negotiated another amendment to the term loan facilities (1) and (2) on 15 June 2020. Loans (1) and (2) are now payable in 46 and 16 instalments, respectively, with the first installment starting from 30 June 2020 with final maturity in 30 July 2030 and 31 July 2023, respectively. The loan 1 carries interest at 6 months EIBOR + 4% (minimum 5%) and to be further increased to 6 month EIBOR + 4.5% (minimum 5%) from January 2021 as compared to interest at 3 month EIBOR + 3% previously, and, the loan 2 carries interest at 3 months EIBOR + 4% (minimum 5%) and to be further increased to 3 month EIBOR + 4.5% (minimum 5%) as compared to interest at 3 month EIBOR + 3% previously. The Group has to pay USD 8.8 million for term loan (1) and (2) in 2020 which represents the cumulative instalments including interest outstanding from periods prior to this amended agreement and an amendment fee of USD 136,000. All securities and covenants under the original agreements remain in effect under the amended agreement except debt service reserve account (DSRA) balance to be maintained from 31 October 2020 and debt service coverage ratio (DSCR) to be commenced from 31 December 2020. Under this agreement, term loans (1) and (2) are also secured by assignment of the proceeds from operation of the tanks of Phase 1 and 2. Term Loan 3 In 2018, the Group has obtained a facility from a commercial bank in the UAE to settle accrued interest on term loan (1) amounting to USD 3,539,341. The facility carried interest at 1 month EIBOR + 2% margin and was repayable in 15 equal monthly instalments commencing from date of disbursement. The facility has been fully settled during the year. Term Loan 4 In 2018, the Group obtained a new facility from a commercial bank in the UAE amounting to USD 95,290,000 to partially finance the construction of Phase 2. The new facility carries interest at 3 month EIBOR + 3% margin and is repayable in 17 bi-annual instalments commencing 6 months after the date of completion of Phase 2. The term loan facility (4) is secured by a mortgage on the Phase 2 storage tanks, step-in right to the leased land and assignment of the proceeds from operation of the tanks and insurance policies. Under the term loan facility agreement, the Group is subject to certain covenants requiring amongst other things, the maintenance of (i) a minimum facility service coverage ratio of 1.25:1, (ii) a participations to value ratio not exceeding 1.50:1 at all times, (iii) a participations to cost ratio not exceeding 57% at any date, and (iv) an amount equivalent to one instalment including interest in a facility service reserve account at all times or in the event of an initial public offering, the amount should be equivalent to the next two instalments including interest. The facility service coverage ratio is calculated as revenues minus expenses from the phase 2 storage tanks divided by the current debt commitments on term loan (4) including interest. The participations to value ratio at any date is calculated as total debt commitments on term loan facility (4) as of that date divided by the most recent valuation of the phase 2 storage tanks. The participations to cost ratio at any date is calculated as the total debt commitments on term loan facility (4) as of that date as a percentage of the sum of actual constructions costs plus project expenses paid as of that date on the phase 2 storage tanks. The term loan facility (4) agreement includes an initial condition precedent that requires evidence of initial equity contribution by the Group towards the phase 2 storage tanks before the loan facility can be utilised. The Group has not made any drawdowns on the term loan facility (4) as of the date of issuance of these consolidated financial statements. Promissory notes Pursuant to the Business Combination Agreement, on December 20, 2019, Twelve Seas, Early Bird Capital (EBC), and the Company entered into the Business Combination Marketing Agreement Fee Amendment (the “BCMA Fee Amendment”) whereby the Company became party to the Business Combination Marketing Agreement solely with respect to the provision relating to EBC’s fees and EBC’s fees were amended. Pursuant to the Business Combination Marketing Agreement, as amended by the BCMA Fee Amendment, EBC received as full payment for any and all fees under the Business Combination Marketing Agreement, a cash fee equal to USD 3.0 million and a USD 1.5 million non-interest bearing promissory note of the Company due and payable on the earlier of (i) the first anniversary of the Closing and (ii) the consummation by the Company of a follow-on securities offering. In case of default, the promissory note would bear interest at the rate of 10% per annum. There is an additional promissory note of USD 0.8 million that was issued by Twelve Seas prior to the Business Combination payable to Twelve Seas sponsors which was included in the net assets contributed by Twelve Seas as part of the Business Combination, further details disclosed in Note 30. | 19 Borrowings Bank overdraft 3,745,048 164,175 Secured term loans 94,792,088 94,163,751 98,537,136 94,327,926 Included in secured loans are the below term loans: Term loan 1 The term loan facility was obtained in 2014 to partially finance the construction of 14 oil storage tanks in Fujairah (Phase 1). The loan facility amounted to USD 84,595,154. As per the initial agreement, the loan was repayable in 48 quarterly instalments commencing 27 months after the constructing’s with final maturity not exceeding 31 March 2028, however, as per the amended agreements, the loan was repayable starting October 2018 with final maturity in July 2030. The interest rate on the loan was initially at 6 month EIBOR + 3.5%, however as per above mentioned amendment, it was revised to 6 month EIBOR+3%. Term loan 2 The term loan facility was obtained in 2017 for constructing an administrative building in Fujairah. The loan facility amount to USD 11,108,086 and was repayable in 20 quarterly instalments. The repayable period commenced after a 6 months grace period on April 2017. The loan is recorded net of prepaid finance cost of USD 76,606 (2017: USD 94,634). During the year, the term loan agreement was amended to revise the repayable date starting on October 2018 with final maturity in July 2023. The interest rate on the loan was initially charged at 3 month EIBOR + 3.5%, however after the amendment, it was revised to 3 month EIBOR + 3%. Term loans 1 and 2 The below covenants were applicable to Term Loans 1 and 2: i) a minimum debt service coverage ratio (net operating income divided by total debt service) of 150% at all times and if the ratio decreases to 120% or less, it results in an event of default; ii) an amount equivalent to one quarterly instalment including interest in a debt service reserve account at all times. As at the year end, both the above covenants were not met by Company, however the lender did not declare these events as defaults under the loan agreements. This non-compliance resulted in classification of the bank loans as a current liability. The securities on Term Loans 1 and 2 are as below: (i) mortgage on the tanks and the office/administration building (ii) step-in right to the leased land and assignment of insurance policies (iii) corporate guarantees from M/s Al Brooge Capital Providing for Oil and Gas LLC and M/s Emirates Investment Company LLC FZC. (iv) assignment of the proceeds from operation of the tanks and insurance policies As at the year end, the Company did not pay the principal and accrued interest on this loan. Although this event constituted as a default under the loan agreement, the lender did not declare this event as a breach requiring immediate repayment of the loan. Term Loan 3 The term loan facility was obtained during the year to settle the accrued interest on Term Loan 1. The loan facility amounted to USD 3,539,341 and carried 1 month EIBOR + 2% margin and is repayable in 15 equal monthly instalments commencing from date of disbursement and is due on 14 October 2019. The term loan facility (3) is secured by a mortgage on the tanks and office/administration building, step-in right to the leased land and assignment of the proceeds from operation of the tanks and insurance policies. The term loan is also secured by guarantees from the following owners: (i) Al Brooge Capital Providing for Oil and Gas LLC, and (ii) Emirates Investment Company LLC FZC. Term Loan 4 The term loan facility was obtained during the year to partially finance the construction of Phase 2. The facility amounted to USD 95,290,000 and carried an interest at 3 month EIBOR + 3% margin. The loan is repayable in 17 bi-annual instalments and commences 6 months after the date of completion of Phase 2. The term loan facility 4 is secured by a mortgage on the Phase 2 storage tanks, step-in right to the leased land and assignment of the proceeds from operation of the tanks and insurance policies. The term loan is also secured by guarantees from the following owners: (i) Al Brooge Capital Providing for Oil and Gas LLC, and (ii) Emirates Investment Company LLC FZC. Under the term loan facility agreement, the Company is subject to certain covenants requiring amongst other things, the maintenance of (i) a minimum facility service coverage ratio of 1.25:1, (ii) a participations to value ratio not exceeding 1.50:1 at all times, (iii) a participations to cost ratio not exceeding 57% at any date, and (iv) an amount equivalent to one instalment including interest in a facility service reserve account at all times or in the event of an initial public offering, the amount should be equivalent to the next two instalments including interest. The facility service coverage ratio is calculated as revenues minus expenses from the Phase 2 storage tanks divided by the current debt commitments on term loan (4) including interest. The participations to value ratio at any date is calculated as total debt commitments on term loan facility (4) as of that date divided by the most recent valuation of the Phase 2 storage tanks. The participations to cost ratio at any date is calculated as the total debt commitments on term loan facility (4) as of that date as a percentage of the sum of actual constructions costs plus project expenses paid as of that date on the Phase 2 storage tanks. A condition was included in the agreement requiring evidence of initial contribution by the Company towards Phase 2 storage tanks prior to utilisation of the loan facility. There were no drawdowns of the term loan made as at the year end. All the above loans were drawn in AED. |
Lease Liabilities
Lease Liabilities | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lease Liabilities [Abstract] | ||||||
Lease Liabilities | (Figures in USD) June 30, December 31, 17 Lease Liabilities Balance at the beginning of the period / year 89,781,180 87,511,733 Rent waiver Nil (6,126,800 ) Interest charged during the period / year 5,199,006 11,774,031 Repayment during the period / year (3,056,444 ) (3,377,784 ) Balance at the end of the period / year 91,923,742 89,781,180 1) The analysis of lease liability is as follows: Current 9,872,066 8,976,452 Non-Current 82,051,676 80,804,728 During 2013, the Group entered into a land lease agreement with the Municipality of Fujairah for a period of 30 years, extendable for another 30 years at the option of the Group. The Group has concluded that they have the right-to-use of the asset and accordingly, recorded a lease liability as per the requirements of IFRS 16. Given the use of the land, it is reasonably certain that the Group will continue to lease the land till the end of the lease period (i.e. 60 years) and accordingly the below lease rentals cover a period up to 60 years discounted at the rate of 9.5% (2019: 9.5%) as an incremental borrowing rate for the Group. Annual lease rental is increased by 2% on an annual basis as per the agreement. During 2020, the Group entered into another land lease agreement in respect of its Phase III project with the Fujairah Oil Industry Zone for a period of 30 years, extendable for another 30 years. Given the use of the land, it is reasonably certain that the Group will continue to lease the land till the end of the lease period (i.e. 60 years) and accordingly the below lease rentals cover a period up to 60 years discounted at the rate of 13% (2020: 13%) as an incremental borrowing rate for the Group. Annual lease rental is increased by 2% on an annual basis and there is an initial rent free period of 18 months from the contract date. During the year, the Group entered into an agreement with the lessor for an additional one-year rent free period in respect of the Phase III land The Group has treated this to be a partial extinguishment of the lease liability as per IFRS 16 and IFRS 9. The rent waiver is recognised as a gain in the income statement, with a corresponding reduction in the lease liability. Lease payments Present value of minimum 2022 2021 2022 2021 Not later than one year 4,439,169 8,704,253 2,714,066 5,978,847 Later than one year and 18,662,445 36,593,030 8,582,236 18,899,037 not later than five years Later than five years 466,294,070 849,825,794 80,627,440 64,903,296 489,395,684 895,123,077 91,923,742 89,781,180 Finance costs (397,471,942 ) (805,341,897 ) Nil Nil Present value of minimum lease payments 91,923,742 89,781,180 91,923,742 89,781,180 | 22 Lease Liabilities (Figures in USD) 2022 2021 Balance at the beginning of the year 89,781,180 87,511,733 Rent waiver Nil (6,126,800 ) Interest charged during the year 10,398,008 11,774,031 Repayment during the year (9,305,777 ) (3,377,784 ) Balance at the end of the year 90,873,411 89,781,180 1) The analysis of lease liability is as follows Current 6,316,342 8,976,452 Non-Current 84,557,069 80,804,728 During 2013, the Group entered into a land lease agreement with the Municipality of Fujairah for a period of 30 years, extendable for another 30 years at the option of the Group. The Group has concluded that they have the right-to-use of the asset and accordingly, recorded a lease liability as per the requirements of IFRS 16. Given the use of the land, it is reasonably certain that the Group will continue to lease the land till the end of the lease period (i.e. 60 years) and accordingly the below lease rentals cover a period up to 60 years discounted at the rate of 9.5% (2021: 9.5%) as an incremental borrowing rate for the Group. Annual lease rental is increased by 2% on an annual basis as per the agreement. During 2020, the Group entered into another land lease agreement in respect of its Phase III project with the Fujairah Oil Industry Zone for a period of 30 years, extendable for another 30 years. Given the use of the land, it is reasonably certain that the Group will continue to lease the land till the end of the lease period (i.e. 60 years) and accordingly the below lease rentals cover a period up to 60 years discounted at the rate of 13% (2020: 13%) as an incremental borrowing rate for the Group. Annual lease rental is increased by 2% on an annual basis and there is an initial rent free period of 18 months from the contract date. During the year 2021, the Group entered into an agreement with the lessor for an additional one-year rent free period in respect of the Phase III land The Group has treated this to be a partial extinguishment of the lease liability as per IFRS 16 and IFRS 9. The rent waiver is recognised as a gain in the income statement with a corresponding reduction in the lease liability. Lease payments Present value of minimum 2022 2021 2022 2021 Not later than one year 8,878,338 8,704,253 5,428,131 5,978,847 Later than one year and not later than five years 37,324,891 36,593,030 17,164,474 18,899,037 Later than five years 839,614,067 849,825,794 68,280,806 64,903,296 885,817,296 895,123,077 90,873,411 89,781,180 Finance costs (794,943,885 ) (805,341,897 ) Nil Nil Present value of minimum lease payments 90,873,411 89,781,180 90,873,411 89,781,180 | 22 Lease Liabilities Balance at the beginning of the year 87,511,733 30,779,138 Additions during the year Nil 55,565,863 Rent waiver (6,126,800 ) Nil Interest charged during the year 11,774,031 3,525,982 Repayment during the year (3,377,784 ) (2,359,250 ) Balance at the end of the year 89,781,180 87,511,733 1) The analysis of lease liability is as follows: Current 8,976,452 2,591,557 Non-Current 80,804,728 84,920,176 During 2013, the Group entered into a land lease agreement with the Municipality of Fujairah for a period of 30 years, extendable for another 30 years at the option of the Group. The Group has concluded that they have the right-to-use of the asset and accordingly, recorded a lease liability as per the requirements of IFRS 16. Given the use of the land, it is reasonably certain that the Group will continue to lease the land till the end of the lease period (i.e. 60 years) and accordingly the below lease rentals cover a period up to 60 years discounted at the rate of 9.5% (2020: 9.5%) as an incremental borrowing rate for the Group. Annual lease rental is increased by 2% on an annual basis as per the agreement. During 2020, the Group entered into another land lease agreement in respect of its Phase III project with the Fujairah Oil Industry Zone for a period of 30 years, extendable for another 30 years. Given the use of the land, it is reasonably certain that the Group will continue to lease the land till the end of the lease period (i.e. 60 years) and accordingly the below lease rentals cover a period up to 60 years discounted at the rate of 13% (2020: 13%) as an incremental borrowing rate for the Group. Annual lease rental is increased by 2% on an annual basis and there is an initial rent free period of 18 months from the contract date. During the year, the Group entered into an agreement with the lessor for an additional one-year rent free period in respect of the Phase III land The Group has treated this to be a partial extinguishment of the lease liability as per IFRS 16 and IFRS 9. The rent waiver is recognised as a gain in the income statement, with a corresponding reduction in the lease liability. Lease payments Present value of minimum 2021 2020 2021 2020 Not later than one year 8,704,253 8,533,582 5,978,847 6,586,405 Later than one year and not later than five years 36,593,030 35,875,519 18,899,037 20,812,094 Later than five years 849,825,794 858,043,766 64,903,296 60,113,234 895,123,077 902,452,867 89,781,180 87,511,733 Finance costs (805,341,897 ) (814,941,134 ) Nil Nil Present value of minimum lease payments 89,781,180 87,511,733 89,781,180 87,511,733 | 23 Lease Liabilities Balance at the beginning of the year 30,779,138 30,221,426 Additions during the year 55,565,863 Nil Interest charged during the year 3,525,982 2,871,035 Lease rentals during the year (2,359,250 ) (2,313,323 ) Balance at the end of the year 87,511,733 30,779,138 1) The analysis of lease liability is as follows: Current 2,591,557 2,154,878 Non-Current 84,920,176 28,624,260 During 2013, the Group entered into a land lease agreement with the Municipality of Fujairah for a period of 30 years, extendable for another 30 years at the option of the Group. The Group has concluded that they have the right-to-use of the asset and accordingly, recorded a lease liability as per the requirements of IFRS 16. Given the use of the land, it is reasonably certain that the Group will continue to lease the land till the end of the lease period (i.e. 60 years) and accordingly the below lease rentals cover a period up to 60 years discounted at the rate of 9.5% (2019: 9.5%) as an incremental borrowing rate for the Group. Annual lease rental is increased by 2% on an annual basis as per the agreement. During the year, the Group entered into another land lease agreement in respect of its phase 3 project with the Fujairah Oil Industry Zone for a period of 30 years, extendable for another 30 years. Given the use of the land, it is reasonably certain that the Group will continue to lease the land till the end of the lease period (i.e. 60 years) and accordingly the below lease rentals cover a period up to 60 years discounted at the rate of 13% (2019:nil) as an incremental borrowing rate for the Group. Annual lease rental is increased by 2% on an annual basis and there is an initial rent free period of 18 months from the contract date. Lease payments Present value of minimum lease payments 2020 2019 2020 2019 Not later than one year 8,533,582 2,359,590 6,586,405 2,154,878 Later than one year and not later than five years 35,875,519 9,919,810 20,812,094 7,241,240 Later than five years 858,043,766 213,469,800 60,113,234 21,383,020 902,452,867 225,749,200 87,511,733 30,779,138 Finance costs (814,941,134 ) (194,970,062 ) Nil Nil Present value of minimum lease payments 87,511,733 30,779,138 87,511,733 30,779,138 | 23 Lease Liabilities Balance at the beginning of the year 30,221,426 29,670,676 Interest charged during the year 2,871,035 2,818,714 Repayment during the year (2,313,323 ) (2,267,964 ) Balance at the end of the year 30,779,138 30,221,426 1) The analysis of lease liability is as follows: Current 2,154,878 2,112,624 Non-Current 28,624,260 28,108,802 2) The Group has entered into a land lease agreement with the municipality of Fujairah. The lease commenced in 2013 and is for a period of 30 years extendable for another 30 years at the option of the Group. Considering the use the land, it is reasonably certain that the land will be used until the end of the lease period (i.e. 60 years) and the lease rentals have been discounted at the incremental borrowing rate of 9.5% . As per the land lease agreement, the lease rentals will be increased by 2% every year. The maturity of the lease liability is as follows: lease payments Present value of minimum 2019 2018 2019 2018 Not later than one year 2,359,590 2,313,324 2,154,878 2,112,624 Later than one year and not later than five years 9,919,810 9,725,304 7,241,240 7,099,256 Later than five years 213,469,800 216,023,896 21,383,020 21,009,546 225,749,200 228,062,524 30,779,138 30,221,426 Finance costs (194,970,062 ) (197,841,098 ) Nil Nil Present value of minimum lease payments 30,779,138 30,221,426 30,779,138 30,221,426 | 21 Lease Liabilities Balance at the beginning of the year 29,670,676 29,127,095 Interest charge 2,818,714 2,767,074 Repayment during the year (2,267,964 ) (2,223,494 ) Balance at the end of the year 30,221,426 29,670,676 a) The analysis of lease liability is as follows: Current 2,112,624 2,071,200 Non-Current 28,108,802 27,599,476 During 2013, The Company has entered into a land lease agreement with the Municipality of Fujairah. The lease commenced in 2013 and is for a period of 30 years extendable for another 30 years at the option of the Company. The Company has concluded that they have the right-to-use of the asset and accordingly, recorded a lease liability as per the requirements of IFRS 16. Considering the use of the land, it is reasonably certain that the land will be used until the end of the lease period (i.e. 60 years) and the lease rentals have been discounted at the incremental borrowing rate of 9.5%. As per the land lease agreement, the lease rentals will be increased by 2% every year. Minimum lease payments Present value of Minimum lease payments 2018 2017 2018 2017 Not later than one year 2,313,323 2,267,964 2,112,624 2,071,200 Later than one year and not later than five years 9,725,304 9,534,612 7,099,255 6,960,054 Later than five years 216,023,896 218,527,911 21,009,546 20,639,421 228,062,523 230,330,487 30,221,425 29,670,675 Finance costs (197,841,098 ) (200,659,812 ) - - Present value of minimum lease payments 30,221,425 29,670,675 30,221,425 29,670,675 |
Employees' End of Service Benef
Employees' End of Service Benefits | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employees' End of Service Benefits [Abstract] | ||||||
Employees' End of Service Benefits | 18 Employees’ End of Service Benefits Balance at the beginning of the period / year 60,624 40,514 Provision for the period / year 147,928 31,551 Paid during the period / year (39,749 ) (11,441 ) Balance at the end of the period / year 168,803 60,624 | 23 Employees’ End of Service Benefits (Figures in USD) 2022 2021 Balance at the beginning of the year 60,624 40,514 Provision for the year 256,890 31,551 Paid during the year (183,314 ) (11,441 ) Balance at the end of the year 134,200 60,624 | (Figures in USD) 2021 2020 (Re-stated) 23 Employees’ End of Service Benefits Balance at the beginning of the year 40,514 13,941 Provision for the year 31,551 29,047 Paid during the year (11,441 ) (2,474 ) Balance at the end of the year 60,624 40,514 | 24 Employees’ End of Service Benefits Balance at the beginning of the year 13,941 6,267 Provision for the year 29,047 9,488 Paid during the year (2,474 ) (1,814 ) Balance at the end of the year 40,514 13,941 | 24 Employees’ End of Service Benefits Balance at the beginning of the year 6,267 651 Provision for the year 9,488 5,748 Paid during the year (1,814 ) (132 ) Balance at the end of the year 13,941 6,267 | 20 Employees’ End of Service Benefits (Figures in USD) 2018 2017 Balance at the beginning of the year 651 286 Provision for the year 5,748 365 Paid during the year (132 ) Nil Balance at the end of the year 6,267 651 |
Asset Retirement Obligation
Asset Retirement Obligation | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation [Abstract] | ||||
Asset Retirement Obligation | 19 Asset Retirement Obligation Asset retirement obligation 2,023,329 1,990,399 2,023,329 1,990,399 As part of the land lease agreement between the Fujairah Oil Industry Zone (“FOIZ”) and the Group, the Group has a legal obligation to remove the plant at the end of its useful life, or earlier, if the Group is unable to continue its operations, and restore the land. The Group has employed professional valuers to estimate the amount of liability. | 24 Asset Retirement Obligation Asset retirement obligation 2,056,259 1,990,399 2,056,259 1,990,399 As part of the land lease agreement between the Fujairah Oil Industry Zone (“FOIZ”) and the Group, the Group has a legal obligation to remove the plant at the end of its useful life, or earlier, if the Group is unable to continue its operations, and restore the land. The Group has employed professional valuers to estimate the amount of liability. | 24 Asset Retirement Obligation Asset retirement obligation 1,990,399 873,334 1,990,399 873,334 As part of the land lease agreement between the Fujairah Oil Industry Zone (“FOIZ”) and the Group, the Group has a legal obligation to remove the plant at the end of its useful life, or earlier, if the Group is unable to continue its operations, and restore the land. The Group has employed professional valuers to estimate the amount of liability. | 25 Asset Retirement Obligation Asset retirement obligation 873,334 Nil 873,334 Nil As part of the land lease agreement between the Fujairah Oil Industry Zone (“FOIZ”) and the Group, the Group has a legal obligation to remove the plant at the end of its useful life, or earlier, if the Group is unable to continue its operations, and restore the land. The Group has employed professional valuers to estimate the amount of liability. |
Share Capital & Share Premium
Share Capital & Share Premium | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Capital Share Premium [Abstract] | ||||||
Share Capital & Share Premium | 20 Share Capital & Share Premium Authorized No. of Shares USD Ordinary shares 450,000,000 450,000,000 Share Capital As at 31 December 2021 88,035,353 8,804 As at 30 June 2022 88,035,353 8,804 Ordinary shares held in escrow (20,000,000 shares held by BPGIC and 1,552,500 shares held by the original founders of Twelve Seas) have been excluded from the share capital in the table above. These shares will be released upon the satisfaction of certain financial milestones and share price targets below the release or forfeiture of these shares in the future will not have an effect on the equity of the Group. One-half (½) of the Escrow Property shall become vested and no longer subject to forfeiture, and be released to the seller, in the event that either: (a) the Annualized EBITDA (as defined in the Escrow Agreement) for any full fiscal quarter during the Escrow Period (beginning with the first full fiscal quarter beginning after the Closing) (an “Escrow Quarter”) equals or exceeds USD 175,000,000 or (b) at any time during the Escrow Period, the closing price of the Brooge Energy Limited ordinary shares equals or exceeds $12.50 per share (subject to equitable adjustment) for any ten (10) Trading Days (as defined in the Escrow Agreement) within any twenty (20) Trading Day period during the Escrow Period. All Escrow Property remaining in the Escrow Account shall become vested and no longer subject to forfeiture, and be released to the seller, in the event that either: (a) the Annualized EBITDA for any Escrow Quarter equals or exceeds $250,000,000 or (b) at any time during the Escrow Period, the closing price of the Brooge Energy Limited ordinary shares equals or exceeds $14.00 per share (subject to equitable adjustment) for any ten (10) Trading Days within any twenty (20) Trading Day period during the Escrow Period. The Escrow Period represents the period commencing from the closing until the end of the twentieth (20th) fiscal quarter after the commencement date of the first full fiscal quarter beginning after the closing. Share Premium As at January 01 101,777,058 101,777,058 As at June 30 / December 31 101,777,058 101,777,058 | 25 Share Capital & Share Premium Authorized No. of Shares USD Ordinary shares 450,000,000 450,000,000 Share Capital No. of Shares USD As at 31 December 2021 88,035,353 8,804 As at 31 December 2022 88,035,353 8,804 Ordinary shares held in escrow (20,000,000 shares held by BPGIC and 1,552,500 shares held by the original founders of Twelve Seas) have been excluded from the share capital in the table above. These shares will be released upon the satisfaction of certain financial milestones and share price targets below the release or forfeiture of these shares in the future will not have an effect on the equity of the Group. One-half (½) of the Escrow Property shall become vested and no longer subject to forfeiture, and be released to the seller, in the event that either: (a) the Annualized EBITDA (as defined in the Escrow Agreement) for any full fiscal quarter during the Escrow Period (beginning with the first full fiscal quarter beginning after the Closing) (an “Escrow Quarter”) equals or exceeds USD 175,000,000 or (b) at any time during the Escrow Period, the closing price of the Brooge Energy Limited ordinary shares equals or exceeds $12.50 per share (subject to equitable adjustment) for any ten (10) Trading Days (as defined in the Escrow Agreement) within any twenty (20) Trading Day period during the Escrow Period. All Escrow Property remaining in the Escrow Account shall become vested and no longer subject to forfeiture, and be released to the seller, in the event that either: (a) the Annualized EBITDA for any Escrow Quarter equals or exceeds $250,000,000 or (b) at any time during the Escrow Period, the closing price of the Brooge Energy Limited ordinary shares equals or exceeds $14.00 per share (subject to equitable adjustment) for any ten (10) Trading Days within any twenty (20) Trading Day period during the Escrow Period. The Escrow Period represents the period commencing from the closing until the end of the twentieth (20th) fiscal quarter after the commencement date of the first full fiscal quarter beginning after the closing. (Figures in USD) 2022 2021 Share Premium As at January 01 101,777,058 101,777,058 As at December 31 101,777,058 101,777,058 | 25 Share Capital & Share Premium No. of USD Ordinary shares 450,000,000 450,000,000 Share Capital As at January 01, 2020 88,035,253 8,804 Conversion of 100 warrants into ordinary shares at 1 for 1 100 0.01 As at 31 December 2020 88,035,353 8,804 As at 31 December 2021 88,035,353 8,804 Ordinary shares held in escrow (20,000,000 shares held by BPGIC and 1,552,500 shares held by the original founders of Twelve Seas) have been excluded from the share capital in the table above. These shares will be released upon the satisfaction of certain financial milestones and share price targets below the release or forfeiture of these shares in the future will not have an effect on the equity of the Group. One-half (½) of the Escrow Property shall become vested and no longer subject to forfeiture, and be released to the seller, in the event that either: (a) the Annualized EBITDA (as defined in the Escrow Agreement) for any full fiscal quarter during the Escrow Period (beginning with the first full fiscal quarter beginning after the Closing) (an “Escrow Quarter”) equals or exceeds USD 175,000,000 or (b) at any time during the Escrow Period, the closing price of the Brooge Energy Limited ordinary shares equals or exceeds $12.50 per share (subject to equitable adjustment) for any ten (10) Trading Days (as defined in the Escrow Agreement) within any twenty (20) Trading Day period during the Escrow Period. All Escrow Property remaining in the Escrow Account shall become vested and no longer subject to forfeiture, and be released to the seller, in the event that either: (a) the Annualized EBITDA for any Escrow Quarter equals or exceeds $250,000,000 or (b) at any time during the Escrow Period, the closing price of the Brooge Energy Limited ordinary shares equals or exceeds $14.00 per share (subject to equitable adjustment) for any ten (10) Trading Days within any twenty (20) Trading Day period during the Escrow Period. The Escrow Period represents the period commencing from the closing until the end of the twentieth (20th) fiscal quarter after the commencement date of the first full fiscal quarter beginning after the closing. Share Premium As at January 01 101,777,058 101,775,834 Conversion of 100 warrants in ordinary shares at 1 for 1 Nil 1,224 As at December 31 101,777,058 101,777,058 | 26 Share Capital & Share Premium No. of Shares USD Ordinary shares 450,000,000 450,000,000 Share Capital Conversion of 100 BPGIZ FZE ordinary shares at 1 for 1 million to the legal acquirer, Brooge Energy (Note 1) Cash election 80,000,000 8,000 Changes in share capital due to business combination (Note 31) (1,281,695 ) (128 ) As at December 31, 2019 9,316,948 932 88,035,253 8,804 Changes in share capital due to reverse acquisition transaction (30,000 ) (3 ) Conversion of 100 warrants into ordinary shares at 1 for 1 As at 31 December 2020 100 0.01 88,035,353 8,804 Note 1: Ordinary shares held in escrow (20,000,000 shares held by BPGIC and 1,552,000 shares held by the original founders of Twelve Seas) have been excluded from the share capital in the table above. Additional information on escrow shares are included in Note 31. 2020 2019 Share Premium (Re-stated) (Re-stated) As at January 01 101,775,834 1,353,285 Conversion of 100 warrants in ordinary shares at 1 for 1 1,224 Nil Ordinary shares issued on merger with Twelve Seas Nil 114,022,421 Cash election Nil (13,599,872 ) As at December 31 101,777,058 101,775,834 | 25 Share Capital & Share Premium Authorized No. of Shares USD Ordinary shares 450,000,000 450,000,000 Share Capital Conversion of 100 BPGIZ FZE ordinary shares at 1 for 1 million to the legal acquirer, Brooge Energy (Note 1) 80,000,000 8,000 Cash election (1,281,695 ) (128 ) Changes in share capital due to business combination (Note 30) 9,316,948 932 As at December 31, 2019 88,035,253 8,804 Note 1: Ordinary shares held in escrow (20,000,000 shares held by BPGIC FZE and 1,552,500 shares held by the original founders of Twelve Seas) have been excluded from the share capital in the table above. Additional information on escrow shares are included in Note 30. Share Premium As at January 01 1,353,285 Nil Reverse acquisition adjustment Nil 1,353,285 Ordinary shares issued on merger with Twelve Seas 114,022,421 Nil Cash election (13,599,872 ) Nil As at December 31 101,775,834 1,353,285 | 22 Share Capital 100 ordinary shares of USD 13,612.85 each 1,361,285 1,361,285 1,361,285 1,361,285 |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Transactions with Related Parties [Abstract] | ||||||
Transactions with Related Parties | 21 Transactions with Related Parties The Group, in the normal course of business carries out transactions with parties that fall within the definition of related party contained in the International Financial Reporting Standards. Significant transactions with related parties are as under: Transactions in shareholders’ account (Repayments to) / Contributions by the shareholders (574,868 ) 255,818 (574,868 ) 255,818 These amounts are repayable at the discretion of the Board of Directors of the Group and are interest free, therefore classified as part of equity. Changes in shareholders’ account is as follows: At January 01 71,017,816 70,761,998 Net contributions (distributions) during the period / year (574,868 ) 255,818 At June 30 / December 31 70,442,948 71,017,816 Expense paid on behalf of related parties 6,411 5,129 Key management remuneration 654,633 509,343 Related party balances as at the period / year end are classified as under: Related Party Classification Shareholder Shareholder’s account (Equity) 70,442,948 71,017,816 BPGIC Holdings Due from shareholder (Note 9) Nil 504,214 HBS Investments LP Due from related parties (Note 9) 5,300 4,187 H Capital International LP Due from related parties (Note 9) 5,302 4,189 O2 Investments Limited as GP Due from related parties (Note 9) 5,775 5,191 SBD International LP Due from related parties (Note 9) 48,470 47,357 SD Holding Limited as GP Due from related parties (Note 9) 21,842 19,938 Gyan Investments Ltd Due from related parties (Note 9) 5,864 5,280 Shareholder Due to a related party (Note 13) 2,041,927 2,041,927 | 26 Transactions with Related Parties The Group, in the normal course of business carries out transactions with parties that fall within the definition of related party contained in the International Financial Reporting Standards. Significant transactions with related parties are as under: Transactions in shareholders’ account (Repayments to) / Contributions by the shareholders (626,029 ) 255,818 (626,029 ) 255,818 These amounts are repayable at the discretion of the Board of Directors of the Group and are interest free, therefore classified as part of equity. Changes in shareholders’ account is as follows: At January 01 71,017,816 70,761,998 Net contributions (distributions) during the year (626,029 ) 255,818 At December 31 70,391,787 71,017,816 Expense (reimbursed by) / paid on behalf of related parties 24,360 509,343 Key management remuneration 1,229,114 1,242,706 Related party balances as at the year end are classified as under: Related Party Classification Shareholder Shareholder’s account (Equity) 70,391,787 71,017,816 BPGIC Holdings Due from shareholder (Note 14) 34,136 504,214 HBS Investments LP Due from related parties (Note 14) 10,381 4,187 H Capital International LP Due from related parties (Note 14) 9,983 4,189 O2 Investments Limited as GP Due from related parties (Note 14) 9,272 5,191 SBD International LP Due from related parties (Note 14) 50,014 47,357 SD Holding Limited as GP Due from related parties (Note 14) 21,842 19,938 Gyan Investments Ltd Due from related parties (Note 14) 9,010 5,280 Shareholder Due to a related party (Note 18) Nil 2,041,927 | 26 Transactions with Related Parties The Group, in the normal course of business carries out transactions with parties that fall within the definition of related party contained in the International Financial Reporting Standards. Significant transactions with related parties are as under: Transactions in shareholders’ account Contributions by the shareholders 255,818 (233,457 ) 255,818 (233,457 ) These amounts are repayable at the discretion of the Board of Directors of the Group and are interest free, therefore classified as part of equality. Changes in shareholders’ account is as follows: At January 01 70,761,998 70,995,455 Net contributions (distributions) during the year 255,818 (233,457 ) At December 31 71,017,816 70,761,998 Expense paid on behalf of related parties 509,343 23,463 Key management remuneration 1,676,921 1,417,266 Related party balances as at the year end are classified as under: Related Party Classification Shareholder Shareholder’s account (Equity) 71,017,816 70,761,998 BPGIC Holdings Due from shareholder (Note 14) 504,214 Nil HBS Investments LP Due from related parties (Note 14) 4,187 17,479 H Capital International LP Due from related parties (Note 14) 4,189 16,975 O2 Investments Limited as GP Due from related parties (Note 14) 5,191 9,303 SBD International LP Due from related parties (Note 14) 47,357 17,851 SD Holding Limited as GP Due from related parties (Note 14) 19,938 9,850 Gyan Investments Ltd Due from related parties (Note 14) 5,280 9,555 Shareholder Due to a related party (Note 18) 2,041,927 2,041,927 | 27 Transactions with Related Parties The Group, in the normal course of business carries out transactions with parties that fall within the definition of related party contained in the International Financial Reporting Standards. Significant transactions with related parties are as under: Transactions in shareholders’ account Contributions/ (distributions) by/to the shareholders (233,457 ) 77,090,648 Amounts paid on behalf of the Group by the shareholders* Nil 1,135,484 Amounts paid by the Group on behalf of the shareholders Nil (1,669,424 ) Distributions to shareholders Nil (53,279,016 ) (233,457 ) 23,277,692 These amounts are repayable at the discretion of the Board of Directors of the Group and are interest free, therefore classified as part of equity. * These include expenses paid on behalf of the Group which includes other operational expenses paid by the shareholders on behalf of the Group. Changes in shareholders’ account is as follows: At January 01 70,995,455 47,717,763 Net contributions (distributions) during the year (233,457 ) 23,277,692 At December 31 70,761,998 70,995,455 Expense paid on behalf of related parties 23,463 57,550 Key management remuneration 1,417,266 1,160,293 (Figures in USD) 2020 2019 At January 01 70,995,455 47,717,763 Net contributions (distributions) during the year (233,457 ) 23,277,692 At December 31 70,761,998 70,995,455 Expense paid on behalf of related parties 23,463 57,550 Key management remuneration 1,417,266 1,160,293 Related party balances as at the year end are classified as under: Related Party Classification Shareholder Shareholder’s account (Equity) 70,761,998 70,995,455 HBS Investments LP Due from related parties (Note 15) 17,479 13,388 H Capital International LP Due from related parties (Note 15) 16,975 11,056 O2 Investments Limited as GP Due from related parties (Note 15) 9,303 6,181 SBD International LP Due from related parties (Note 15) 17,851 13,760 SD Holding Limited as GP Due from related parties (Note 15) 9,850 6,984 Gyan Investments Ltd Due from related parties (Note 15) 9,555 6,181 Shareholder Due to a related party (Note 18) 2,041,927 Nil | 26 Transactions with Related Parties The Group, in the normal course of business carries out transactions with parties that fall within the definition of related party contained in the International Financial Reporting Standards. Significant transactions with related parties are as under: Transactions in shareholders’ account Contributions by the shareholders 77,090,648 951,539 Amounts paid on behalf of the Group by the shareholders* 1,135,484 7,850,431 Amounts paid by the Group on behalf of the shareholders (1,669,424 ) (2,296,354 ) Distributions to shareholders (53,279,016 ) (29,209,289 ) 23,277,692 (22,703,673 ) These amounts are repayable at the discretion of the Board of Directors of the Group and are interest free, therefore classified as part of equity. * These include expenses paid on behalf of the Group which includes other operational expenses paid by the shareholders on behalf of the Group. Changes in shareholders’ account is as follows: At January 01 47,717,763 70,421,436 Net contributions (distributions) during the year 23,277,692 (22,703,673 ) At December 31 70,995,455 47,717,763 Expense paid on behalf of related parties 57,550 Nil Key management remuneration for the year ended December 31, 2019 amounted to USD 1,160,293 (2018: USD 677,291), charged to consolidated statement of comprehensive income (within profit and loss). The full amount of the key management remuneration relates to short term employment benefits. Related party balances as at the year end are classified as under: Related Party Classification Shareholder Shareholder’s account (Equity) 70,995,455 47,717,763 HBS Investments LP Due from related parties (Note 15) 13,388 Nil H Capital International LP Due from related parties (Note 15) 11,056 Nil O2 Investments Limited as GP Due from related parties (Note 15) 6,181 Nil SBD International LP Due from related parties (Note 15) 13,760 Nil SD Holding Limited as GP Due from related parties (Note 15) 6,984 Nil Gyan Investments Ltd Due from related parties (Note 15) 6,181 Nil Prior year restatement: Regarding prior year restatements with the related party Al Brooge International Advisory (“BIA”) refer to note 33. | 23 Transactions with Related Parties Related parties represent associated companies, owners, directors and key management personnel of the Company, and entities controlled, jointly controlled or significantly influenced by such parties. Pricing policies and terms of these transactions are approved by the Company’s Chief Executive Officer. Transactions with related parties Movements in owners’ account are as follows. 2018 2017 (Re-Stated) (Re-Stated) Contributions by the owners 951,539 3,878,302 Amounts paid on behalf of the Company by the owners* 7,850,431 9,504,034 Amounts paid by the Company on behalf of the owners (2,296,354 ) Nil Distributions to owners (29,209,289 ) Nil (22,703,673 ) 13,382,336 These amounts are repayable at the discretion of the Chief Executive Officer of the Company and are interest free, therefore classified as part of equity. * These include expenses paid on behalf of the Company including lease liability payments and other operational expenses paid by the owners on behalf of the Company. Changes in owners’ account is as follows: At 1 January 70,421,436 57,039,100 Net (distributions) contributions during the year (22,703,673 ) 13,382,336 47,717,763 70,421,436 A member of key management personnel was employed by the owners and her compensation amounting to USD 163,354 was borne by them for the year ended 31 December 2017. Key management remuneration for the year ended 31 December 2018 amounted to USD 677,291(2017: USD 144,569), charged to statement of comprehensive income (within profit and loss). Prior year restatement: Regarding prior year restatements with the related party Al Brooge International Advisory (“BIA”) refer to Note 24. Guarantees by related parties: The owners have issued corporate guarantees to secure the term loans described in Note 19. |
Contingent Liabilities
Contingent Liabilities | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Contingent Liabilities [Abstract] | ||||||
Contingent Liabilities | 22 Contingent Liabilities Capital commitments within one year 53,500,000 22,000,000 53,500,000 22,000,000 Capital commitments relate to construction project for interconnection of pipelines between Phase I and Phase II with Phase III and early preparation work for Phase III | 27 Contingent Liabilities (Figures in USD) 2022 2021 Capital commitments within one year 53,500,000 22,000,000 53,500,000 22,000,000 Capital commitments relate to construction project for interconnection of pipelines between Phase I and Phase II with Phase III and early preparation work for Phase III | 27 Contingent Liabilities Capital commitments within one year 22,000,000 33,125,477 22,000,000 33,125,477 Capital commitments relate to construction of phase 2 which is expected to be completed by the end of third quarter of 2021. Except for the above and ongoing purchase commitments in the normal course of business against which no loss is expected, there are no other known contingent liabilities existing at the balance sheet date. | 28 Contingent Liabilities Capital commitments within one year 33,125,477 79,334,742 33,125,477 79,334,742 Capital commitments relate to construction of phase 2 which is expected to be completed by the end of third quarter of 2021. Except for the above and ongoing purchase commitments in the normal course of business against which no loss is expected, there are no other known contingent liabilities existing at the balance sheet date. | 27 Contingent Liabilities Capital commitments 79,334,742 160,562,646 79,334,742 160,562,646 Capital commitments relate to the construction of phase 2 which completed by the last quarter of 2021. Except for the above and ongoing purchase commitments in the normal course of business against which no loss is expected, there are no other known contingent liabilities existing at the balance sheet date. | 25 Contingent Liabilities Capital commitments 2018 2017 Within one year 144,027,770 Nil More than 1 year and less than 5 years 16,534,876 Nil At 31 December 160,562,646 Nil Capital commitments relate to construction of Phase 2 which is expected quarter of 2020. Capital commitments include advances to suppliers which are contingent on an advance payment guarantee being issued by the supplier in favour of the Company, therefore not recognised as at December 31, 2018. Except for the above and ongoing purchase commitments in the normal course of business against which no loss is expected, there are no other known contingent liabilities existing at the balance sheet date. |
Earnings Per Share
Earnings Per Share | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||||
Earnings Per Share | 23 Earnings Per Share Basic EPS is calculated by dividing the profit/(loss) for the period / year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period / year. Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. The following table reflects the income and share data used in the basic and diluted EPS calculations: (Figures in USD) June 30, December 31, Profit attributable to ordinary equity holders of the parent 3,894,041 25,690,565 Weighted average number of ordinary shares 88,035,321 88,035,321 As part of the business combination warrants and ordinary shares subjected to escrow has been issued. In the calculation of diluted earnings per shares, the warrants have been excluded as the average market price of ordinary shares during the period exceeded the exercise price of the warrants i.e. they are not in the money. The number of contingently issuable shares (21,552,500 escrow shares) to be included in the diluted earnings per shares calculation is based on the number of shares that would be issuable if the end of the period were the end of the Escrow Period. No ordinary shares would have been issuable on 30 June 2022 as the conditions attached to the escrow shares have not been met at reporting date. As a result, the escrow shares have been excluded from the calculation of diluted earnings per share for 30 June 2022 and the weighted average number of ordinary shares for basic earnings per share and diluted earnings per shares are the same. | 28 Earnings Per Share Basic EPS is calculated by dividing the profit/(loss) for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. The following table reflects the income and share data used in the basic and diluted EPS calculations: Profit attributable to ordinary equity holders of the parent 27,229,285 25,690,565 Weighted average number of ordinary shares 88,035,321 88,035,321 As part of the business combination warrants and ordinary shares subjected to escrow have been issued. In the calculation of diluted earnings per shares, the warrants have been excluded as the average market price of ordinary shares during the period exceeded the exercise price of the warrants i.e. they are not in the money. The number of contingently issuable shares (21,552,000 escrow shares) to be included in the diluted earnings per shares calculation is based on the number of shares that would be issuable if the end of the period were the end of the Escrow Period. No ordinary shares would have been issuable on 31 December 2022 as the conditions attached to the escrow shares have not been met at reporting date. As a result, the escrow shares have been excluded from the calculation of diluted earnings per share for 31 December 2022 and the weighted average number of ordinary shares for basic earnings per share and diluted earnings per shares are the same. | 28 Earnings Per Share Basic EPS is calculated by dividing the profit/(loss) for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. The following table reflects the income and share data used in the basic and diluted EPS calculations: (Figures in USD) 2021 2020 (Re-stated) Profit attributable to ordinary equity holders of the parent 25,690,565 2,518,668 Weighted average number of ordinary shares 88,035,321 88,035,321 As part of the business combination warrants and ordinary shares subjected to escrow have been issued. In the calculation of diluted earnings per shares, the warrants have been excluded as the average market price of ordinary shares during the period exceeded the exercise price of the warrants i.e. they are not in the money. The number of contingently issuable shares (21,552,000 escrow shares) to be included in the diluted earnings per shares calculation is based on the number of shares that would be issuable if the end of the period were the end of the Escrow Period. No ordinary shares would have been issuable on 31 December 2020 as the conditions attached to the escrow shares have not been met at reporting date. As a result, the escrow shares have been excluded from the calculation of diluted earnings per share for 31 December 2020 and the weighted average number of ordinary shares for basic earnings per share and diluted earnings per shares are the same. | 29 Earnings Per Share Basic EPS is calculated by dividing the profit/(loss) for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. The following table reflects the income and share data used in the basic and diluted EPS calculations: Profit / (Loss) attributable to ordinary equity holders of the parent 2,518,668 (104,689,000 ) Weighted average number of ordinary shares 88,035,321 80,264,186 As part of the business combination (Note 31) warrants and ordinary shares subjected to escrow has been issued. In the calculation of diluted earnings per shares, the warrants have been excluded as the average market price of ordinary shares during the period exceeded the exercise price of the warrants i.e. they are not in the money. The number of contingently issuable shares (escrow shares) to be included in the diluted earnings per shares calculation is based on the number of shares that would be issuable if the end of the period were the end of the contingency period. No ordinary shares would have been issuable on 31 December 2020 as the conditions attached to the escrow shares have not been met at reporting date. As a result, the escrow shares have been excluded from the calculation of diluted earnings per share for 31 December 2020 and the weighted average number of ordinary shares for basic earnings per share and diluted earnings per shares are the same. On 14 May 2020, holders of 100 warrants (2019: Nil | 28 Earnings Per Share Basic EPS is calculated by dividing the profit/(loss) for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. The following table reflects the income and share data used in the basic and diluted EPS calculations: (Loss) / profit attributable to ordinary equity holders of the parent (104,689,000 ) (13,670,708 ) Weighted average number of ordinary shares 80,264,186 80,000,000 As part of the business combination (Note 30) warrants and ordinary shares subjected to escrow has been issued. In the calculation of diluted earnings per shares, the warrants have been excluded as the average market price of ordinary shares during the period exceeded the exercise price of the warrants i.e. they are not in the money. The number of contingently issuable shares (escrow shares) to be included in the diluted earnings per shares calculation is based on the number of shares that would be issuable if the end of the period were the end of the contingency period. No ordinary shares would have been issuable on December 31, 2019 as the conditions attached to the escrow shares have not been met at reporting date. As a result, the escrow shares have been excluded from the calculation of diluted earnings per share for December 31, 2019 and the weighted average number of ordinary shares for basic earnings per share and diluted earnings per shares are the same. On 14 May 2020, holders of 100 warrants have exercised their rights through cash exercise and converted the warrants into ordinary shares. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value of Financial Instruments [Abstract] | ||||||
Schedule of liabilities measured at fair value | 24 Fair Value of Financial Instruments Management considers that the fair value of financial assets and financial liabilities in the interim consolidated financial statements approximate their carrying amounts at the reporting date. Fair Value Hierarchy The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Liabilities measured at fair value: Level 1 Level 2 Level 3 Total Fair Value June 30, 2022 Derivative warrant liability 7,217,746 Nil Nil 7,217,746 Borrowings Nil 176,925,643 Nil 176,925,643 Derivative financial instruments Nil 7,364,829 Nil 7,364,829 December 31, 2021 Derivative warrant liability 11,675,815 Nil Nil 11,675,815 Borrowings Nil 182,781,617 Nil 182,781,617 Derivative financial instruments Nil 5,422,917 Nil 5,422,917 The fair value of level 1 financial liability have been determined in accordance with quoted price. The fair value of level 2 financial liability have been determined by using generally accepted pricing models based on a discounted cash flow analysis, respectively. The models incorporate various inputs including interest rate curves and forward rate curves of the underlying instruments. During the period ended 30 June 2022 and 31 December 2021, there were no transfers between Level 1 and Level 2 fair value measurements. | 29 Fair Value of Financial Instruments Management considers that the fair value of financial assets and financial liabilities in the consolidated financial statements approximate their carrying amounts at the reporting date. Fair Value Hierarchy The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Liabilities measured at fair value: Level 1 Level 2 Level 3 Total Fair Value December 31, 2022 Derivative warrant liability 4,245,780 Nil Nil 4,245,780 Borrowings Nil 171,343,445 Nil 171,343,445 Derivative financial instruments Nil 9,306,741 Nil 9,306,741 Liabilities measured at fair value: Level 1 Level 2 Level 3 Total Fair Value December 31, 2021 Derivative warrant liability 11,675,815 Nil Nil 11,675,815 Borrowings Nil 182,781,617 Nil 182,781,617 Derivative financial instruments Nil 5,422,917 Nil 5,422,917 The fair value of level 1 financial liability have been determined in accordance with quoted price. The fair value of level 2 financial liability have been determined by using generally accepted pricing models based on a discounted cash flow analysis, respectively. The models incorporate various inputs including interest rate curves and forward rate curves of the underlying instruments. During the year ended 31 December 2022 and 2021, there were no transfers between Level 1 and Level 2 fair value measurements. | 29 Fair Value of Financial Instruments Management considers that the fair value of financial assets and financial liabilities in the consolidated financial statements approximate their carrying amounts at the reporting date. Fair Value Hierarchy The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Liabilities measured at fair value: Level 1 Level 2 Level 3 Total Fair Value USD December 31, 2021 Derivative warrant liability 11,675,815 Nil Nil 11,675,815 Borrowings Nil 182,781,617 Nil 182,781,617 Derivative financial instruments Nil 5,422,917 Nil 5,422,917 Liabilities measured at fair value: Level 1 Level 2 Level 3 Total Fair Value USD December 31, 2020 Derivative warrant liability 13,161,838 Nil Nil 13,161,838 Borrowings Nil 187,014,715 Nil 187,014,715 The fair value of level 1 financial liability have been determined in accordance with quoted price. The fair value of level 2 financial liability have been determined by using generally accepted pricing models based on a discounted cash flow analysis, respectively. The models incorporate various inputs including interest rate curves and forward rate curves of the underlying instruments. During the year ended 31 December 2021 and 2020, there were no transfers between Level 1 and Level 2 fair value measurements. | 30 Fair Value of Financial Instruments Management considers that the fair value of financial assets and financial liabilities in the consolidated financial statements approximate their carrying amounts at the reporting date. Fair Value Hierarchy The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Liabilities measured at fair value: Level 1 Level 2 Level 3 Total Fair Value USD USD USD USD December 31, 2020 Derivative financial instruments 13,161,838 Nil Nil 13,161,838 December 31, 2019 Derivative financial instruments 15,709,460 1,518,249 Nil 17,227,709 The fair values of the financial liabilities measured at fair value included in the Level 1 and Level 2 category above, have been determined in accordance with quoted price and generally accepted pricing models based on a discounted cash flow analysis, respectively. The models incorporate various inputs including interest rate curves and forward rate curves of the underlying instruments. During the year ended 31 December 2020 and 2019, there were no transfers between Level 1 and Level 2 fair value measurements. | 29 Fair Value of Financial Instruments Management considers that the fair value of financial assets and financial liabilities in the consolidated financial statements approximate their carrying amounts at the reporting date. Fair Value Hierarchy The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Liabilities measured at fair value: Level 1 Level 2 Level 3 Total Fair Value 31-Dec-19 15,709,460 1,518,249 Nil 17,227,709 31-Dec-18 Nil 1,190,073 Nil 1,190,073 The fair values of the financial liabilities measured at fair value included in the Level 1 and Level 2 category above, have been determined in accordance with quoted price and generally accepted pricing models based on a discounted cash flow analysis, respectively. The models incorporate various inputs including interest rate curves and forward rate curves of the underlying instruments. During the year ended December 31, 2019 and 2018, there were no transfers between Level 1 and Level 2 fair value measurements. | 13 Changes in Fair Value of Derivative Financial Instruments Interest rate swaps During the year 2018, the Company entered into an interest rate swap with a commercial bank exchanging variable interest for fixed interest at specified dates on its term loan 1 (Note 19). The interest rate swap matures in June 2023. The details of these derivative financial instruments are as follows: Notional Fair value Fair value Amount asset liability 31 December 2018 USD USD USD Designated at FVTPL Interest rate swaps 83,855,305 Nil 1,190,073 |
Subsequent Events
Subsequent Events | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Subsequent Events [Abstract] | ||||||
Subsequent Events | 25 Subsequent Events After the Reporting Date The Company on Aug. 17, 2022 announced that its majority shareholder, BPGIC Holdings Limited has expressed an interest to acquire all the shares of the Company that it does not currently own and to take the Company private. The Board of Directors of the Company is considering the proposal and will be entering into substantive negotiations. Any transaction, if entered into, will be subject to the receipt of a fairness opinion and approval of the Company’s shareholders and bondholders. There can be no assurance that a transaction will be entered into. | 30 Subsequent Events On January 11, 2023, the Group received an additional notice of non-compliance from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) due to the Group not having been able to file interim financial statements for the period ended June 30, 2022 with the Securities and Exchange Commission (the “SEC”) by December 31, 2022, as required by Nasdaq Listing Rule 5250(c)(2) (the “Filing Rule”). The Staff stated that the additional filing delinquency could serve as an additional basis for the delisting of the Group’s securities from Nasdaq. The Group was provided with the opportunity to update the Nasdaq Hearings Panel (the “Panel”) regarding the status of its efforts to evidence compliance with the Filing Rule prior to the expiration of the extension previously granted by the Panel on April 26, 2023. The Group has updated to the Panel with respect to its compliance efforts. On February 15, 2023 the Group announced a partnership through the company’s subsidiary Brooge Renewable Energy (“BRE”) with Siemens Energy (“SE”), one of the world’s largest energy technology companies, to build a PV solar farm to supply BRE’s Green Hydrogen and Green Ammonia project in Abu Dhabi, United Arab Emirates. BRE and SE partnership is aimed to build up to 650 MW solar PV plant to supply BRE’s planned Phase 1 of the green ammonia project with renewable energy. Siemens Energy will serve as the Technical Partner to Brooge and exclusive provider of solutions including engineering, design procurement, and construction of up to a 650 MW solar PV plant including grid connection and operation and maintenance services. The two companies will partner to obtain the necessary project approvals from governmental agencies as a first step of the project. | 30 Subsequent Events ● In February 2022, the Group made a withdrawal of the term loan facility obtained in September 2021 of USD 2,376,804 from a commercial bank in UAE to partially finance the purchase of corporate office of the Group. The principal repayment will be 24 quarterly installments commencing six months from the disbursement date. This facility carries interest rate of 3 Months EIBOR + 4% p.a (minimum 6.5% p.a) to be paid along with the installments. ● The Company had received a letter from The Nasdaq Stock Market dated May 23, 2022 (the “Notice”), stating that the Company is not in compliance with Listing Rule 5250(c)(1). The Notice does not impact the Company’s listing on the Nasdaq Capital Market at this time, provided that the Company cures the deficiency under Nasdaq Listing Rule 5250(c)(1) within the time period specified by the applicable rule. ● On Nov. 22, 2022, the Company was notified that the Nasdaq Hearings Panel (the “Panel”) had granted its request to continue trading of Brooge Energy’s securities on Nasdaq at least through the completion of the Company’s hearing before the Panel and the expiration of any extension that may be granted by the Panel to the Company following the hearing. ● The Company on Aug. 17, 2022 the Company announced that its majority shareholder, BPGIC Holdings Limited (“Holdings”), has expressed an interest to acquire all the shares of the Company that it does not currently own and to take the Company private. The Board of Directors of the Company is considering the proposal and will be entering into substantive negotiations. Any transaction, if entered into, will be subject to the receipt of a fairness opinion and approval of the Company’s shareholders and bondholders. There can be no assurance that a transaction will be entered into. Bond Waiver letter On April 27, 2022, the Group entered into an agreement with the Bondholders to implement following amendments to the Bond Financing Facility, effective immediately: (a) Waiver of the Events of Defaults that are triggered by the technical breaches of the Leverage Ratio and positive Working Capital covenants until December 31, 2022. (b) The requirement to maintain a Leverage Ratio to not exceed certain thresholds is suspended (waived) for the results period from December 31, 2021 to and including December 30, 2022, and shall be tested again for the 12 months results period from (and including) January 1, 2022 to December 31, 2022 (inclusive) at 3.5x, stepping down to 3.0x anytime thereafter (as per the original terms of the Bond Financing Facility). For the avoidance of doubt, the costs associated with the amendments shall not be taken into consideration in EBITDA when calculating Leverage Ratio. (c) The requirement to maintain a positive Working Capital is suspended (waived) for the period from December 31, 2021 to and including December 30, 2022, and shall be tested again starting from and including December 31, 2022. (d) Permitted Distribution: (i) No Permitted Distribution shall be made before BPGIC is in compliance with financial covenant requirements under the original terms of the Bond Facility Financing. (ii) Furthermore, BPGIC shall provide to the Bond Trustee a written statement signed by its chief executive officer and chief financial officer within three business days prior to any permitted distribution under the terms of the Bond Financing Facility that (A) states the amount being distributed as a permitted distribution, (B) confirms the conditions with respect to such distribution are satisfied, and (C) declares such distribution will not lead to an Event of Default on the next testing date. | 32 Subsequent Events ● On September 21, 2022 the Group announced that its wholly owned subsidiary, Brooge Petroleum and Gas Investment Company FZE inaugurated its Phase II storage facility. The new Phase II facility was built utilizing state-of-the-art technology to maximize performance and efficiency and can store not only crude and fuel oils but also clean petroleum products which is a competitive edge the company is able to provide to its customers. Additionally, the Company is also able to provide is customers with ancillary services including product blending and heating. | 31 Subsequent Events The outbreak of Novel Coronavirus (COVID 19) continues to progress and evolve. Therefore, it is challenging now, to predict the full extent and duration of its business and economic impact. The outbreak of Covid-19 has had an impact on demand for oil and petroleum products. Recent global developments in March 2020 have caused further volatility in commodity markets. The extent and duration of such impacts remain uncertain and dependent on future developments that cannot be accurately predicted at this time, such as the transmission rate of the coronavirus and the extent and effectiveness of containment actions taken. Given the ongoing economic uncertainty, a reliable estimate of the impact cannot be made at the date of authorisation of these consolidated financial statements. These developments could impact our future financial results, cash flows and financial condition. The Group has entered into a land lease agreement, dated as of February 2, 2020 (the “Phase III Land Lease Agreement”), by and between Group and the Fujairah Oil Industry Zone (“FOIZ”) to lease an additional plot of land that has a total area of approximately 450,000 m2 (the “Phase III Land”). Group intends to use the relevant land to expand its crude oil storage and service and refinery capacity (“Phase III”). On April 7, 2020 the Company changed its name from Brooge Holding Limited to Brooge Energy Limited. The Group negotiated another amendment to the term loan facilities (1) and (2) on 15 June 2020. Loans (1) and (2) are now payable in 46 and 16 instalments, respectively, with the first installment starting from June 30, 2020 with final maturity in July 30, 2030 and July 31, 2023, respectively. The loan 1 carries interest at 6 months EIBOR + 4% (minimum 5%) and to be further enhanced to 6 month EIBOR + 4.5% (minimum 5%) from January 2021 as compared to interest at 3 month EIBOR + 3% previously, and, the loan 2 carries interest at 3 months EIBOR + 4% (minimum 5%) and to be further enhanced to 3 month EIBOR + 4.5% (minimum 5%) as compared to interest at 3 month EIBOR + 3% previously The Group has to pay USD 8.8 million for term loan (1) and (2) in 2020 which represents the cumulative instalments including interest outstanding from periods prior to this amended agreement and an amendment fee of USD 136,000. All securities and covenants under the original agreements remain in effect under the amended agreement except debt service reserve account (DSRA) balance to be maintained from October 31, 2020 and debt service coverage ratio (DSCR) to be commenced from December 31, 2020. Under this agreement, term loans (1) and (2) are also secured by assignment of the proceeds from operation of the tanks of Phase 1 and Phase 2. As part of management’s plans to alleviate the significant doubt disclosed in Note 2.2, in September 2020, BPGIC FZE issued bonds amounting to USD 200 million to private investors. Each bond has a face value of USD 1 and an issue price of USD 0.95. The semi-annual bond repayment of USD 7 million commenced in November 2021 and continuous until May 2025, with one final bullet repayment of USD 144 million due in November 2025. These bonds carry interest at a rate of 8.5% per annum payable semi-annually. The proceeds from the bond issue were used to fund capital projects and settle the Group’s outstanding term loans with the remaining balance (if any) to be used to fund working capital requirements. The proceeds of the bonds were drawn down on November 13, 2020 and the outstanding term loan fully settled. | 26 Subsequent Events The significant events that occurred after the balance sheet date, which require disclosures in the financial statements are as follows: February 25, 2019 The owners transferred the ownership in Brooge Petroleum and Gas Investment Company FZC to Brooge Petroleum and Gas Investment Company plc (“BPGIC plc”). Thereafter, the Company has become “Brooge Petroleum and Gas Investment Company FZE”. March 31, 2019 An amount of USD 75,000,000 was contributed by the owners. April 15, 2019 A business combination agreement was entered into between the Company’s owners and Twelve Seas, Brooge Holdings Limited, Brooge Merger Sub Limited, a subsidiary of Brooge Holdings Limited. BPGIC plc became party to the business combination agreement by execution of a joinder thereto on May 10, 2019. September 10, 2019 The Company entered into an agreement with its lender to amend the terms of it’s Term Loan 1. 24 September 2020 On 24 September 2020, the Company issued long term fixed interest rate senior secured bonds of USD 200,000,000 to private investors with a face value of USD 1 at an issue price of USD 0.95. The Company can issue further bonds of up to USD 50,000,000 under identical terms except issue price that can be above or below the nominal amount, subject to certain conditions. The proceeds of the bonds of USD 186,000,000 net of USD 4,000,000 of transaction costs were drawn down during November 2020. In accordance with the terms of the bonds, the proceeds were used to settle the existing term loans. An amount of USD 85,000,000 were transferred to a Construction account to be used solely to fund the remaining Phase 2 construction costs. The balance proceeds were used for general corporate purposes. |
Financial Risk Management and P
Financial Risk Management and Policies | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Risk Management and Policies [Abstract] | |||||
Financial Risk Management and Policies | 26 Financial Risk Management And Policies The main risks arising from the Group’s financial instruments are interest rate risk, credit risk, currency risk and liquidity risk. Management reviews and agrees policies for managing each of these risks which are summarized below. Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s balances with banks. The Group’s borrowing are issued at fixed rate of interest. Market Risk The Group’s activities expose it to the financial risks of changes in interest rates and price risk of the warrants. As the warrants are recognised at fair value on the interim consolidated statement of financial position of the Group, the Group’s exposure to market risks results from the volatility of the warrants price. The Warrants are publicly traded at the NASDAQ Stock Exchange. At the reporting date, the exposure to derivative warrant liability at fair value listed on the NASDAQ was USD 7,217,746 (2021: 11,675,815). The Group has determined that an increase/(decrease) of 10% on the NASDAQ could have an impact of approximately USD 721,774 (2021: USD 1,167,581) increase/(decrease) on the income and equity attributable to the Group. Currency Risk The Group does not have any significant exposure to currency risk as most of its assets and liabilities are denominated in USD or UAE Dirhams, which are pegged to the USD. Credit Risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Group is exposed to credit risk on bank balances and receivables as reflected in the interim consolidated statement of financial position, with a maximum exposure equal to the carrying amount of these instruments. The expected credit loss on trade and other receivables are considered insignificant for 2022 and 2021. The Group has a low credit risk exposure on its trade receivables based on established policy, procedures and controls relating to customer credit risk management. Credit quality of the customer is assessed as part of contract negotiations. Outstanding receivables are regularly monitored. Liquidity Risk The Group monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers projected financing requirements of the Group during the construction phase and cash projections from operations with outstanding bank facilities and outstanding bank commitments as defined under the finance documents. The Group manages its liquidity risk in relation to term loans to ensure compliance with all covenants for each specific facility. The table below summarizes the maturity profile of the Group’s financial liabilities at June 30, 2022 and December 31, 2021 based on contractual undiscounted payments. On Demand Upto 1 Year 1 to 5 Years > 5 Years Total USD USD USD USD USD June 30, 2022 Bonds (Including accrued interest) 176,925,643 4,361,794 1,980,670 Nil 183,268,107 Lease liability Nil 9,872,066 Nil 82,051,676 91,923,742 Accounts payable, accruals and other payables (excluding accrued interest) Nil 107,940,623 Nil Nil 107,940,623 Total 176,925,643 122,174,483 1,980,670 82,051,676 383,132,472 December 31, 2021 Bonds (Including accrued interest) 182,781,617 Nil Nil Nil 182,781,617 Lease liability Nil 5,978,847 18,899,037 64,903,296 89,781,180 Accounts payable, accruals and other payables (excluding accrued interest) Nil 88,342,208 Nil Nil 88,342,208 Total 182,781,617 94,321,055 18,899,037 64,903,296 360,905,005 Capital Management The primary objective of the Group’s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximize shareholder’s value and to meet its loan covenants. The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust future distribution policy to shareholders, issue new shares or shareholders’ contributions. The Group monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Group includes within net debt, the lease liability, term loans, and trade and other payables, less cash and cash equivalents. Capital includes share capital, shareholders’ accounts, general reserve and (accumulated losses) retained earnings. Borrowing 179,302,447 182,781,617 Lease liability 91,923,742 89,781,180 Less: cash and cash equivalents (1,015,899 ) (1,452,316 ) Net debt 270,210,290 271,110,481 Total capital 81,810,609 78,491,436 Capital and net debt 352,020,899 349,601,917 Gearing ratio 77 % 78 % | 31 Financial Risk Management and Policies The main risks arising from the Group’s financial instruments are interest rate risk, credit risk, currency risk and liquidity risk. Management reviews and agrees policies for managing each of these risks which are summarized below. Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s balances with banks. The Group’s borrowing are issued at fixed rate of interest. Market Risk The Group’s activities expose it to the financial risks of changes in interest rates and price risk of the warrants. As the warrants are recognised at fair value on the consolidated statement of financial position of the Group, the Group’s exposure to market risks results from the volatility of the warrants price. The Warrants are publicly traded at the NASDAQ Stock Exchange. At the reporting date, the exposure to derivative warrant liability at fair value listed on the NASDAQ was USD 4,245,780 (2021: 11,675,815). The Group has determined that an increase/(decrease) of 10% on the NASDAQ could have an impact of approximately USD 424,578 (2021: USD 1,167,582) increase/(decrease) on the income and equity attributable to the Group. Currency Risk The Group does not have any significant exposure to currency risk as most of its assets and liabilities are denominated in USD or UAE Dirhams, which are pegged to the USD. Credit Risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Group is exposed to credit risk on bank balances and receivables as reflected in the consolidated statement of financial position, with a maximum exposure equal to the carrying amount of these instruments. The expected credit loss on trade and other receivables are considered insignificant for 2022 and 2021. The Group has a low credit risk exposure on its trade receivables based on established policy, procedures and controls relating to customer credit risk management. Credit quality of the customer is assessed as part of contract negotiations. Outstanding receivables are regularly monitored. Liquidity Risk The Group monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers projected financing requirements of the Group during the construction phase and cash projections from operations with outstanding bank facilities and outstanding bank commitments as defined under the finance documents. The Group manages its liquidity risk in relation to term loans to ensure compliance with all covenants for each specific facility. The table below summarizes the maturity profile of the Group’s financial liabilities at December 31, 2022 and December 31, 2021 based on contractual undiscounted payments. On Upto 1 to 5 >5 Total USD USD USD USD USD December 31, 2022 Borrowings 171,343,445 396,134 1,782,603 Nil 173,522,182 Lease liability Nil 5,428,131 17,164,474 68,280,806 90,873,411 Accounts payable, accruals and other payables Nil 93,903,217 Nil Nil 93,903,217 Total 171,343,445 99,727,482 18,947,077 68,280,806 358,298,810 December 31, 2021 Borrowings 182,781,617 Nil Nil Nil 182,781,617 Lease liability Nil 5,978,847 18,899,037 64,903,296 89,781,180 Accounts payable, accruals and other payables Nil 88,342,208 Nil Nil 88,342,208 Total 182,781,617 94,321,055 18,899,037 64,903,296 360,905,005 Capital Management The primary objective of the Group’s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximize shareholder’s value and to meet its loan covenants. The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust future distribution policy to shareholders, issue new shares or shareholders’ contributions. The Group monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Group includes within net debt, the lease liability, term loans, and trade and other payables, less cash and cash equivalents. Capital includes share capital, shareholders’ accounts, general reserve and (accumulated losses) retained earnings. (Figures in USD) 2022 2021 Borrowing 173,522,182 182,781,617 Lease liability 90,873,411 89,781,180 Less: cash and cash equivalents (940,925 ) (1,452,316 ) Net debt 263,454,668 271,110,481 Total capital 105,094,692 78,491,436 Capital and net debt 368,549,360 349,601,917 Gearing ratio 71 % 71 % | 31 Financial Risk Management and Policies The main risks arising from the Group’s financial instruments are interest rate risk, credit risk, currency risk and liquidity risk. Management reviews and agrees policies for managing each of these risks which are summarized below. Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s balances with banks. The Group’s borrowing are issued at fixed rate of interest. Market Risk The Group’s activities expose it to the financial risks of changes in interest rates and price risk of the warrants. As the warrants are recognised at fair value on the consolidated statement of financial position of the Group, the Group’s exposure to market risks results from the volatility of the warrants price. The Warrants are publicly traded at the NASDAQ Stock Exchange. At the reporting date, the exposure to derivative warrant liability at fair value listed on the NASDAQ was USD 11,675,815 (2020: 13,161,838). The Group has determined that an increase/(decrease) of 10% on the NASDAQ could have an impact of approximately USD 1,167,582 (2020: USD 1,316,838) increase/(decrease) on the income and equity attributable to the Group. Currency Risk The Group does not have any significant exposure to currency risk as most of its assets and liabilities are denominated in USD or UAE Dirhams, which are pegged to the USD. Credit Risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Group is exposed to credit risk on bank balances and receivables as reflected in the consolidated statement of financial position, with a maximum exposure equal to the carrying amount of these instruments. The expected credit loss on trade and other receivables are considered insignificant for 2021 and 2020. The Group has a low credit risk exposure on its trade receivables based on established policy, procedures and controls relating to customer credit risk management. Credit quality of the customer is assessed as part of contract negotiations. Outstanding receivables are regularly monitored. Liquidity Risk The Group monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers projected financing requirements of the Group during the construction phase and cash projections from operations with outstanding bank facilities and outstanding bank commitments as defined under the finance documents. The Group manages its liquidity risk in relation to term loans to ensure compliance with all covenants for each specific facility. The table below summarizes the maturity profile of the Group’s financial liabilities at December 31, 2021 and December 31, 2020 based on contractual undiscounted payments. December 31, 2021 On Demand Upto 1 Year 1 to 5 Years > 5 Years Total Bonds (Including accrued interest) 182,781,617 Nil Nil Nil 182,781,617 Lease liability Nil 5,978,847 18,899,037 64,903,296 89,781,180 Accounts payable, accruals and other payables (excluding accrued interest) Nil 88,342,208 Nil Nil 86,300,281 Total 182,781,617 94,321,055 18,899,037 64,903,296 360,905,005 December 31, 2020 Term loans (Including accrued interest) Nil 11,250,000 180,014,715 Nil 191,264,715 Lease liability Nil 6,586,405 20,812,094 60,113,234 87,511,733 Accounts payable, accruals and other payables (excluding accrued interest) Nil 86,970,181 Nil Nil 86,970,181 Total Nil 86,970,181 Nil Nil 86,970,181 Capital Management The primary objective of the Group’s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximize shareholder’s value and to meet its loan covenants. The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust future distribution policy to shareholders, issue new shares or shareholders’ contributions. The Group monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Group includes within net debt, the lease liability, term loans, and trade and other payables, less cash and cash equivalents. Capital includes share capital, shareholders’ accounts, general reserve and (accumulated losses) retained earnings. Borrowing 182,781,617 187,014,715 Lease liability 89,781,180 87,511,733 Less: cash and cash equivalents (1,452,316 ) (20,989,970 ) Net debt 271,110,481 253,536,478 Total capital 78,491,436 52,545,053 Capital and net debt 349,601,917 306,081,531 Gearing ratio 78 % 83 % | 33 Financial Risk Management and Policies The main risks arising from the Group’s financial instruments are interest rate risk, credit risk, currency risk and liquidity risk. Management reviews and agrees policies for managing each of these risks which are summarized below. Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s balances with banks. The Group’s borrowing are issued at fixed rate of interest. Market Risk The Group’s activities expose it to the financial risks of changes in interest rates and price risk of the warrants. As the warrants are recognised at fair value on the consolidated statement of financial position of the Group, the Group’s exposure to market risks results from the volatility of the warrants price. The Warrants are publicly traded at the NASDAQ Stock Exchange. At the reporting date, the exposure to derivative warrant liability at fair value listed on the NASDAQ was USD 13,161,838 (2019: 15,709,460). The Group has determined that an increase/(decrease) of 10% on the NASDAQ could have an impact of approximately USD 1,316,838 (2019: USD 1,570,946) increase/(decrease) on the income and equity attributable to the Group. Currency Risk The Group does not have any significant exposure to currency risk as most of its assets and liabilities are denominated in USD or UAE Dirhams, which are pegged to the USD. Credit Risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Group is exposed to credit risk on bank balances and receivables as reflected in the consolidated statement of financial position, with a maximum exposure equal to the carrying amount of these instruments. The expected credit loss on trade and other receivables are considered insignificant for 2020 and 2019. The Group has a low credit risk exposure on its trade receivables based on established policy, procedures and controls relating to customer credit risk management. Credit quality of the customer is assessed as part of contract negotiations. Outstanding receivables are regularly monitored. Liquidity Risk The Group monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers projected financing requirements of the Group during the construction phase and cash projections from operations with outstanding bank facilities and outstanding bank commitments as defined under the finance documents. The Group manages its liquidity risk in relation to term loans to ensure compliance with all covenants for each specific facility. The table below summarizes the maturity profile of the Group’s financial liabilities at December 31, 2020 and December 31, 2019 based on contractual undiscounted payments. On Upto 1 to 5 > 5 Demand 1 Year Years Years Total USD USD USD USD USD December 31, 2020 Bonds (Including accrued interest) Nil 11,250,000 180,014,715 Nil 191,264,715 Lease liability Nil 2,591,557 25,823,081 59,097,095 87,511,733 Derivative financial instruments Nil Nil Nil Nil Nil Accounts payable, accruals and other payables (excluding accrued interest) Nil 86,970,181 Nil Nil 86,970,181 Total Nil 100,811,738 205,837,796 59,097,095 365,746,629 December 31, 2019 Term loans (Including accrued interest) Nil 17,834,569 33,610,603 40,550,347 91,995,519 Lease liability Nil 2,359,590 9,919,810 213,469,800 225,749,200 Derivative financial instruments Nil 1,518,249 Nil Nil 1,518,249 Accounts payable, accruals and other payables (excluding accrued interest) Nil 115,633,080 Nil Nil 115,633,080 Total Nil 137,345,488 43,530,413 254,020,147 434,896,048 Capital Management The primary objective of the Group’s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximize shareholder’s value and to meet its loan covenants. The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust future distribution policy to shareholders, issue new shares or shareholders’ contributions. The Group monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Group includes within net debt, the lease liability, term loans, and trade and other payables, less cash and cash equivalents. Capital includes share capital, shareholders’ accounts, general reserve and (accumulated losses) retained earnings. Borrowings 187,014,715 88,700,137 Lease liability 87,511,733 30,779,138 Less: Cash and cash (20,989,970 ) (19,830,771 ) equivalents 253,536,478 99,648,504 Net debt 52,545,053 50,258,618 Total capital 306,081,531 149,907,122 Capital and net debt 83 % 66 % Gearing ratio | 32 Financial Risk Management And Policies The main risks arising from the Group’s financial instruments are interest rate risk, credit risk, currency risk and liquidity risk. Management reviews and agrees policies for managing each of these risks which are summarized below. Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s balances with banks and interest bearing loans and borrowings at variable rates. Market Risk The Group’s activities expose it to the financial risks of changes in interest rates and price risk of the warrants. As the warrants are recognised at fair value on the consolidated statement of financial position of the Group, the Group’s exposure to market risks results from the volatility of the warrants price. The Warrants are publicly traded at the NASDAQ Stock Exchange. Currency Risk The Group does not have any significant exposure to currency risk as most of its assets and liabilities are denominated in USD or UAE Dirhams, which are pegged to the USD. Credit Risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Group is exposed to credit risk on bank balances and receivables as reflected in the consolidated statement of financial position, with a maximum exposure equal to the carrying amount of these instruments. The expected credit loss on trade and other receivables are considered insignificant for 2019 and 2018. The Group has a low credit risk exposure on its trade receivables based on established policy, procedures and controls relating to customer credit risk management. Credit quality of the customer is assessed as part of contract negotiations. Outstanding receivables are regularly monitored. Liquidity Risk The Group monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers projected financing requirements of the Group during the construction phase and cash projections from operations with outstanding bank facilities and outstanding bank commitments as defined under the finance documents. The Group manages its liquidity risk in relation to term loans to ensure compliance with all covenants for each specific facility. The table below summarizes the maturity profile of the Group’s financial liabilities at December 31, 2019 and December 31, 2018 based on contractual undiscounted payments. On Upto 1 to 5 > 5 Demand 1 Year Years Years Total USD USD USD USD USD December 31, 2019 Term loans (Including accrued interest) Nil 17,834,569 33,610,603 40,550,347 91,995,519 Lease liability Nil 2,359,590 9,919,810 213,469,800 225,749,200 Derivative financial instruments Nil 1,518,249 Nil Nil 1,518,249 Accounts payable, accruals and other payables (excluding accrued interest) Nil 115,633,080 Nil Nil 115,633,080 Total Nil 137,345,488 43,530,413 254,020,147 434,896,048 December 31, 2018 Bank overdraft/ Term loans 3,745,048 Nil Nil Nil 3,745,048 (Including accrued interest) 95,702,779 Nil Nil Nil 95,702,779 Lease liability Nil 2,313,324 9,725,304 216,023,896 228,062,524 Derivative financial instruments Nil 1,190,073 Nil Nil 1,190,073 Accounts payable, accruals and other payables (excluding accrued interest) Nil 35,946,217 Nil Nil 35,946,217 Total 99,447,827 39,449,614 9,725,304 216,023,896 364,646,641 The derivative warrant liabilities have not been included in the table above as there is no requirement to settle the warrants in cash. Capital Management The primary objective of the Group’s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximize shareholder’s value and to meet its loan covenants. The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust future distribution policy to shareholders, issue new shares or shareholders’ contributions. The Group monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Group includes within net debt, the lease liability, term loans, and trade and other payables, less cash and cash equivalents. Capital includes share capital, shareholders’ accounts, general reserve and (accumulated losses) retained earnings. Term loans Lease liability 88,700,137 94,792,088 Less: cash and cash 30,779,138 30,221,426 equivalents (19,830,771 ) 3,707,697 Net debt 99,648,504 128,721,211 Total capital 50,258,618 31,246,573 Capital and net debt 149,907,122 159,967,784 Gearing ratio 66 % 80 % |
Rounding Off of Figures
Rounding Off of Figures | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Rounding Off Of Figures [Abstract] | ||||||
Rounding Off of Figures | 27 Rounding Off of Figures All figures have been rounded off to the nearest US Dollars. | 32 Rounding Off of Figures All figures have been rounded off to the nearest US Dollars. | 33 Rounding Off of Figures All figures have been rounded off to the nearest US Dollars. | 36 Rounding Off of Figures All figures have been rounded off to the US Dollars. | 35 Rounding Off of Figures All figures have been rounded off to the nearest US Dollars. | 28 Rounding Off of Figures All figures have been rounded off to the nearest US Dollar. |
Comparative Figures
Comparative Figures | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Comparative Figures [Abstract] | ||||||
Comparative Figures | 28 Comparative Figures Certain of the prior year figures have been regrouped to conform with the presentation of the current year. Groupings of Property, Plant and Equipment Other Capital Work Right of use (Figures in USD) Buildings Installations Equipments Tanks in Progress Assets Total Cost: As at January 01, 2022 28,037,886 179,268,276 307,697 154,532,494 8,685,182 84,989,427 455,820,962 Additions during the period 2,775,806 Nil 776,561 Nil 4,174,276 Nil 7,726,643 As at June 30, 2022 30,813,692 179,268,276 1,084,258 154,532,494 12,859,458 84,989,427 463,547,605 Accumulated Depreciation: As at January 01, 2022 4,615,112 12,287,155 186,398 6,697,283 Nil 4,768,100 28,554,048 Charge for the period 597,768 3,752,486 90,691 1,577,334 Nil 717,644 6,735,923 As at June 30, 2022 5,212,880 16,039,641 277,089 8,274,617 Nil 5,485,744 35,289,971 Net Carrying Value: As at June 30, 2022 25,600,812 163,228,635 807,169 146,257,877 12,859,458 79,503,684 428,257,635 As at December 31, 2021 23,422,774 166,981,121 121,298 147,835,211 8,685,182 80,221,327 427,266,913 Additions to buildings of USD 2,775,806 are mortgaged as security against loans obtained in 2022 (Note 16). Capital work in progress at June 30, 2022 of USD 12,840,335 relates to the Group’s Phase III storage facilities under development & USD 19,123 relates to Group’s Phase II tanks under development. Land lease agreement and the moveable assets of BPGIC FZE are pledged as security against borrowings obtained in 2020 (Note 16) The depreciation charge for the year is allocated to the statement of comprehensive income (within profit and loss) and capital work in progress as follows: (Figures in USD) June 30, December 31, Direct costs 6,244,880 6,806,198 CWIP 491,042 1,142,206 6,735,923 7,948,404 | 33 Comparative Figures Certain of the prior year figures have been regrouped to conform with the presentation of the current year. Groupings of Property, Plant and Equipment Buildings Installations Other Equipments Tanks Capital Work in Progress Right of use Assets Total Cost: As at January 01, 2022 28,037,886 179,268,276 307,695 154,532,494 8,685,182 84,989,427 455,820,960 Additions during the year 2,775,806 99,130 915,994 Nil 8,524,553 Nil 12,315,483 As at December 31, 2022 30,813,692 179,367,406 1,223,689 154,532,494 17,209,735 84,989,427 468,136,443 Accumulated Depreciation: As at January 01, 2022 4,615,111 12,287,155 186,399 6,697,282 Nil 4,768,100 28,554,047 Charge for the year 1,214,042 7,558,769 185,055 3,148,604 Nil 1,435,287 13,541,757 As at December 31, 2022 5,829,153 19,845,924 371,454 9,845,886 Nil 6,203,387 42,095,804 Net Carrying Value: As at December 31, 2022 24,984,539 159,521,482 852,235 144,686,608 17,209,735 78,786,040 426,040,639 As at December 31, 2021 23,422,775 166,981,121 121,296 147,835,212 8,685,182 80,221,327 427,266,913 Additions to buildings of USD 2,775,806 are mortgaged as security against loans obtained in 2022 (Note 21). Capital work in progress at December 31, 2022 of USD 17,024,383 relates to the Group’s Phase III storage facilities under development & USD 185,352 relates to Group’s Phase II tanks under development. Land lease agreement and the moveable assets of BPGIC FZE are pledged as security against borrowings obtained in 2020 (Note 21) The depreciation charge for the year is allocated to the statement of comprehensive income (within profit and loss) and capital work in progress as follows. 2022 2021 Direct costs (Note 7) 12,615,658 6,806,198 CWIP 926,099 1,142,207 13,541,757 7,948,405 | 34 Comparative Figures Certain of the prior year figures have been regrouped to conform with the presentation of the current year. Groupings for Property, Plant and Equipment Buildings Installations Other Equipments Tanks Capital Work in Progress Right of use Assets (Figures in USD) Cost: As at January 01, 2021 28,037,886 65,903,126 268,743 76,218,998 133,579,804 83,900,611 387,909,168 Additions during the year Nil Nil 38,952 Nil 66,784,024 1,088,816 67,911,792 Transfers during the year Nil 113,365,150 Nil 78,313,496 (191,678,646 ) Nil Nil As at December 31, 2021 28,037,886 179,268,276 307,695 154,532,494 8,685,182 84,989,427 455,820,960 Accumulated Depreciation: As at January 01, 2021 3,493,596 8,768,287 130,155 4,880,792 Nil 3,332,813 20,605,643 Charge for the year 1,121,515 3,518,868 56,244 1,816,490 Nil 1,435,287 7,948,404 As at December 31, 2021 4,615,111 12,287,155 186,399 6,697,282 Nil 4,768,100 28,554,047 Net Carrying Value: As at December 31, 2021 23,422,775 166,981,121 121,296 147,835,212 8,685,182 80,221,327 427,266,913 As at December 31, 2020 24,544,290 57,134,839 138,588 71,338,206 133,579,804 80,567,798 367,303,525 During the year, in September 2021, ramp up of storage in Phase II tanks started and the hand over of the facility was completed in November 2021, when all the tanks were commissioned into operations. Accordingly, an amount of USD 191,678,646 was transferred from capital work in progress to tanks and installations. Total amount capitalised includes an amount of USD 189,861,181 incurred for construction, consultancy work and capitalized borrowing costs along with USD 1,817,465 of depreciation of right-of-use assets. Capital work in progress at December 31, 2021 of USD 8,685,182 relates to the Group’s Phase III storage facilities under development. Land lease agreement and the moveable assets of BPGIC FZE are pledged as security against borrowings obtained in 2020 (Note 21). The depreciation charge for the year is allocated to the statement of comprehensive income (within profit and loss) and capital work in progress as follows: 2021 2020 Direct costs (Note 7) 6,806,198 5,800,007 CWIP 1,142,206 309,306 7,948,404 6,109,313 As previously reported Restatement adjustments As per the restate Financial Statement Prior Year Restatement 31-12-20 31-12-20 31-12-20 Consolidated Statement of Comprehensive Income Revenue 41,831,537 (14,640,361 ) 27,191,176 Direct costs (12,944,760 ) 236,374 (12,708,386 ) Gross Profit / (Loss) 28,886,777 (14,403,987 ) 14,482,790 Other income 828,332 Nil 828,332 General and administration expenses (6,456,884 ) (207,419 ) (6,664,303 ) Change in estimated fair value of derivative warrant liability 2,547,542 80 2,547,622 Finance costs (8,306,150 ) (29,119 ) (8,335,269 ) Profit for the year 17,159,113 (14,640,445 ) 2,518,668 Consolidated Statement of Financial Position ASSETS Current Assets Trade receivables Nil Nil Nil Other receivable and prepayments 690,232 (296,363 ) 393,869 Total Current Assets 40,401,956 (296,363 ) 40,105,593 Non-Current Assets Advances to contractor 16,418,065 40,187 16,458,252 Total Non-Current Assets 392,221,590 40,185 392,261,775 Total Assets 432,623,546 (256,178 ) 432,367,368 LIABILITIES AND EQUITY Current Liabilities Trade and accounts payable 13,829,897 3,936,678 17,766,575 Other payable Nil 73,453,606 73,453,606 Lease liabilities 9,795,058 (7,203,501 ) 2,591,557 Total current liabilities 43,786,799 70,186,777 113,973,576 Non-current liabilities Lease liabilities 79,289,507 5,630,669 84,920,176 Total Non-Current Liabilities 260,218,070 5,630,669 265,848,739 Equity Share capital 8,801 3 8,804 Retained earnings (46,907,568 ) (73,440,087 ) (120,347,655 ) Statutory reserve 680,643 (335,795 ) 344,848 Shareholders’ account 73,059,743 (2,297,745 ) 70,761,998 Total Equity 128,618,677 (76,073,624 ) 52,545,053 Total Equity & Liabilities 432,623,546 (256,178 ) 432,367,368 | 37 Comparative Figures Certain of the prior year figures have been regrouped to conform with the presentation of the current year. Groupings for Property, Plant and Equipment Buildings Installations Other Equipments Tanks Capital Work in Progress Right of use (Figures in USD) Cost: As at January 01, 2020 28,037,886 65,878,129 218,827 76,100,795 79,948,312 27,540,969 277,724,918 Additions during the year Nil 24,997 49,916 118,201 53,631,492 56,359,642 110,184,248 As at December 31, 2020 28,037,886 65,903,126 268,743 76,218,996 133,579,804 83,900,611 387,909,166 Accumulated Depreciation: As at January 01, 2020 2,372,081 5,978,336 79,673 3,312,144 Nil 2,754,096 14,496,330 Charge for the year 1,121,515 2,789,951 50,482 1,568,648 Nil 578,717 6,109,313 As at December 31, 2020 3,493,596 8,768,287 130,155 4,880,792 Nil 3,332,813 20,605,643 Net Carrying Value: As at December 31, 2020 24,544,290 57,134,839 138,588 71,338,204 133,579,804 80,567,798 367,303,523 As at December 31, 2019 25,665,805 59,899,793 139,154 72,788,651 79,948,312 24,786,873 263,228,588 Capital work in progress at December 31, 2020 includes total amount of USD 133,255,464 capitalized relating to the construction of phase 2 and USD 324,340 for phase 3 and includes an amount of USD 1,484,977 (2019: USD 1,458,069) related to finance charge on lease liability for phase 2 and an amount of USD 232,131 (2019: USD 233,113) for phase 2 and USD 77,175 (2019: Nil The capitalized borrowing costs of phase 2 amounting to USD 4,719,888 (2019: USD 1,546,108) have been included in “additions” in the table above. These include general borrowing cost of USD 2,274,051 (2019: USD 1,546,108) and specific borrowing cost of USD 2,445,837 (2019: Nil Nil Land lease agreement and the moveable assets of BPGIC FZE are pledged as security against borrowing obtained in 2020 (Note 22). The depreciation charge for the year is allocated to the statement of comprehensive income (within profit and loss) and capital work in progress as follows: 2020 2019 Direct costs (Note 7) 5,800,007 5,785,745 CWIP 309,306 233,113 6,109,313 6,018,858 (Figures in USD) As previously reported Restatement adjustments As per the restated Financial Statement 31-12-20 31-12-19 31-12-20 31-12-19 31-12-20 31-12-19 Consolidated Statement of Comprehensive Income Revenue 41,831,537 44,085,374 (14,640,361 ) (28,200,155 ) 27,191,176 15,885,219 Direct costs (12,944,760 ) (10,202,465 ) 236,374 (1,294,774 ) (12,708,386 ) (11,497,239 ) Gross Profit / (Loss) 28,886,777 33,882,909 (14,403,987 ) (29,494,929 ) 14,482,790 4,387,980 Other income 828,332 Nil Nil 4,188 828,332 4,188 General and administration expenses (6,456,884 ) (2,608,984 ) (207,419 ) 138,559 (6,664,303 ) (2,470,425 ) Change in estimated fair value of derivative warrant liability 2,547,542 1,273,740 80 Nil 2,547,622 1,273,740 Finance costs (8,306,150 ) (5,730,535 ) (29,119 ) (51,895 ) (8,335,269 ) (5,782,430 ) Profit for the year 17,159,113 (75,284,923 ) (14,640,445 ) (29,404,077 ) 2,518,668 (104,689,000 ) Consolidated Statement of Financial Position ASSETS Current Assets Trade receivables Nil 1,507,660 Nil (1,344,093 ) Nil 163,567 Other receivable and prepayments 690,232 841,033 (296,363 ) (362 ) 393,869 840,671 Total Current Assets 40,401,956 22,359,108 (296,363 ) (1,344,455 ) 40,105,593 21,014,653 Non-Current Assets Advances to contractor 16,418,065 21,664,764 40,187 Nil 16,458,252 21,664,764 Total Non-Current Assets 392,221,590 284,893,352 40,185 Nil 392,261,775 284,893,352 Total Assets 432,623,546 307,252,460 (256,178 ) (1,344,455 ) 432,367,368 305,908,005 LIABILITIES AND EQUITY Current Liabilities Trade and accounts payable 13,829,897 61,115,121 3,936,678 18,846 17,766,575 61,133,967 Other payable Nil Nil 73,453,606 57,794,495 73,453,606 57,794,495 Lease liabilities 9,795,058 2,154,878 (7,203,501 ) Nil 2,591,557 2,154,878 Total current liabilities 43,786,799 95,036,895 70,186,777 57,813,341 113,973,576 152,850,236 Non-current liabilities Lease liabilities 79,289,507 28,624,259 5,630,669 Nil 84,920,176 28,624,260 Total Non-Current Liabilities 260,218,070 102,799,150 5,630,669 Nil 265,848,739 102,799,151 Equity Share capital 8,801 8,804 3 Nil 8,804 8,804 Retained earnings (46,907,568 ) (64,066,681 ) (73,440,087 ) (58,454,794 ) (120,347,655 ) (122,521,475 ) Statutory reserve 680,643 680,643 (335,795 ) (680,643 ) 344,848 Nil Shareholders’ account 73,059,743 71,017,815 (2,297,745 ) (22,360 ) 70,761,998 70,995,455 Total Equity 128,618,677 109,416,415 (76,073,624 ) (59,157,797 ) 52,545,053 50,258,618 Total Equity & Liabilities 432,623,546 307,252,460 (256,178 ) (1,344,455 ) 432,367,368 305,908,005 | 36 Comparative Figures Certain of the prior year figures have been regrouped to conform with the presentation of the current year. The comparative financial years included herein are derived from the financial statements of BPGIC FZE as adjusted to reflect the legal capital of legal parent / acquiree (Brooge Energy Limited). Groupings for Property, Plant and Equipment Buildings Installations Other Equipments Tanks Capital Work in Progress Right of use assets Total Cost: As at January 01, 2019 28,037,886 65,868,246 213,843 76,100,795 8,344,847 27,540,969 206,106,586 Additions during the year Nil 9,883 4,984 Nil 71,603,465 Nil 71,618,332 As at December 31, 2019 28,037,886 65,878,129 218,827 76,100,795 79,948,312 27,540,969 277,724,918 Accumulated Depreciation: As at January 01, 2019 1,250,566 3,148,665 36,436 1,746,725 Nil 2,295,080 8,477,472 Charge for the year 1,121,515 2,829,671 43,237 1,565,419 Nil 459,016 6,018,858 As at December 31, 2019 2,372,081 5,978,336 79,673 3,312,144 Nil 2,754,096 14,496,330 Net Carrying Value: As at December 31, 2019 25,665,805 59,899,793 139,154 72,788,651 79,948,312 24,786,873 263,228,588 As at December 31, 2018 26,787,320 62,719,581 177,407 74,354,070 8,344,847 25,245,889 197,629,114 Capital work in progress at December 31, 2019 includes total amount capitalised relating to the construction of phase 2 and includes an amount of USD 1,458,069 related to finance charge on lease liability and an amount of USD 233,113 related to depreciation charge on right-of-use asset capitalised. The capitalised borrowing costs have been included under “additions” in the table above. The capitalisation rate used to determine these finance costs was 6.1% (2018: Nil Tanks and related assets with a carrying value of USD 158,493,403 (2018: USD 164,038,378) are mortgaged as security against loans obtained in 2014 and 2017 (Note 22). Further, as security against the term loan (2), a step-in right to use the leased land, has been provided to the commercial bank. The depreciation charge for the year is allocated to the statement of comprehensive income (within profit and loss) and capital work in progress as follows: 2018 2019 Direct costs (Note 7) 5,763,150 5,785,745 CWIP 239,144 233,113 6,002,294 6,018,858 Current Year and Prior Year Restatement Significant balances change during the year are as follows As previously Restatement Adjustment As per the restated 31-12-19 31-12-18 31-12-19 31-12-18 31-12-19 31-12-18 Consolidated Statement of Comprehensive Income Revenue 44,085,374 35,839,268 (28,200,155 ) (29,451,920 ) 15,885,219 6,387,348 Direct costs (10,202,465 ) (9,607,360 ) (1,294,774 ) (492,874 ) (11,497,239 ) (10,100,234 ) Gross Profit / (Loss) 33,882,909 26,231,908 (29,494,929 ) (29,944,794 ) 4,387,980 (3,712,886 ) Other Income Nil Nil 4,188 8,554 4,188 8,554 General and administration expenses (2,608,984 ) (2,029,260 ) 138,559 204,880 (2,470,425 ) (1,824,380 ) Finance costs (5,730,535 ) (6,951,923 ) (51,895 ) Nil (5,782,430 ) (6,951,923 ) Profit (loss) for the year (75,284,923 ) 16,060,652 (29,404,077 ) (29,731,360 ) (104,689,000 ) (13,670,708 ) Consolidated Statement of Financial Position ASSETS Current Assets Trade receivables 1,507,660 1,877,887 (1,344,093 ) (1,877,887 ) 163,567 Nil Other receivable and prepayments 841,033 244,828 (362 ) Nil 840,671 244,828 Total Current Assets 22,359,108 2,307,156 (1,344,455 ) (1,877,887 ) 21,014,653 429,269 Total Assets 307,252,460 199,936,632 (1,344,455 ) (1,878,249 ) 305,908,005 198,058,383 LIABILITIES AND EQUITY Current Liabilities Trade and accounts payable 61,115,121 9,003,798 18,846 (1,837 ) 61,133,967 9,001,961 Other payable Nil Nil 57,794,495 27,854,947 57,794,495 27,854,947 Total current liabilities 95,036,895 110,843,631 57,813,341 27,853,110 152,850,236 138,696,741 Equity Retained Earnings / (accumulated losses) (64,066,681 ) 11,218,242 (58,454,794 ) (29,050,717 ) (122,521,475 ) (17,832,475 ) Statutory reserve 680,643 680,643 (680,643 ) (680,643 ) Nil Nil Shareholder’s account 71,017,815 47,717,763 (22,360 ) Nil 70,995,455 47,717,763 Total Equity 109,416,415 60,977,933 (59,157,797 ) (29,731,360 ) 50,258,618 31,246,573 Total Equity & Liabilities 307,252,460 199,936,632 (1,344,455 ) (1,878,249 ) 305,908,005 198,058,383 | 29 Comparative Figures Certain of the prior year figures have been regrouped to conform with the presentation of the current year. |
Prior Year Restatement
Prior Year Restatement | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Separate Financial Statements Text Block Abstract | ||||
Prior Year Restatement | 32 Prior Year Restatement i) The comparative figures for 2020 were restated previously on account of errors identified by the management subsequent to the issuance of the 2020 consolidated financial statements. In year 2022, subsequent to the issuance of the Group’s 2020 financial statements, the Group identified errors in the consolidated financial statements for the year ended 31 December 2020 and determined that the 2020 consolidated financial statements should be restated. The basis of such error and restatement is given as below: Restatement Background As disclosed on May 27, 2022, the Group has not been able to file the 2021 Form 20-F due to an ongoing non- public examination being conducted by the U.S. Securities and Exchange Commission (the “SEC”) regarding the consolidated financial statements of the Group. Subsequently, the Audit Committee of the Board of Directors (the “Audit Committee”), engaged independent counsel to conduct under its supervision an internal examination into the Group’s revenue recognition practices and related matters. As a result of the findings from this internal examination, on August 12, 2022, the Audit Committee, in consultation with the Group’s management, concluded that the previously issued audited consolidated financial statements as of and for the periods ending December 31, 2020 and 2019 and the previously issued unaudited consolidated financial statements for interim periods therein and the six months ended June 30, 2021 should no longer be relied upon. In connection with the internal examination, the Group conducted a comprehensive review of the accounting policies, procedures, and internal controls related to revenue recognition. All available customer contracts were assessed based on International Financial Reporting Standard (IFRS) 15 ‘Revenue from Contracts with Customers’ and IFRS 16 ‘Leases’. This review identified that the funds received from a related party BIA do not qualify to be recognised as revenue. Due to the qualitative nature of the matters identified in the Company’s internal examination, including the number of years over which the non-qualified revenue was recognized, the Company determined that it would be appropriate to rectify the misstatements in the previously issued financial statements by restating such financial statements. Accordingly, for the year 2021 there were no restatement. In 2020 the Company reversed revenue amounting to USD 14,640,361 and USD 15,659,111 which mainly represents funds received from BIA, was reversed and re-classified as Other payables under Liabilities(Note 19). The Management does not expect to settle these amounts using any of it’s current assets or any existing resources in the foreseeable future. Pending its potential receipt of confirmation or adequate supporting documentation from the party. The Group has taken a conservative approach to recognize this as a liability. The Group continues to assess this liability and will evaluate whether there arises any obligation or it is discharged or cancelled or expires or is swapped out for one with significantly different terms or when the terms of are significantly modified, such an exchange or modification is recognized as a derecognition of the old liability and the recognition of a new liability or as equity contribution, as applicable and the difference in the respective carrying amounts will be recorded in the consolidated statement of either other comprehensive income or directly as equity as applicable. The above changes pertaining to reversal of Revenue and recognition of such amount under Other payable were accounted retrospectively in accordance with IAS 8 and, accordingly the prior years’ consolidated financial statements have been restated as disclosed in Page 46: | 34 Current Year and Prior Year Restatement i) The comparative figures for 2019 were restated previously on account of errors identified by the management subsequent to the issuance of the 2019 audited consolidated financial statements. ii) In year 2022, subsequent to the issuance of the Group’s 2020 financial statements, the Group identified errors in the consolidated financial statements for the year ended 31 December 2020 and determined that the year 2020 consolidated financial statements should be restated. The basis of such error and restatement is given as below: Restatement Background As disclosed on May 27, 2022, the Group has not been able to file the 2021 Form 20-F due to an ongoing non-public examination being conducted by the U.S. Securities and Exchange Commission (the “SEC”) regarding the financial statements of the Group. Subsequently, the Audit Committee of the Board of Directors (the “Audit Committee”), engaged independent counsel to conduct under its supervision an internal examination into the Group’s revenue recognition practices and related matters. As a result of the findings from this internal examination, on August 12, 2022, the Audit Committee, in consultation with the Group’s management, concluded that the previously issued audited consolidated financial statements as of and for the periods ending December 31, 2020 and 2019 the previously issued unaudited financial statements for interim periods therein and the six months ended June 30, 2021 should no longer be relied upon. In connection with the internal examination, the Company conducted a comprehensive review of the accounting policies, procedures, and internal controls related to revenue recognition. All available customer contracts were assessed based on International Financial Reporting Standard (IFRS) 15 ‘Revenue from Contracts with Customers’ and IFRS 16 ‘Leases’. This review identified that the funds received from a related party BIA do not qualify to be recognised as revenue. Due to the qualitative nature of the matters identified in the Company’s internal examination, including the number of years over which the non-qualified revenue was recognized, the Company determined that it would be appropriate to rectify the misstatements in the previously issued financial statements by restating such financial statements. Accordingly, for the year 2020 the Company reversed revenue amounting to USD 14,640,361 (2019:USD 28,200,155) and USD 15,659,111 (2019: USD 29,939,548), which mainly represents funds received from BIA, was reversed and re-classified as Other payables under Liabilities. The Management does not expect to settle these amounts using any of it’s current assets or any existing resources in the foreseeable future. Pending its potential receipt of confirmation or adequate supporting documentation from the party. The Group has taken a conservative approach to recognise this as a liability. The Group continues to assess this liability and will evaluate whether there arises any obligation or it is discharged or cancelled or expires or is swapped out for one with significantly different terms or when the terms of are significantly modified, such an exchange or modification is recognized as a derecognition of the old liability and the recognition of a new liability or as equity contribution, as applicable and the difference in the respective carrying amounts will be recorded in the consolidated statement of either other comprehensive income or directly as equity as applicable. The above changes pertaining to reversal of Revenue and recognition of such amount under Other payable were accounted retrospectively in accordance with IAS 8 and, accordingly the prior years’ financial statements have been restated as disclosed in Page 49. | 33 Current Year and Prior Year Restatement i) The comparative figures for 2018 were restated previously on account of errors identified by the management subsequent to the issuance of the 2018 financial statements. ii) In year 2022, subsequent to the issuance of the Group’s 2019 consolidated financial statements, the Group identified errors in the consolidated financial statements for the year ended December 31, 2019 and determined that the 2019 consolidated financial statements should be restated. The basis of such error and restatement is given as below: Restatement Background As disclosed on May 27, 2022, the Group has not been able to file the 2021 Form 20-F due to an ongoing non-public examination being conducted by the U.S. Securities and Exchange Commission (the “SEC”) regarding the consolidated financial statements of the Group. Subsequently, the Audit Committee of the Board of Directors (the “Audit Committee”), engaged independent counsel to conduct under its supervision, an internal examination into the Group’s revenue recognition practices and related matters. As a result of the findings from this internal examination, on August 12, 2022, the Audit Committee, in consultation with the Group’s management, concluded that the previously issued audited consolidated financial statements as of and for the periods ending December 31, 2020, and 2019 and the previously issued unaudited consolidated financial statements for interim periods therein and the six months ended June 30, 2021 should no longer be relied upon. In connection with the internal examination, the Company conducted a comprehensive review of the accounting policies, procedures, and internal controls related to revenue recognition. All available customer contracts were assessed based on International Financial Reporting Standard (IFRS) 15 ‘Revenue from Contracts with Customers’ and IFRS 16 ‘Leases’. This review identified that the funds received from a related party BIA do not qualify to be recognised as revenue. Due to the qualitative nature of the matters identified in the Company’s internal examination, including the number of years over which the non-qualified revenue was recognized, the Company determined that it would be appropriate to rectify the misstatements in the previously issued financial statements by restating such financial statements. Accordingly, for the year 2019 the Company reversed revenue amounting to USD 28,200,155 (2018: USD 29,451,920) and USD 29,939,548 (2018: USD 27,854,947), which mainly represents funds received from BIA, was reversed and re-classified as Other payables under Liabilities. The Management does not expect to settle these amounts using any of it’s current assets or any existing resources in the foreseeable future. Pending its potential receipt of confirmation or adequate supporting documentation from the party. The Group has taken a conservative approach to recognise this as a liability. The Group continues to assess this liability and will evaluate whether there arises any obligation or it is discharged or cancelled or expires or is swapped out for one with significantly different terms or when the terms of are significantly modified, such an exchange or modification is recognized as a derecognition of the old liability and the recognition of a new liability or as equity contribution, as applicable and the difference in the respective carrying amounts will be recorded in the consolidated statement of either other comprehensive income or directly as equity as applicable. The above changes pertaining to reversal of Revenue and recognition of such amount under Other payable were accounted retrospectively in accordance with IAS 8 and, accordingly the prior years’ consolidated financial statements have been restated as disclosed on Page 48. | 24 Prior Year Restatement i) The comparative figures for 2017 were restated previously on account of errors identified by the management subsequent to the issuance of the 2017 financial statements. The errors comprised the following: ● Use of incorrect discount rate The Company erroneously used a 10% discount rate for the measurement of its land lease liability and the corresponding right of use asset instead of using its incremental borrowing rate of 9.5%. The correction of this error resulted in an increase in the lease liability and the right-of-use asset (recorded within property, plant and equipment). There correction also resulted in an increase in depreciation expense and finance costs for the year ended December 31, 2017. ● Incorrect classification of term loans As of December 31, 2017 and 1 January 2017, the Company had erroneously classified its debt balance of USD 86,314,012 and USD 77,497,507, respectively, as a non-current liability. As of December 31, 2017 and 1 January 2017, the Company was not in compliance with its debt covenants contained in the Company’s term loans (1) and (2) (Note 19). As a result of this non-compliance, the bank loans should be classified as a current liability. To correct the error, the Company reclassified its debt balance to current. ● Incorrect calculation of accrued interest As of December 31, 2017, management identified an error in the calculation of accrued interest on term loan (1). The correction of this error resulted in a decrease in the amount of interest capitalised (recorded within property, plant and equipment), a decrease in finance costs and a decrease in accrued interest (recorded within Trade and accounts payable). ● Incorrect determination of functional currency The Company incorrectly concluded that its functional currency was the UAE Dirham. The UAE Dirham has been pegged to the US Dollar for all periods since the Company’s inception. Thus, the correction of this error has no impact on the 2017 financial statements or prior periods. The aforementioned changes were accounted for retrospectively in accordance with IAS 8 and, accordingly the prior years’ financial statements have been restated as follows: As previously Restatement reported adjustments Restated 31-12-17 01-01-17 31-12-17 01-01-17 31-12-17 01-01-17 Statement of Comprehensive Income Direct costs (2,292,082 ) Nil (3,727 ) Nil (2,295,809 ) Nil Gross loss (2,202,489 ) Nil (3,727 ) Nil (2,206,216 ) Nil Finance costs (1,007,305 ) Nil 40,379 Nil (966,926 ) Nil Loss and total comprehensive loss for the year (3,784,060 ) Nil 36,652 Nil (3,747,408 ) Nil As previously Restatement reported adjustments Restated 31-12-17 01-01-17 31-12-17 01-01-17 31-12-17 01-01-17 Statement of Financial Position ASSETS Non-Current Assets Property, plant and equipment 193,987,928 168,024,215 1,450,943 1,709,059 195,438,871 169,733,274 Total Non-current assets 193,987,928 168,024,215 1,450,943 1,709,059 195,438,871 169,733,274 Total Assets 194,680,205 169,004,835 1,450,943 1,709,059 196,131,148 170,713,894 LIABILITIES AND EQUITY Current Liabilities Term loans (current portion) 7,849,739 Nil 86,314,012 77,497,507 94,163,751 77,497,507 Accounts payable, accruals and other payables 4,995,806 6,103,266 (320,039 ) Nil 4,675,767 6,103,266 Lease liability (current portion) 2,061,785 2,021,358 9,415 9,230 2,071,200 2,030,588 Total Current Liabilities 14,907,330 8,124,624 86,003,388 77,506,737 100,910,718 85,631,361 Non-Current Liabilities Term loans (non-current portion) 86,314,012 77,497,507 (86,314,012 ) (77,497,507 ) Nil Nil Lease liability (non-current portion) 25,874,561 25,396,678 1,724,915 1,699,829 27,599,476 27,096,507 Total Non-Current Liabilities 112,188,573 102,894,185 (84,589,097 ) (75,797,678 ) 27,599,476 27,096,507 Total Liabilities 127,095,903 111,018,809 1,414,291 1,709,059 128,510,194 112,727,868 Equity Accumulated losses (4,198,419 ) (414,359 ) 36,652 Nil (4,161,767 ) (414,359 ) Total Equity 67,584,302 57,986,026 36,652 Nil 67,620,954 57,986,026 Total Liabilities and Equity 194,680,205 169,004,835 1,450,943 Nil 196,131,148 170,713,894 i) In year 2022, subsequent to the issuance of the Company’s 2018 financial statements, the Company identified errors in the financial statements for the year ended December 31, 2018 and determined that the 2018 financial statements should be restated. The basis of such error and restatement is given as below: Restatement Background As disclosed on May 27, 2022, the Company has not been able to file the 2021 Form 20-F due to an ongoing non-public examination being conducted by the U.S. Securities and Exchange Commission (the “SEC”) regarding the financial statements of the Company. Subsequently, the Audit Committee of the Board of Directors (the “Audit Committee”), engaged independent counsel to conduct, under its supervision, an internal examination into the Company’s revenue recognition practices and related matters. Restatement Background (Continued) As a result of the findings from this internal examination, on August 12, 2022, the Audit Committee, in consultation with the Company’s management, concluded that the previously issued audited consolidated financial statements as of and for the periods ending December 31, 2020 and 2019 and the previously issued unaudited financial statements for interim periods therein and the six months ended June 30, 2021 should no longer be relied upon. In connection with the internal examination, the Company conducted a comprehensive review of the accounting policies, procedures, and internal controls related to revenue recognition. All available customer contracts were assessed based on International Financial Reporting Standard (IFRS) 15 ‘Revenue from Contracts with Customers’ and IFRS 16 ‘Leases’. This review identified that the funds received from a related party do not qualify to be recognised as revenue. Due to the qualitative nature of the matters identified in the Company’s internal examination, including the number of years over which the non-qualified revenue was recognized, the Company determined that it would be appropriate to rectify the misstatements in the previously issued financial statements by restating such financial statements. Accordingly, for the year 2018 the Company reversed revenue amounting to USD 29,451,920 and USD 27,854,947, which mainly represents funds received from BIA, was reversed and re-classified as Other payables under Liabilities. The Management does not expect to settle these amounts using any of its current assets or any existing resources in the foreseeable future. Pending its potential receipt of confirmation or adequate supporting documentation from BIA, the Company has taken a conservative approach to recognise this as a liability. The Company continues to assess this liability and will evaluate whether there arises any obligation or it is discharged or cancelled or expires or is swapped out for one with significantly different terms or when the terms of are significantly modified, such an exchange or modification is recognized as a derecognition of the old liability and the recognition of a new liability or as equity contribution, as applicable, and the difference in the respective carrying amounts will be recorded in the statement of either other comprehensive income or directly as equity as applicable. The above changes pertaining to reversal of Revenue and recognition of such amount under Other payable were accounted retrospectively in accordance with IAS 8 and, accordingly the prior years’ financial statements have been restated as follows: As previously reported Restatement adjustments Restated 31-12-18 01-01-18 31-12-18 01-01-18 31-12-18 01-01-18 STATEMENT OF COMPREHENSIVE INCOME Revenue 35,839,268 89,593 (29,451,920 ) Nil 6,387,348 89,593 Direct costs (9,607,360 ) (2,295,809 ) (492,874 ) Nil (10,100,234 ) (2,295,809 ) Gross Profit / (Loss) 26,231,908 (2,206,216 ) (29,944,794 ) Nil (3,712,886 ) (2,206,216 ) Other income Nil Nil 8,554 Nil 8,554 Nil General and administrative expenses (2,029,260 ) (574,266 ) 204,880 Nil (1,824,380 ) 574,266 ) Profit / Loss and total comprehensive profit / (loss) for the year 16,060,652 (3,747,408 ) (29,731,360 ) Nil (13,670,708 ) 3,747,408 ) (Figures in USD) As previously reported Restatement adjustments Restated 31-12-18 01-01-18 31-12-18 01-01-18 31-12-18 01-01-18 STATEMENT OF FINANCIAL POSITION ASSETS Current Assets Trade receivables 1,877,887 Nil (1,877,887 ) Nil Nil Nil Total current assets 2,307,156 761,501 (1,877,887 ) Nil 429,269 761,501 Total Assets 199,936,270 196,200,380 (1,877,887 ) Nil 198,058,383 196,200,380 LIABILITIES AND EQUITY Current Liabilities Other payable Nil Nil 27,854,947 Nil 27,854,947 Nil Total Current Liabilities 110,841,794 100,979,299 27,854,947 Nil 138,696,741 100,979,299 Equity Retained Earnings / (accumulated losses) 11,218,242 (4,161,767 ) (29,050,717 ) Nil (17,832,475 ) (4,161,767 ) Statutory reserve 680,643 Nil (680,643 ) Nil Nil Nil Total Equity 60,977,933 67,620,954 (29,731,360 ) Nil 31,246,573 67,620,954 Total Liabilities and Equity 199,936,270 196,200,380 (1,877,887 ) Nil 198,058,383 196,200,380 |
Listing Expenses
Listing Expenses | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Listing Expenses Abstract | ||
Listing Expenses | 9 Listing Expenses IFRS 2 listing expense Nil 98,622,019 Other listing expenses (Note 9.1) Nil 3,151,858 Nil 101,773,877 9.1 Other listing expenses represents promissory note of USD 1.5 million, fees paid to legal advisors, consultants, and other necessary expenses incurred in relation to the Group’s listing on the NASDAQ. | 9 Listing Expenses IFRS 2 listing expense 98,622,019 Nil Other listing expenses (Note 9.1) 3,151,858 Nil 101,773,877 Nil 9.1 Other listing expenses represents promissory note of USD 1.5 million, fees paid to legal advisors, consultants, and other necessary expenses incurred in relation to the Group’s listing on the US market. |
Business Combination
Business Combination | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2019 | |
Disclosure Of Business Combinations Text Block Abstract | ||
Business Combination | 31 Business Combination In connection with the Business Combination as described in Note 1, the following occurred: Twelve Seas: (i) Each outstanding ordinary share of Twelve Seas has been exchanged for one (1) ordinary share of Brooge Energy. (ii) Each outstanding warrant of Twelve Seas has been exchanged for one warrant of Brooge Energy. (iii) As part of the Business Combination, 10,869,719 shares were issued to Twelve Seas which included 1.5 million Escrow shares subject to meeting certain financial milestones stated in this note below. Further, million Escrow shares subject to meeting certain financial milestones stated in this note below. Further, million Escrow shares subject to meeting certain financial milestones stated in this note below. Further, 21,229,000 warrants were issued to Twelve Seas in exchange ratio stated above and further details disclosed in Note 20. (iv) In connection with the closing of the Business Combination, holders of 16,997,181 ordinary shares of Twelve Seas sold in Twelve Seas’s Initial Public Offering (“IPO”) exercised their right to redeem such shares at a price of $10.31 per share, for an aggregate redemption amount of approximately USD 175.36 million. Brooge Petroleum and Gas Investment Company FZE: Twelve Seas issued a total of 100 million shares (inclusive of 20 million of escrowed shares) to BPGIC in exchange for 100 ordinary shares of BPGIC. All 100 million shares were simultaneously replaced with Brooge Energy shares at the ratio of 1:1. The fair value of the shares that were swapped between the parties above was based on the closing share price of Brooge Energy’s as traded on NASDAQ on December 20, 2019 which was USD 10.49 per share. The fair value of the warrants that were swapped between the parties above was based on the closing price of Brooge Energy’s as traded on NASDAQ on December 20, 2019 which was USD 0.80 per warrant. As part of the above-mentioned business combination, Twelve Seas’ net assets of USD 32.4 million (see below) were assumed by the Company and the issuance of ordinary shares and warrants by the Company was recognized at fair value of USD 131.0 million, with the resulting difference amounting to USD 98.6 million representing the listing expense recognized on the transaction. In addition, the Group incurred other listing expenses such as lawyers and consultants fees of USD 3.1 million, resulting in a total listing expense of USD 101.9 million as reflected in the consolidated statement of comprehensive income. The net assets of USD 32,383,568 were assumed on December 20, 2019 comprised of: Cash and cash equivalent 33,064,568 Current assets 84,000 Accounts payable (765,000 ) 32,383,568 Shares issued to Twelve Seas as part of the Business Combination included escrow shares of 1,552,000 being 30% of the founder shares which are subject to meeting certain financial milestones as mentioned below. The fair value of the shares in escrow is not materially different from that of the shares which are not in escrow as the rights of these shares are similar to those of “normal ordinary shares” since, management has a reasonable expectation that the subject financial milestones will be met. The total shares issued by Brooge Energy to BGPIC was 98,718,035 (inclusive of the 20 million shares in escrow) after reduction of 1,281,965 shares due to the 40% cash election exercised by BPGIC. 20,000,000 of the Exchange Shares (“Escrow Property”) otherwise issuable to BPGIC is set aside in escrow until released upon the satisfaction of certain financial milestones and share price targets below: (i) One-half (½) of the Escrow Property shall become vested and no longer subject to forfeiture, and be released to the seller, in the event that either: (a) the Annualized EBITDA (as defined in the Escrow Agreement) for any full fiscal quarter during the Escrow Period (beginning with the first full fiscal quarter beginning after the Closing) (an “Escrow Quarter”) equals or exceeds USD 175,000,000 or (b) at any time during the Escrow Period, the closing price of the Brooge Energy ordinary shares equals or exceeds $12.50 per share (subject to equitable adjustment) for any ten (10) Trading Days (as defined in the Escrow Agreement) within any twenty (20) Trading Day period during the Escrow Period. (ii) All Escrow Property remaining in the Escrow Account shall become vested and no longer subject to forfeiture, and be released to the seller, in the event that either: (a) the Annualized EBITDA for any Escrow Quarter equals or exceeds $250,000,000 or (b) at any time during the Escrow Period, the closing price of the Brooge Energy ordinary shares equals or exceeds $14.00 per share (subject to equitable adjustment) for any ten (10) Trading Days within any twenty (20) Trading Day period during the Escrow Period. The same conditions mentioned above applied for the escrow founder shares. | 30 Business Combination In connection with the Business Combination as described in Note 1, the following occurred: Twelve Seas: (i) Each outstanding ordinary share of Twelve Seas has been exchanged for one (1) ordinary share of Brooge Energy. (ii) Each outstanding warrant of Twelve Seas has been exchanged for one warrant of Brooge Energy. (iii) As part of the Business Combination, 10,869,719 shares were issued to Twelve Seas which included 1.5 million Escrow shares subject to meeting certain financial milestones stated in this note below. Further, million Escrow shares subject to meeting certain financial milestones stated in this note below. Further, 21,229,000 warrants were issued to Twelve Seas in exchange ratio stated above and further details disclosed in Note 19. (iv) In connection with the closing of the Business Combination, holders of 16,997,181 ordinary shares of Twelve Seas sold in Twelve Seas’s Initial Public Offering (“IPO”) exercised their right to redeem such shares at a price of $10.31 per share, for an aggregate redemption amount of approximately USD 175.36 million. Brooge Petroleum and Gas Investment Company FZE: Twelve Seas issued a total of 100 million shares (inclusive of 20 million of escrowed shares) to BPGIC in exchange for 100 ordinary shares of BPGIC. All 100 million shares were simultaneously replaced with Brooge Energy shares at the ratio of 1:1. The fair value of the shares that were swapped between the parties above was based on the closing share price of Brooge Energy’s as traded on NASDAQ on December 20, 2019 which was USD 10.49 per share. The fair value of the warrants that were swapped between the parties above was based on the closing price of Brooge Energy’s as traded on NASDAQ on December 20, 2019 which was USD 0.80 per warrant. As part of the above-mentioned business combination, Twelve Seas’ net assets of USD 32.4 million (see below) were assumed by the Company and the issuance of ordinary shares and warrants by the Company was recognized at fair value of USD 131.0 million, with the resulting difference amounting to USD 98.6 million representing the listing expense recognized on the transaction. In addition, the Group incurred other listing expenses such as lawyers and consultants fees of USD 3.1 million, resulting in a total listing expense of USD 101.9 million as reflected in the consolidated statement of comprehensive income. The net assets of USD 32,383,568 were assumed on December 20, 2019 comprised of: Cash and cash equivalent 33,064,568 Current assets 84,000 Accounts payable (765,000 ) 32,383,568 Shares issued to Twelve Seas as part of the Business Combination included escrow shares of 1,552,000 being 30% of the founder shares which are subject to meeting certain financial milestones as mentioned below. The fair value of the shares in escrow is not materially different from that of the shares which are not in escrow as the rights of these shares are similar to those of “normal ordinary shares” since, management has a reasonable expectation that the subject financial milestones will be met. The total shares issued by Brooge Energy to BGPIC was 98,718,035 (inclusive of the 20 million shares in escrow) after reduction of 1,281,965 shares due to the 40% cash election exercised by BPGIC. 20,000,000 of the Exchange Shares (“Escrow Property”) otherwise issuable to BPGIC is set aside in escrow until released upon the satisfaction of certain financial milestones and share price targets below: (i) One-half (½) of the Escrow Property shall become vested and no longer subject to forfeiture, and be released to the seller, in the event that either: (a) the Annualized EBITDA (as defined in the Escrow Agreement) for any full fiscal quarter during the Escrow Period (beginning with the first full fiscal quarter beginning after the Closing) (an “Escrow Quarter”) equals or exceeds USD 175,000,000 or (b) at any time during the Escrow Period, the closing price of the Brooge Energy ordinary shares equals or exceeds $12.50 per share (subject to equitable adjustment) for any ten (10) Trading Days (as defined in the Escrow Agreement) within any twenty (20) Trading Day period during the Escrow Period. (ii) All Escrow Property remaining in the Escrow Account shall become vested and no longer subject to forfeiture, and be released to the seller, in the event that either: (a) the Annualized EBITDA for any Escrow Quarter equals or exceeds $250,000,000 or (b) at any time during the Escrow Period, the closing price of the Brooge Energy ordinary shares equals or exceeds $14.00 per share (subject to equitable adjustment) for any ten (10) Trading Days within any twenty (20) Trading Day period during the Escrow Period. The same conditions mentioned above applied for the escrow founder shares. |
Reaudit of the Consolidated Fin
Reaudit of the Consolidated Financial Statements | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of General Information About Financial Statements Text Block Abstract | ||
Reaudit of the Consolidated Financial Statements | 35 Reaudit of the Consolidated Financial Statements The consolidated financial statements are re-audited as the Group has undertaken a restatement of its consolidated financial statement for the year ended December 31, 2018, the details of which are mentioned in Note 34. The restatement mainly pertains to revenue, other payable and trade account receivable. | 34 Reaudit of the Consolidated Financial Statements The consolidated financial statements are re-audited as the Group has undertaken a restatement of its consolidated financial statement for the year ended December 31, 2018, the details of which are mentioned in note 33. The restatement mainly pertains to revenue, other payable and trade account receivable. |
Application of New and Revised
Application of New and Revised International Financial Reporting Standards (IFRS) | 12 Months Ended |
Dec. 31, 2018 | |
Application of New and Revised International Financial Reporting Standards (IFRS) [Abstract] | |
Application of New and Revised International Financial Reporting Standards (IFRS) | 2 Application of New and Revised International Financial Reporting Standards (IFRS) The Company has adopted the following new and amended IFRS’s in these financial statements. The adoption of the standards did not have a material impact on the financial statements of the Company. Description Effective for annual periods beginning on or after IFRS 15 - Revenue from Contracts with Customers January 01, 2018 IFRS 9 - Financial Instruments January 01, 2018 IFRIC 22 - Foreign Currency Transactions and Advance Consideration January 01, 2018 Amendments to IAS 40 Transfers of Investment Property; January 01, 2018 |
New Standards Issued but Not Ye
New Standards Issued but Not Yet Adopted | 12 Months Ended |
Dec. 31, 2018 | |
New Standards Issued but Not Yet Adopted [Abstract] | |
New Standards Issued but Not Yet Adopted | 3 New Standards Issued but Not Yet Adopted Certain new standards, amendments to standards and interpretations (annual improvements to IFRS, amendments to IFRS 4, IFRS 17, IFRS Practice Statement 2, IAS 1, IAS 8 and IAS 12) are not yet effective for up to the date of issuance of the Company’s financial statements. The Company anticipates that these new standards, interpretations and amendments will be adopted in the financial statements as and when they are applicable and adoption of these new standards, interpretations and amendments may have no material impact on the financial statements of the Company in the period of initial application. |
Reaudit of the Financial Statem
Reaudit of the Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Reaudit of the Financial Statements [Abstract] | |
Reaudit of the Financial Statements | 27 Reaudit of the Financial Statements The financial statements are re-audited as the Company has undertaken a restatement of its financial statement for the year ended December 31, 2018, the details of which are mentioned in Note 24 the restatement mainly pertains to revenue, other payable and trade account receivable. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||||
Revenue recognition | Revenue Recognition Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services or goods. Revenue is net of discounts and value added taxes. Monthly storage rates and prices for other services are contractually agreed before the services are rendered and do not contain material variable components. When it is probable that the future economic benefits will flow to the Group, the recognition in the consolidated statement of income is in proportion to the stage of the rendered performance as at the end of the reporting period. The Group has a right to a consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s services completed to date. Tank storage rentals, including minimum guaranteed throughputs, are recognized on a straight-line basis over the contractual period during which the services are rendered. Revenues from excess throughputs, heating/cooling, homogenization, product movements and other services are recognized when these services are rendered. Customers simultaneously consume and benefit from the services at the moment that these are rendered, resulting in a situation where revenue is recognized over time. Where substantially the entire storage capacity is leased to a single customer, the contract contains a lease and the entire storage revenue is presented as lease revenue. Storage fees are invoiced upfront in the month preceding the month to which the storage fees relate. Handling and other services are invoiced afterwards, based on the actual usage. | Revenue Recognition Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services or goods. Revenue is net of discounts and value added taxes. Monthly storage rates and prices for other services are contractually agreed before the services are rendered and do not contain material variable components. When it is probable that the future economic benefits will flow to the Group, the recognition in the consolidated statement of income is in proportion to the stage of the rendered performance as at the end of the reporting period. The Group has a right to a consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s services completed to date. Tank storage rentals, including minimum guaranteed throughputs, are recognized on a straight-line basis over the contractual period during which the services are rendered. Revenues from excess throughputs, heating/cooling, homogenization, product movements and other services are recognized when these services are rendered. Customers simultaneously consume and benefit from the services at the moment that these are rendered, resulting in a situation where revenue is recognized over time. Where substantially the entire storage capacity is leased to a single customer, the contract contains a lease and the entire storage revenue is presented as lease revenue. Storage fees are invoiced upfront in the month preceding the month to which the storage fees relate. Handling and other services are invoiced afterwards, based on the actual usage. | Revenue Recognition Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services or goods. Revenue is net of discounts and value added taxes. Monthly storage rates and prices for other services are contractually agreed before the services are rendered and do not contain material variable components. When it is probable that the future economic benefits will flow to the Group, the recognition in the consolidated statement of income is in proportion to the stage of the rendered performance as at the end of the reporting period. The Group has a right to a consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s services completed to date. Tank storage rentals, including minimum guaranteed throughputs, are recognized on a straight-line basis over the contractual period during which the services are rendered. Revenues from excess throughputs, heating/cooling, homogenization, product movements and other services are recognized when these services are rendered. Customers simultaneously consume and benefit from the services at the moment that these are rendered, resulting in a situation where revenue is recognized over time. Where substantially the entire storage capacity is leased to a single customer, the contract contains a lease and the entire storage revenue is presented as lease revenue. Storage fees are invoiced upfront in the month preceding the month to which the storage fees relate. Handling and other services are invoiced afterwards, based on the actual usage. | Revenue Recognition Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services or goods. Revenue is net of discounts and value added taxes. Monthly storage rates and prices for other services are contractually agreed before the services are rendered and do not contain material variable components. When it is probable that the future economic benefits will flow to the Group, the recognition in the consolidated statement of income is in proportion to the stage of the rendered performance as at the end of the reporting period. The Group has a right to a consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s services completed to date. Tank storage rentals, including minimum guaranteed throughputs, are recognized on a straight-line basis over the contractual period during which the services are rendered. Revenues from excess throughputs, heating/cooling, homogenization, product movements and other services are recognized when these services are rendered. Customers simultaneously consume and benefit from the services at the moment that these are rendered, resulting in a situation where revenue is recognized over time. Where substantially the entire storage capacity is leased to a single customer, the contract contains a lease and the entire storage revenue is presented as lease revenue. Storage fees are invoiced upfront in the month preceding the month to which the storage fees relate. Handling and other services are invoiced afterwards, based on the actual usage. | Revenue recognition Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services or goods. Revenue is net of discounts and value added taxes. Monthly storage rates and prices for other services are contractually agreed before the services are rendered and do not contain material variable components. When it is probable that the future economic benefits will flow to the Company, the recognition in the consolidated statement of income is in proportion to the stage of the rendered performance as at the end of the reporting period. The Company has a right to a consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s services completed to date. Tank storage rentals, including minimum guaranteed throughputs, are recognized on a straight-line basis over the contractual period during which the services are rendered. Revenues from excess throughputs, heating/cooling, homogenization, product movements and other services are recognized when these services are rendered. Customers simultaneously consume and benefit from the services at the moment that these are rendered, resulting in a situation where revenue is recognized over time. Where substantially the entire storage capacity is leased to a single customer, the contract contains a lease and the entire storage revenue is presented as lease revenue. Storage fees are invoiced upfront in the month preceding the month to which the storage fees relate. Handling and other services are invoiced afterwards, based on the actual usage. |
Inventories | Inventories Inventories are valued at the lower of cost, determined on the basis of weighted average cost, and net realizable value. Costs are those expenses incurred in bringing each item to its present location and condition. Net realisable value is valued at selling prices net of selling costs. | Inventories Inventories are valued at the lower of cost, determined on the basis of weighted average cost, and net realizable value. Costs are those expenses incurred in bringing each item to its present location and condition. Net realisable value is valued at selling prices net of selling costs. | Inventories Inventories are valued at the lower of cost, determined on the basis of weighted average cost, and net realizable value. Costs are those expenses incurred in bringing each item to its present location and condition. Net realisable value is valued at selling prices net of selling costs. | Inventories Inventories are valued at the lower of cost, determined on the basis of weighted average cost, and net realizable value. Costs are those expenses incurred in bringing each item to its present location and condition. Net realisable value is valued at selling prices net of selling costs. | Inventories Inventories are valued at the lower of cost, determined on the basis of weighted average cost, and net realisable value. Costs are those expenses incurred in bringing each item to its present location and condition. Net realisable value is valued at selling prices net of selling costs. |
Fair Values | Fair values The fair value of the financial assets and liabilities at the date of consolidated statement of financial position approximate their carrying amounts in the consolidated statement of financial position. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: ● In the principal market for the asset or liability, or ● In the absence of a principal market, in the most advantageous market for the asset or liability. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; ● Level 2 inputs, other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and ● Level 3 inputs are unobservable inputs for the asset or liability. | Fair values The fair value of the financial assets and liabilities at the date of statement of financial position approximate their carrying amounts in the statement of financial position. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: ● In the principal market for the asset or liability, or ● In the absence of a principal market, in the most advantageous market for the asset or liability The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; ● Level 2 inputs, other than quoted prices included within Level 1 that are observable for the asset or either directly or indirectly; and ● Level 3 inputs are unobservable inputs for the asset or liability. | Fair values The fair value of the financial assets and liabilities at the date of statement of financial position approximate their carrying amounts in the statement of financial position. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: ● In the principal market for the asset or liability, or ● In the absence of a principal market, in the most advantageous market for the asset or liability The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; ● Level 2 inputs, other than quoted prices included within Level 1 that are observable for the asset or either directly or indirectly; and ● Level 3 inputs are unobservable inputs for the asset or liability. | Fair values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: - in the principal market for the asset or liability, or - in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: - Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; - Level 2 inputs, other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and - Level 3 inputs are unobservable inputs for the asset or liability. | Fair Values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: ● In the principal market for the asset or liability, or ● In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity ● Level 2 inputs, other than quoted prices included within Level 1 that are observable for the asset or liability, ● Level 3 inputs are unobservable inputs for the asset or liability. |
Current versus non-current classification | Current and Non-Current Classification The Group presents assets and liabilities in the consolidated statement of financial position based on current / non-current classification. An asset is current when it is: - Expected to be realized or intended to be sold or consumed in normal operating cycle. - Held primarily for the purpose of trading. - Expected to be realised within twelve months after the reporting period, or - Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: - It is expected to be settled in normal operating cycle. - It is held primarily for the purpose of trading. - It is due to be settled within twelve months after the reporting period, or - There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non-current. | Current and Non-Current Classification The Group presents assets and liabilities in the statement of financial position based on current / non-current classification. An asset is current when it is: - Expected to be realized or intended to be sold or consumed in normal operating cycle. - Held primarily for the purpose of trading. - Expected to be realised within twelve months after the reporting period, or - Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: - It is expected to be settled in normal operating cycle. - It is held primarily for the purpose of trading. - It is due to be settled within twelve months after the reporting period, or - There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non-current. | Current and Non-Current Classification The Group presents assets and liabilities in the statement of financial position based on current / non-current classification. An asset is current when it is: - Expected to be realized or intended to be sold or consumed in normal operating cycle. - Held primarily for the purpose of trading. - Expected to be realised within twelve months after the reporting period, or - Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: - It is expected to be settled in normal operating cycle. - It is held primarily for the purpose of trading. - It is due to be settled within twelve months after the reporting period.or There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non-current. | Current and Non-Current Classification The Group presents assets and liabilities in the statement of financial position based on current / non-current classification. An asset is current when it is: - Expected to be realized or intended to be sold or consumed in normal operating cycle. - Held primarily for the purpose of trading. - Expected to be realised within twelve months after the reporting period, or - Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: - It is expected to be settled in normal operating cycle. - It is held primarily for the purpose of trading. - It is due to be settled within twelve months after the reporting period. - There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non-current. | Current versus non-current classification The Company presents assets and liabilities in statement of financial position based on current/non-current classification. An asset is current when it is: ● Expected to be realised or intended to be sold or consumed in a normal operating cycle ● Held primarily for the purpose of trading ● Expected to be realised within twelve months after the reporting period, Or ● Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period All other assets are classified as non-current. A liability is current when it is: ● Expected to be settled in normal operating cycle ● Held primarily for the purpose of trading ● Due to be settled within twelve months after the reporting period, Or ● There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The Company classifies all other liabilities as non-current. |
Taxes | Taxes Value Added Tax: Expenses and assets are recognized net of the amount of input tax, except: - When the input tax is incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the input tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable; - The net amount of value added tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the consolidated statement of financial position, as applicable. Input VAT and Output VAT Input VAT is recognized when the goods or services are supplied to the BPGIC FZE and the tax on which is paid/due to be paid by the BPGIC FZE to the Supplier. Output VAT is recognized in respect of taxable supply of goods/services rendered by the BPGIC FZE on which tax is charged and due to be paid to the UAE Federal Tax Authority. | Taxes Value Added Tax: Expenses and assets are recognized net of the amount of input tax, except: - When the input tax is incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the input tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable; - The net amount of value added tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position, as applicable. Input VAT and Output VAT Input VAT is recognized when the goods or services are supplied to the BPGIC FZE and the tax on which is paid/due to be paid by the BPGIC FZE to the Supplier. Output VAT is recognized in respect of taxable supply of goods/services rendered by the BPGIC FZE on which tax is charged and due to be paid to the UAE Federal Tax Authority. | Taxes Value Added Tax: Expenses and assets are recognized net of the amount of input tax, except: - When the input tax is incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the input tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable; - The net amount of value added tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position, as applicable. Input VAT and Output VAT Input VAT is recognized when the goods or services are supplied to the BPGIC FZE and the tax on which is paid/due to be paid by the BPGIC FZE to the Supplier. Output VAT is recognized in respect of taxable supply of goods/services rendered by the BPGIC FZE on which tax is charged and due to be paid to the UAE Federal Tax Authority. | Taxes Value Added Tax: Expenses and assets are recognized net of the amount of input tax, except: - When the input tax is incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the input tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable; - The net amount of value added tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position, as applicable. Input VAT and Output VAT Input VAT is recognized when the goods or services are supplied to the Company and the tax on which is paid/due to be paid by the Company to the Supplier. Output VAT is recognized in respect of taxable supply of goods/services rendered by the Company on which tax is charged and due to be paid to the UAE Federal Tax Authority. | Taxes Value Added Tax Expenses and assets are recognized net of the amount of input tax, except: ● When the input tax is incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the input tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable; ● The net amount of value added tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position, as applicable. Input VAT and Output VAT Input VAT is recognized when the goods or services are supplied to the Company and the tax on which is paid/due to be paid by the Company to the Supplier. Output VAT is recognized in respect of taxable supply of goods/services rendered by the Company on which tax is charged and due to be paid to the UAE Federal Tax Authority. |
Borrowing Costs | Borrowing Costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the consolidated statement of comprehensive income (within profit and loss) in the period during which they are incurred. | Borrowing Costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the consolidated statement of comprehensive income (within profit and loss) in the period during which they are incurred. | Borrowing Costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the consolidated statement of comprehensive income (within profit and loss) in the period during which they are incurred. | Borrowing Costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the consolidated statement of comprehensive income (within profit and loss) in the period during which they are incurred. | Borrowing Costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in the statement of comprehensive income (within profit and loss) in the period during which they are incurred. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment, is stated at historical costs less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the Management. The cost of replacing or addition to an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The costs of day-to-day servicing of property, plant and equipment are recognised in the profit or loss as incurred. Depreciation is charged to write off the cost of assets using the straight line method as follows: Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset – Land 60 years The useful lives and depreciation method are reviewed periodically to ensure that the year and method of depreciation are consistent with the pattern of economic benefits expected to flow to the Group through the use of items of property, plant and equipment. The carrying amounts are reviewed at each reporting date to assess whether they are recorded in excess of their recoverable amounts, and where carrying values exceed this estimated recoverable amount, assets are written down to their recoverable amount, being the higher of their fair value less costs to sell and their value in use. The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised as profit or loss in the consolidated statement of comprehensive income. | Property, Plant and Equipment Property, plant and equipment, is stated at historical costs less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the Management. The cost of replacing or addition to an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The costs of day-to-day servicing of property, plant and equipment are recognised in the profit or loss as incurred. Depreciation is charged to write off the cost of assets using the straight line method as follows: Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset - Land 60 years The useful lives and depreciation method are reviewed periodically to ensure that the year and method of depreciation are consistent with the pattern of economic benefits expected to flow to the Group through the use of items of property, plant and equipment. The carrying amounts are reviewed at each reporting date to assess whether they are recorded in excess of their recoverable amounts, and where carrying values exceed this estimated recoverable amount, assets are written down to their recoverable amount, being the higher of their fair value less costs to sell and their value in use. The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised as profit or loss in the statement of comprehensive income. | Property, Plant and Equipment Property, plant and equipment, is stated at historical costs less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the Management. The cost of replacing or addition to an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The costs of day-to-day servicing of property, plant and equipment are recognised in the profit or loss as incurred. Depreciation is charged to write off the cost of assets using the straight line method as follows: Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset - Land 60 years The useful lives and depreciation method are reviewed periodically to ensure that the year and method of depreciation are consistent with the pattern of economic benefits expected to flow to the Group through the use of items of property, plant and equipment. The carrying amounts are reviewed at each reporting date to assess whether they are recorded in excess of their recoverable amounts, and where carrying values exceed this estimated recoverable amount, assets are written down to their recoverable amount, being the higher of their fair value less costs to sell and their value in use. The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised as profit or loss in the statement of comprehensive income. | Property, Plant and Equipment Property, plant and equipment, is stated at historical costs less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the Management. The cost of replacing or addition to an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The costs of day-to-day servicing of property, plant and equipment are recognised in the profit or loss as incurred. Capital work under progress is stated at cost and subsequently transferred to assets when it is available for use. Depreciation is charged to write off the cost of assets using the straight line method as follows: Office Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset - Land 60 years The useful lives and depreciation method are reviewed periodically to ensure that the year and method of depreciation are consistent with the pattern of economic benefits expected to flow to the Group through the use of items of property, plant and equipment. The carrying amounts are reviewed at each reporting date to assess whether they are recorded in excess of their recoverable amounts, and where carrying values exceed this estimated recoverable amount, assets are written down to their recoverable amount, being the higher of their fair value less costs to sell and their value in use. The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised as profit or loss in the statement of comprehensive income. | Property, Plant and Equipment Property, plant and equipment, is stated at historical costs less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the Management. The cost of replacing or addition to an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The costs of day-to-day servicing of property, plant and equipment are recognised in the profit or loss as incurred. Capital work under progress is stated at cost and subsequently transferred to assets when it is available for use. Depreciation is charged to write off the cost of assets using the straight-line method as follows: Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset - Land 60 years The useful lives and depreciation method are reviewed periodically to ensure that the year and method of depreciation are consistent with the pattern of economic benefits expected to flow to the Company through the use of items of property, plant and equipment. The carrying amounts are reviewed at each reporting date to assess whether they are recorded in excess of their recoverable amounts, and where carrying values exceed this estimated recoverable amount, assets are written down to their recoverable amount, being the higher of their fair value less costs to sell and their value in The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised as profit or loss in the statement of comprehensive income. |
Capital Work In Progress | Capital work in progress. Capital work in progress is stated at cost, which represents costs for the design, development, procurement, construction and commissioning of the asset under development. Cost includes borrowing cost capitalised and depreciation of the right of use asset during the construction phase. When the asset is in the location and condition necessary to operate in the manner intended by management, capital work in progress is transferred to the appropriate property, plant and equipment category and depreciated in accordance with the Group’s policies. | Capital work in progress Capital work in progress is stated at cost, which represents costs for the design, development, procurement, construction and commissioning of the asset under development. Cost includes borrowing cost capitalised and depreciation of the right of use asset during the construction phase. When the asset is in the location and condition necessary to operate in the manner intended by management, capital work in progress is transferred to the appropriate property, plant and equipment category and depreciated in accordance with the Group’s policies. | Capital work in progress Capital work in progress is stated at cost, which represents costs for the design, development, procurement, construction and commissioning of the asset under development. Cost includes borrowing cost capitalised and depreciation of the right of use asset during the construction phase. When the asset is in the location and condition necessary to operate in the manner intended by management, capital work in progress is transferred to the appropriate property, plant and equipment category and depreciated in accordance with the Group’s policies. | Capital work in progress Capital work in progress is stated at cost, which represents costs for the design, development, procurement, construction and commissioning of the asset under development. Cost includes borrowing cost capitalised and depreciation of the right of use asset during the construction phase. When the asset is in the location and condition necessary to operate in the manner intended by management, capital work in progress is transferred to the appropriate property, plant and equipment category and depreciated in accordance with the Group’s policies. | Capital Work In Progress Capital work in progress is stated at cost, which represents costs for the design, development, procurement, construction and commissioning of the asset under development. Cost includes borrowing cost capitalized and depreciation of the right-of-use asset during the construction phase. When the asset is in the location and condition necessary to operate in the manner intended by management, capital work in progress is transferred to the appropriate property, plant and equipment category and depreciated in accordance with the Company’s policies. |
Leases | Leases At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For a contract that is, or contains, a lease, the Group accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The Group determines the lease term as the non-cancellable period of a lease, together with both: a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. In assessing whether a lessee is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, the Group considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Group revises the lease term if there is a change in the non cancellable period of a lease. Group as a lessor Leases where the Group does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same bases as rental income. Contingent rents are recognised as revenue in the period in which they are earned. Group as a lessee For a contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. The relative stand-alone price of lease and non-lease components is determined on the basis of the price the lessor, or a similar supplier, would charge an entity for that component, or a similar component, separately. If an observable stand-alone price is not readily available, the Group estimates the stand-alone price, maximising the use of observable information. For determination of the lease term, the Group reassesses whether it is reasonably certain to exercise an extension option, or not to exercise a termination option, upon the occurrence of either a significant event or a significant change in circumstances that: a) is within the control of the Group; and b) affects whether the Group is reasonably certain to exercise an option not previously included in its determination of the lease term, or not to exercise an option previously included in its determination of the lease term. At the commencement date, the Group recognises a right-of-use asset classified within property, plant and equipment and a lease liability classified separately on the consolidated statement of financial position. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease of 12 months or less and leases of low-value assets of USD 5,000 or less when new. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Right-of-use assets The right-of-use asset is initially recognised at cost comprising of: a) the amount of the initial measurement of the lease liability; b) any lease payments made at or before the commencement date, less any lease incentives received; c) any initial direct costs incurred by the Group; and d) an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. These costs are recognised as part of the cost of the right-of-use asset when the Group incurs an obligation for these costs. The obligation for these costs is incurred either at the commencement date or as a consequence of having used the underlying asset during a particular period. After initial recognition, the Group amortises the right-of-use asset over the term of the lease. In addition the right of use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. Lease liability The lease liability is initially recognised at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group uses its incremental borrowing rate. After initial recognition, the lease liability is measured by (a) increasing the carrying amount to reflect interest on the lease liability; (b) reducing the carrying amount to reflect the lease payments made; and (c) remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. Where, (a) there is a change in the lease term as a result of the reassessment of certainty to exercise an option, or not to exercise a termination option as discussed above; or (b) there is a change in the assessment of an option to purchase the underlying asset, assessed considering the events and circumstances in the context of a purchase option, the Group remeasures the lease liabilities to reflect changes to lease payments by discounting the revised lease payments using a revised discount rate. The Group determines the revised discount rate as the interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined, or its incremental borrowing rate at the date of reassessment, if the interest rate implicit in the lease cannot be readily determined. Where, (a) there is a change in the amounts expected to be payable under a residual value guarantee; or (b) there is a change in future lease payments resulting from a change in an index or a rate used to determine those payments, including a change to reflect changes in market rental rates following a market rent review, the Group remeasures the lease liabilities by discounting the revised lease payments using an unchanged discount rate, unless the change in lease payments results from a change in floating interest rates. In such case, the Group uses a revised discount rate that reflects changes in the interest rate. The Group accounts for a lease modification as a separate lease if both: a) the modification increases the scope of the lease by adding the right to use one or more underlying b) the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract. | Leases At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For a contract that is, or contains, a lease, the Group accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The Group determines the lease term as the non-cancellable period of a lease, together with both: a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. In assessing whether a lessee is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, the Company considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Company revises the lease term if there is a change in the non cancellable period of a lease. Group as a lessor Leases where the Group does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same bases as rental income. Contingent rents are recognised as revenue in the period in which they are earned. Group as a lessee For a contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. The relative stand-alone price of lease and non-lease components is determined on the basis of the price the lessor, or a similar supplier, would charge an entity for that component, or a similar component, separately. If an observable stand-alone price is not readily available, the Group estimates the stand-alone price, maximising the use of observable information. For determination of the lease term, the Group reassesses whether it is reasonably certain to exercise an extension option, or not to exercise a termination option, upon the occurrence of either a significant event or a significant change in circumstances that: a) is within the control of the Group; and b) affects whether the Group is reasonably certain to exercise an option not previously included in its determination of the lease term, or not to exercise an option previously included in its determination of the lease term. At the commencement date, the Group recognises a right-of-use asset classified within property, plant and equipment and a lease liability classified separately on the consolidated statement of financial position. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease of 12 months or less and leases of low-value assets of USD 5,000 or less when new. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Right-of-use assets The right-of-use asset is initially recognised at cost comprising of: a) the amount of the initial measurement of the lease liability; b) any lease payments made at or before the commencement date, less any lease incentives received; c) any initial direct costs incurred by the Group; and d) an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. These costs are recognised as part of the cost of the right-of-use asset when the Group incurs an obligation for these costs. The obligation for these costs is incurred either at the commencement date or as a consequence of having used the underlying asset during a particular period. After initial recognition, the Group amortises the right-of-use asset over the term of the lease. In addition the right of use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. Lease liability The lease liability is initially recognised at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group uses its incremental borrowing rate. After initial recognition, the lease liability is measured by (a) increasing the carrying amount to reflect interest on the lease liability; (b) reducing the carrying amount to reflect the lease payments made; and (c) remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. Where, (a) there is a change in the lease term as a result of the reassessment of certainty to exercise an option, or not to exercise a termination option as discussed above; or (b) there is a change in the assessment of an option to purchase the underlying asset, assessed considering the events and circumstances in the context of a purchase option, the Group remeasures the lease liabilities to reflect changes to lease payments by discounting the revised lease payments using a revised discount rate. The Group determines the revised discount rate as the interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined, or its incremental borrowing rate at the date of reassessment, if the interest rate implicit in the lease cannot be readily determined. Where, (a) there is a change in the amounts expected to be payable under a residual value guarantee; or (b) there is a change in future lease payments resulting from a change in an index or a rate used to determine those payments, including a change to reflect changes in market rental rates following a market rent review, the Group remeasures the lease liabilities by discounting the revised lease payments using an unchanged discount rate, unless the change in lease payments results from a change in floating interest rates. In such case, the Group uses a revised discount rate that reflects changes in the interest rate. The Group accounts for a lease modification as a separate lease if both: a) the modification increases the scope of the lease by adding the right to use one or more underlying b) the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract. | Leases At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For a contract that is, or contains, a lease, the Group accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The Group determines the lease term as the non-cancellable period of a lease, together with both: a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. In assessing whether a lessee is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, the Group considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Group revises the lease term if there is a change in the noncancellable period of a lease. Group as a lessor Leases where the Group does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same bases as rental income. Contingent rents are recognised as revenue in the period in which they are earned. Group as a lessee For a contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. The relative stand-alone price of lease and non-lease components is determined on the basis of the price the lessor, or a similar supplier, would charge an entity for that component, or a similar component, separately. If an observable stand-alone price is not readily available, the Group estimates the stand-alone price, maximising the use of observable information. For determination of the lease term, the Group reassesses whether it is reasonably certain to exercise an extension option, or not to exercise a termination option, upon the occurrence of either a significant event or a significant change in circumstances that: a) is within the control of the Group; and b) affects whether the Group is reasonably certain to exercise an option not previously included in its determination of the lease term, or not to exercise an option previously included in its determination of the lease term. At the commencement date, the Group recognises a right-of-use asset classified within property, plant and equipment and a lease liability classified separately on the consolidated statement of financial position. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease of 12 months or less and leases of low-value assets of USD 5,000 or less when new. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Right-of-use assets The right-of-use asset is initially recognised at cost comprising of: a) the amount of the initial measurement of the lease liability; b) any lease payments made at or before the commencement date, less any lease incentives received; c) any initial direct costs incurred by the Group; and d) an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. These costs are recognised as part of the cost of the right-of-use asset when the Group incurs an obligation for these costs. The obligation for these costs is incurred either at the commencement date or as a consequence of having used the underlying asset during a particular period. After initial recognition, the Group amortises the right-of-use asset over the term of the lease. In addition the right of use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. Lease liability The lease liability is initially recognised at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group uses its incremental borrowing rate. After initial recognition, the lease liability is measured by (a) increasing the carrying amount to reflect interest on the lease liability; (b) reducing the carrying amount to reflect the lease payments made; and (c) remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. Where, (a) there is a change in the lease term as a result of the reassessment of certainty to exercise an option, or not to exercise a termination option as discussed above; or (b) there is a change in the assessment of an option to purchase the underlying asset, assessed considering the events and circumstances in the context of a purchase option, the Group remeasures the lease liabilities to reflect changes to lease payments by discounting the revised lease payments using a revised discount rate. The Group determines the revised discount rate as the interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined, or its incremental borrowing rate at the date of reassessment, if the interest rate implicit in the lease cannot be readily determined. Where, (a) there is a change in the amounts expected to be payable under a residual value guarantee; or (b) there is a change in future lease payments resulting from a change in an index or a rate used to determine those payments, including a change to reflect changes in market rental rates following a market rent review, the Group remeasures the lease liabilities by discounting the revised lease payments using an unchanged discount rate, unless the change in lease payments results from a change in floating interest rates. In such case, the Group uses a revised discount rate that reflects changes in the interest rate. The Group accounts for a lease modification as a separate lease if both: a) the modification increases the scope of the lease by adding the right to use one or more underlying assets; and b) the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract. | Leases At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For a contract that is, or contains, a lease, the Group accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The Group determines the lease term as the non-cancellable period of a lease, together with both: a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. In assessing whether a lessee is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, the Group considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Group revises the lease term if there is a change in the non-cancellable period of a lease. Group as a lessor Leases where the Group does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same bases as rental income. Contingent rents are recognized as revenue in the period in which they are earned. Group as a lessee The Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. The relative stand-alone price of lease and non-lease components is determined on the basis of the price the lessor, or a similar supplier, would charge an entity for that component, or a similar component, separately. If an observable stand-alone price is not readily available, the Group estimates the stand-alone price, maximising the use of observable information. For determination of the lease term, the Group reassesses whether it is reasonably certain to exercise an extension option, or not to exercise a termination option, upon the occurrence of either a significant event or a significant change in circumstances that: is within the control of the Group; and At the commencement date, the Group recognizes a right-of-use asset classified within property, plant and equipment and a lease liability presented separately on the consolidated statement of financial position. Short-term leases and leases of low-value assets The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease of 12 months or less and leases of low-value assets when new. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Right-of-use assets The right-of-use asset is initially recognized at cost comprising of the amount of the initial measurement of the lease liability; any lease payments made at or before the commencement date, less any lease incentives received; any initial direct costs incurred by the Group; and an estimate of costs to be incurred by the Company in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. These costs are recognized as part of the cost of the right-of-use asset when the Group incurs an obligation for these costs. The obligation for these costs is incurred either at the commencement date or as a consequence of having used the underlying asset during a particular period. After initial recognition, the Group amortises the right-of-use asset over the term of the lease. In addition the right-of- use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. Lease liability The lease liability is initially recognized at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group uses its incremental borrowing rate. After initial recognition, the lease liability is measured by (a) increasing the carrying amount to reflect interest on the lease liability; (b) reducing the carrying amount to reflect the lease payments made; and (c) remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. Where, (a) there is a change in the lease term as a result of the reassessment of certainty to exercise an option, or not to exercise a termination option as discussed above; or (b) there is a change in the assessment of an option to purchase the underlying asset, assessed considering the events and circumstances in the context of a purchase option, the Group remeasures the lease liabilities to reflect changes to lease payments by discounting the revised lease payments using a revised discount rate. The Group determines the revised discount rate as the interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined, or its incremental borrowing rate at the date of reassessment, if the interest rate implicit in the lease cannot be readily determined. Where, (a) there is a change in the amounts expected to be payable under a residual value guarantee; or (b) there is a change in future lease payments resulting from a change in an index or a rate used to determine those payments, including a change to reflect changes in market rental rates following a market rent review, the Group remeasures the lease liabilities by discounting the revised lease payments using an unchanged discount rate, unless the change in lease payments results from a change in floating interest rates. In such case, the Group uses a revised discount rate that reflects changes in the interest rate. The Group recognizes the amount of the re-measurement of the lease liability as an adjustment to the right-of use asset. Where the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, the Group recognizes any remaining amount of the re-measurement in the consolidated statement of comprehensive income (within profit and loss). The Group accounts for a lease modification as a separate lease if both: the modification increases the scope of the lease by adding the right to use one or more underlying assets; and the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract. | Leases At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For a contract that is, or contains, a lease, the Company accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The Company determines the lease term as the non-cancellable period of a lease, together with both: a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. In assessing whether a lessee is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, the Company considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Company revises the lease term if there is a change in the non-cancellable period of a Company as a lessor Leases where the Company does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same bases as rental income. Contingent rents are recognized as revenue in the period in which they are earned. Company as a lessee For a contract that contains a lease component and one or more additional lease or non-lease components, the Company allocates the consideration in the contract to each lease component on the basis of the relative stand- alone price of the lease component and the aggregate stand-alone price of the non-lease components. The relative stand-alone price of lease and non-lease components is determined on the basis of the price the lessor, or a similar supplier, would charge an entity for that component, or a similar component, separately. If an observable stand-alone price is not readily available, the Company estimates the stand-alone price, maximising the use of observable information. For determination of the lease term, the Company reassesses whether it is reasonably certain to exercise an extension option, or not to exercise a termination option, upon the occurrence of either a significant event or a significant change in circumstances that: is within the control of the Company; and At the commencement date, the Company recognizes a right-of-use asset classified within property, plant and equipment and a lease liability presented separately on the consolidated statement of financial position. Short-term leases and leases of low-value assets The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease of 12 months or less and leases of low-value assets when new. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Right-of-use assets The right-of-use asset is initially recognized at cost comprising of: a) the amount of the initial measurement of the lease liability; b) any lease payments made at or before the commencement date, less any lease incentives received; c) any initial direct costs incurred by the Company; and d) an estimate of costs to be incurred by the Company in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. These costs are recognized as part of the cost of the right-of-use asset when the Company incurs an obligation for these costs. The obligation for these costs is incurred either at the commencement date or as a consequence of having used the underlying asset during a particular period. After initial recognition, the Company amortises the right-of-use asset over the term of the lease. In addition, the right of use asset is periodically reduced, if any, and adjusted for certain re-measurements of the lease liability. Lease liability The lease liability is initially recognized at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company uses its incremental borrowing rate. After initial recognition, the lease liability is measured by (a) increasing the carrying amount to reflect interest on the lease liability; (b) reducing the carrying amount to reflect the lease payments made; and (c) remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. Where, (a) there is a change in the lease term as a result of the reassessment of certainty to exercise an option, or not to exercise a termination option as discussed above; or (b) there is a change in the assessment of an option to purchase the underlying asset, assessed considering the events and circumstances in the context of a purchase option, the Company remeasures the lease liabilities to reflect changes to lease payments by discounting the revised lease payments using a revised discount rate. The Company determines the revised discount rate as the interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined, or its incremental borrowing rate at the date of reassessment, if the interest rate implicit in the lease cannot be readily determined. Where, (a) there is a change in the amounts expected to be payable under a residual value guarantee; or (b) there is a change in future lease payments resulting from a change in an index or a rate used to determine those payments, including a change to reflect changes in market rental rates following a market rent review, the Company remeasures the lease liabilities by discounting the revised lease payments using an unchanged discount rate, unless the change in lease payments results from a change in floating interest rates. In such case, the Company uses a revised discount rate that reflects changes in the interest rate. The Company recognizes the amount of the re-measurement of the lease liability as an adjustment to the right- of-use asset. Where the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, the Company recognizes any remaining amount of the re- measurement in the consolidated statement of comprehensive income (within profit and loss). The Company accounts for a lease modification as a separate lease if both: a) the modification increases the scope of the lease by adding the right to use one or more underlying assets; and b) the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract. |
Financial Instruments | Financial Instruments Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group’s financial assets at amortised cost include other receivables and due from related parties. Financial assets at fair value through OCI, impairment losses or reversals are recognised in the statement of comprehensive income and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. The Group derecognizes a financial asset when the contractual rights to the cash flow from the assets cease and any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. Offsetting of Financial Instruments: Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. Impairment of financial assets Under IFRS 9, the Group records an allowance for Expected Credit Loss (ECL) for all loans and debt financial assets not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an approximation to the asset’s original effective interest rate. For trade and other receivables, the Group has applied the standard’s simplified approach and has calculated ECLs based on lifetime expected credit losses. The Group calculates the ECL based on the Group’s historical credit loss experience, adjusted for forward-looking factors specific to the customer and the economic environment. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. | Financial Instruments Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group’s financial assets at amortised cost include other receivables and due from related parties. Financial assets at fair value through OCI, impairment losses or reversals are recognised in the statement of comprehensive income and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. The Group derecognizes a financial asset when the contractual rights to the cash flow from the assets cease and any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. Offsetting of Financial Instruments: Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. Impairment of financial assets Under IFRS 9, the Group records an allowance for Expected Credit Loss (ECL) for all loans and debt financial assets not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an approximation to the asset’s original effective interest rate. For trade and other receivables, the Group has applied the standard’s simplified approach and has calculated ECLs based on lifetime expected credit losses. The Group calculates the ECL based on the Group’s historical credit loss experience, adjusted for forward-looking factors specific to the customer and the economic environment. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. | Financial Instruments Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group’s financial assets at amortised cost include other receivables and due from related parties. Financial assets at fair value through OCI, impairment losses or reversals are recognised in the statement of comprehensive income and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. The Group derecognizes a financial asset when the contractual rights to the cash flow from the assets cease and any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. Offsetting of Financial Instruments: Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. Impairment of financial assets Under IFRS 9, the Group records an allowance for Expected Credit Loss (ECL) for all loans and debt financial assets not held at Fair value through profit & loss (FVPL). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an approximation to the asset’s original effective interest rate. For trade and other receivables, the Group has applied the standard’s simplified approach and has calculated ECLs based on lifetime expected credit losses. The Group calculates the ECL based on the Group’s historical credit loss experience, adjusted for forward-looking factors specific to the customer and the economic environment. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. | Financial Instruments Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group’s financial assets at amortised cost include other receivables and due from related parties. Financial assets at fair value through OCI, impairment losses or reversals are recognised in the statement of comprehensive income and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial liabilities On Initial recognition, Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and in the case of loans and borrowings fair value of the consideration received less directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, lease liability and term loans. Derecognition of financial assets and liabilities The Group derecognizes a financial asset when the contractual rights to the cash flow from the assets cease and any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. Offsetting of Financial Instruments: Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. Amortised cost of financial instruments Amortised cost is computed using the effective interest method less any allowance for impairment and principal repayment or reduction. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. | Financial Instruments Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company’s business model for managing them. Receivables that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price determined under IFRS 15. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Company’s financial assets at amortised cost include other receivables and due from related parties. Financial assets at fair value through OCI, impairment losses or reversals are recognised in the statement of comprehensive income and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial liabilities On Initial recognition, financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Company determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and in the case of loans and borrowings fair value of the consideration received less directly attributable transaction costs. The Company’s financial liabilities include trade and other payables, lease liability and term loans. Derecognition of financial assets and liabilities The Company derecognizes a financial asset when the contractual rights to the cash flow from the assets cease and any interest in such derecognised financial assets that is created or retained by the Company is recognised as a separate asset. The Company derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. Offsetting of Financial Instruments: Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. Amortised cost of financial instruments Amortised cost is computed using the effective interest method less any allowance for impairment and principal repayment or reduction. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. |
Equity instruments | Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group comprising of share capital, share premium and shareholders’ accounts are recorded at the proceeds received, net of direct issue costs. Escrow shares issued as part of the reverse acquisition are subject to meeting certain financial milestones during the vesting period as disclosed in Note 28. The fair value of the shares in escrow is not materially different from that of the shares which are not in escrow as the rights of these shares are similar to those of “normal ordinary shares”. | Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group comprising of share capital, share premium and shareholders’ accounts are recorded at the proceeds received, net of direct issue costs. Escrow shares issued as part of the reverse acquisition are subject to meeting certain financial milestones during the vesting period as disclosed in Note 29. The fair value of the shares in escrow is not materially different from that of the shares which are not in escrow as the rights of these shares are similar to those of “normal ordinary shares”. | Equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group comprising of share capital, share premium and shareholders’ accounts are recorded at the proceeds received, net of direct issue costs. | Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group comprising of share capital, share premium and shareholders’ accounts are recorded at the proceeds received, net of direct issue costs. Escrow shares issued as part of the reverse acquisition are subject to meeting certain financial milestones during the vesting period as disclosed in Note 30. The fair value of the shares in escrow is not materially different from that of the shares which are not in escrow as the rights of these shares are similar to those of “normal ordinary shares”. | |
Financial liabilities | Financial liabilities Initial recognition Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognized initially at fair value and in the case of loans and borrowings fair value of the consideration received less directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, lease liability, warrants and borrowings. Subsequent measurement The measurement of financial liabilities depends on their classification as follows: Accounts payable Liabilities are recognized for amounts to be paid in the future for goods and services received, whether billed by the supplier or not. Loans and borrowings All loans and borrowings are initially recognized at the fair values less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in the consolidated statement of comprehensive income (within profit and loss) when liabilities are derecognized. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statement of comprehensive income (within profit and loss). A non-substantial modification to a financial liability is not treated as a derecognition of the original liability. The difference between the carrying amount and the net present value of the modified terms discounted using the original effective interest rate is recognized in the consolidated statement of comprehensive income (within profit and loss) | Financial liabilities Initial recognition Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognized initially at fair value and in the case of loans and borrowings fair value of the consideration received less directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, lease liability, warrants and borrowings. Subsequent measurement The measurement of financial liabilities depends on their classification as follows: Accounts payable Liabilities are recognized for amounts to be paid in the future for goods and services received, whether billed by the supplier or not. Loans and borrowings All loans and borrowings are initially recognized at the fair values less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in the consolidated statement of comprehensive income (within profit and loss) when liabilities are derecognized. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statement of comprehensive income (within profit and loss). A non-substantial modification to a financial liability is not treated as a derecognition of the original liability. The difference between the carrying amount and the net present value of the modified terms discounted using the original effective interest rate is recognized in the consolidated statement of comprehensive income (within profit and loss) | Financial liabilities Initial recognition Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognized initially at fair value and in the case of loans and borrowings fair value of the consideration received less directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, lease liability, warrants and borrowings. Subsequent measurement The measurement of financial liabilities depends on their classification as follows: Accounts payable Liabilities are recognized for amounts to be paid in the future for goods and services received, whether billed by the supplier or not. Loans and borrowings All loans and borrowings are initially recognized at the fair values less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in the consolidated statement of comprehensive income (within profit and loss) when liabilities are derecognized. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statement of comprehensive income (within profit and loss). A non-substantial modification to a financial liability is not treated as a derecognition of the original liability. The difference between the carrying amount and the net present value of the modified terms discounted using the original effective interest rate is recognized in the consolidated statement of comprehensive income (within profit and loss) | ||
Amortized cost of financial instruments | Amortized cost of financial instruments Amortized cost is computed using the effective interest method less any allowance for impairment and principal repayment or reduction. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. | Amortized cost of financial instruments Amortized cost is computed using the effective interest method less any allowance for impairment and principal repayment or reduction. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. | Amortized cost of financial instruments Amortized cost is computed using the effective interest method less any allowance for impairment and principal repayment or reduction. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. | ||
Non-derivative financial assets and liabilities | Non-derivative financial assets and liabilities | Non-derivative financial assets and liabilities | Non-derivative financial assets and liabilities | ||
Receivables | Receivables Receivables are those financial assets that have fixed or determinable payments and for which there is no active market are initially recognized at fair value plus any directly attributable transactions costs. Subsequent to initial recognition they are measured at amortized cost using the effective interest method. These comprise trade accounts and other receivables, receivables from related parties, bank balances including fixed and margin deposits with banks. Receivables are carried at certified revenue less an estimate made for doubtful receivables based on a review of all outstanding amounts at the year-end. Bad debts are written off when identified. | Receivables Receivables are those financial assets that have fixed or determinable payments and for which there is no active market are initially recognized at fair value plus any directly attributable transactions costs. Subsequent to initial recognition they are measured at amortized cost using the effective interest method. These comprise trade accounts and other receivables, receivables from related parties, bank balances including fixed and margin deposits with banks. | Receivables Receivables are those financial assets that have fixed or determinable payments and for which there is no active market are initially recognized at fair value plus any directly attributable transactions costs. Subsequent to initial recognition they are measured at amortized cost using the effective interest method. These comprise trade accounts and other receivables, receivables from related parties, bank balances including fixed and margin deposits with banks. | Receivables Receivables are those financial assets that have fixed or determinable payments and for which there is no active market are initially recognized at fair value plus any directly attributable transactions costs. Subsequent to initial recognition they are measured at amortized cost using the effective interest method. These comprise trade accounts and other receivables, receivables from related parties, bank balances including fixed and margin deposits with banks. | |
Trade Accounts and Other Receivable | Trade Accounts and Other Receivable Receivable are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. The Management undertakes a periodic review of amounts recoverable from trade and other receivable, and determines recoverability based on various factors such as ageing of receivable, payment history, collateral available and other knowledge about the receivable. Provision for bad and doubtful debts represents estimates of ultimate unrealizable debts. The estimates are judgmental and are based on case based evaluation by the management. Provisions created during the year are reflected in the operating results of the year. Debts which are recognised as unrealizable are written off during the year. | Trade Accounts and Other Receivable Receivable are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. The Management undertakes a periodic review of amounts recoverable from trade and other receivable, and determines recoverability based on various factors such as ageing of receivable, payment history, collateral available and other knowledge about the receivable. Provision for bad and doubtful debts represents estimates of ultimate unrealizable debts. The estimates are judgmental and are based on case based evaluation by the management. Provisions created during the year are reflected in the operating results of the year. Debts which are recognised as unrealizable are written off during the year. | Trade Accounts and Other Receivable Receivable are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. The Management undertakes a periodic review of amounts recoverable from trade and other receivable, and determines recoverability based on various factors such as ageing of receivable, payment history, collateral available and other knowledge about the receivable. Provision for bad and doubtful debts represents estimates of ultimate unrealizable debts. The estimates are judgmental and are based on case based evaluation by the management. Provisions created during the year are reflected in the operating results of the year. Debts which are recognised as unrealizable are written off during the year. | Trade Accounts and Other Receivable Receivable are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. The Management undertakes a periodic review of amounts recoverable from trade and other receivable, and determines recoverability based on various factors such as ageing of receivable, payment history, collateral available and other knowledge about the receivable. Provision for bad and doubtful debts represents estimates of ultimate unrealizable debts. The estimates are judgmental and are based on case based evaluation by the management. Provisions created during the year are reflected in the operating results of the year. Debts which are recognised as unrealizable are written off during the year. | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents comprise of cash on hand, banks accounts and short term highly liquid deposits with a maturity date of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. | Cash and Cash Equivalents Cash and cash equivalents comprise of cash on hand, banks accounts and short term highly liquid deposits with a maturity date of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. | Cash and Cash Equivalents Cash and cash equivalents comprise of cash on hand, banks accounts and short term highly liquid deposits with a maturity date of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. | Cash and Cash Equivalents Cash and cash equivalents comprise of cash on hand, banks accounts and short term highly liquid deposits with a maturity date of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. | |
Statutory Reserve | Statutory Reserve As required by the Articles of Association of BPGIC FZE, 10% of the profit for the year must be transferred to the general reserve. The subsidiary has resolved to discontinue such annual transfers as the reserve has reached 50% of the subsidiary’s issued share capital. The general reserve is not available for distribution to the shareholders. | Statutory Reserve As required by the Articles of Association of BPGIC FZE, 10% of the profit for the year must be transferred to the Statutory reserve. The general reserve is not available for distribution to the shareholders. | Statutory Reserve Statutory reserve is created by appropriating 10% of the net profits BPGIC FZE for the year as required by Article 103 of the UAE Federal Law No. 2 of 2015 on commercial companies, concerning commercial companies in the UAE. | Statutory Reserve Statutory reserve is created by appropriating 10% of the net profits of the Company for the year as required by Article 103 of the UAE Federal Law No. 2 of 2015 on commercial companies, concerning commercial companies in the UAE. The non-derivative financial liabilities comprise of trade accounts and other payables and Owners’ accounts. | |
Employees’ End of Service Benefits | Employees’ End of Service Benefits The Group provides end of service benefits to its employees. The entitlement to these benefits is based upon the employees’ final salary and length of service, subject to the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment. | Employees’ End of Service Benefits The Group provides end of service benefits to its employees. The ion of a minimum service period. The expected costs of these benefits are accrued over the period of employment. | Employees’ End of Service Benefits Provision is made for the amounts payable under the UAE labour law applicable to the employees and is based on current basic remuneration and cumulative period of service at the balance sheet date. Provision is made on the assumption that all employees were to leave as of the balance sheet date since this provides, in Management’s opinion, a reasonable estimate of the present value of terminal benefits. | Employees’ End of Service Benefits Provision is made for the amounts payable under the UAE labour law applicable to the employees and is based on current basic remuneration and cumulative period of service at the balance sheet date. Provision is made on the assumption that all employees were to leave as of the balance sheet date since this provides, in Management’s opinion, a reasonable estimate of the present value of terminal benefits. | |
Trade Accounts and Other Payable | Trade Accounts and Other Payable Trade accounts and other payable are stated at nominal amounts payable for goods or services rendered. | Trade Accounts and Other Payable Trade accounts and other payable are stated at nominal amounts payable for goods or services rendered. | Trade Accounts and Other Payable Trade accounts and other payable are stated at nominal amounts payable for goods or services rendered. | Trade Accounts and Other Payable Trade accounts and other payable are stated at nominal amounts payable for goods or services rendered. | |
Decommissioning liabilities | Derivative Financial Instruments The Group uses derivative financial instruments, interest rate swaps, to hedge its interest risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Warrants are accounted for as derivative financial instruments (a financial liability) as they give the holder the right to obtain a variable number of common (ordinary) shares in case an effective registration statement is not maintained, which is not fully within the control of the Group. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value through profit or loss. The warrants shall lapse and expire after five years from the closing of the business combination. Any gains or losses arising from changes in the fair value of derivatives are taken directly to the consolidated statement of comprehensive income (within profit and loss) as the Group has not designated derivative financial instruments under hedging arrangements. | Derivative Financial Instruments The Group uses derivative financial instruments, interest rate swaps, to hedge its interest risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Warrants are accounted for as derivative financial instruments (a financial liability) as they give the holder the right to obtain a variable number of common (ordinary) shares in case an effective registration statement is not maintained, which is not fully within the control of the Group. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value through profit or loss. The warrants shall lapse and expire after five years from the closing of the business combination (Note 31). Any gains or losses arising from changes in the fair value of derivatives are taken directly to the consolidated statement of comprehensive income (within profit and loss) as the Group has not designated derivative financial instruments under hedging arrangements. | Derivative financial instruments The Group uses derivative financial instruments, interest rate swaps, to hedge its interest risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Warrants are accounted for as derivative financial instruments (a financial liability) as they give the holder the right to obtain a variable number of common (ordinary) shares in case an effective registration statement is not maintained, which is not fully within the control of the Group. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value through profit or loss. The warrants shall lapse and expire after five years from the closing of the business combination (Note 30). Any gains or losses arising from changes in the fair value of derivatives are taken directly to the consolidated statement of comprehensive income (within profit and loss) as the Group has not designated derivative financial instruments under hedging arrangements. | Decommissioning liabilities As part of the land lease agreement between Fujairah Municipality and the Company, the Company has a legal obligation to remove the plant at the end of its lease term. The Company initially records a provision for asset retirement obligations at the best estimate of the present value of the expenditure required to settle the obligation at the time a legal (or constructive) obligation is incurred, if the liability can be reliably estimated. When the provision is initially recorded, the carrying amount of the related asset is increased by the amount of the liability. Provisions are adjusted at each balance sheet date to reflect the current best estimate. The unwinding of the discount is recognized as finance cost. The Company’s operating assets generally consist of storage tanks and related facilities. | |
Provisions | Provisions Provisions are recognised when the Group has a present obligation as a result of past event and it is probable that the outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the amount expected to be required to settle the obligation and the risk specific to the obligation. | Provisions Provisions are recognised when the Group has a present obligation as a result of past event and it is probable that the outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the amount expected to be required to settle the obligation and the risk specific to the obligation. | Provisions Provisions are recognised when the Group has a present obligation as a result of past event and it is probable that the outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the amount expected to be required to settle the obligation and the risk specific to the obligation. | Provisions Provisions are recognised when the Company has a present obligation as a result of past event and it is probable that the outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the amount expected to be required to settle the obligation and the risk specific to the obligation. | |
Foreign Currencies Translations | Foreign Currencies Translations The consolidated financial statements are presented in US Dollars, which is the Group’s functional and presentation currency. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. All differences are taken to the consolidated statement of comprehensive income (within profit and loss). Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. | Foreign Currencies Translations The financial statements are presented in US Dollars, which is the Group’s functional and presentation currency. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. All differences are taken to the consolidated statement of comprehensive income (within profit and loss). Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. | Foreign Currencies Translations The financial statements are presented in US Dollars, which is the Group’s functional and presentation currency. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year - end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. | Foreign Currencies Translations Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year - end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. | |
Asset Retirement Obligation | Asset retirement obligation As part of the land lease agreement between Fujairah Municipality and the Group, the Group has a legal obligation to remove the plant at the end of its lease term. The Group initially records a provision for asset retirement obligations at the best estimate of the present value of the expenditure required to settle the obligation at the time a legal (or constructive) obligation is incurred, if the liability can be reliably estimated. When the provision is initially recorded, the carrying amount of the related asset is increased by the amount of the liability. Provisions are adjusted at each balance sheet date to reflect the current best estimate. The unwinding of the discount is recognised as finance cost. The Group’s operating assets generally consist of storage tanks and related facilities. | Asset retirement obligation As part of the land lease agreement between Fujairah Municipality and the Group, the Group has a legal obligation to remove the plant at the end of its lease term. The Group initially records a provision for asset retirement obligations at the best estimate of the present value of the expenditure required to settle the obligation at the time a legal (or constructive) obligation is incurred, if the liability can be reliably estimated. When the provision is initially recorded, the carrying amount of the related asset is increased by the amount of the liability. Provisions are adjusted at each balance sheet date to reflect the current best estimate. The unwinding of the discount is recognised as finance cost. The Group’s operating assets generally consist of storage tanks and related facilities. | Asset Retirement Obligation As part of the land lease agreement between Fujairah Municipality and the Group, the Group has a legal obligation to remove the plant at the end of its lease term. The Group initially records a provision for asset retirement obligations at the best estimate of the present value of the expenditure required to settle the obligation at the time a legal (or constructive) obligation is incurred, if the liability can be reliably estimated. When the provision is initially recorded, the carrying amount of the related asset is increased by the amount of the liability. Provisions are adjusted at each balance sheet date to reflect the current best estimate. The unwinding of the discount is recognized as finance cost. The Group’s operating assets generally consist of storage tanks and related facilities. These assets can be used for an extended period of time as long as they are properly maintained and/or upgraded. It is the Group’s current intent to maintain its assets and continue making improvements to those assets based on technological advances. There is no data or information that can be derived from past practice, industry practice or the Group’s intentions that could be used to make a reliable estimate of the decommissioning cost. Accordingly, the Group has not recorded a liability or corresponding asset as the amounts of such potential future costs are not reliably determinable. | ||
Financial Risk Management | Financial Risk Management The Company is exposed to financial risks of markets mainly related to currency risk, interest rate risks, other price risks, credit risks and liquidity risk. The Company’s policies and procedures keeps the Management updated on these risks and it takes appropriate measures to control or minimise its adverse effects if any on the financial position and performance of the Company. | ||||
Market Risks | Market Risks Market risks is the risk that is associated with the changes in market prices and market rates, such as interest rates, equity prices and currency rates will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risks exposures within acceptable parameters, while optimising the returns on the risks. | ||||
Currency Risk | Currency Risk The Company’s substantial assets and liabilities are denominated in Arab Emirates Dirhams or in United States Dollars to which the Arab Emirate Dirham is fixed, hence there is no material exchange rate risks. At the balance sheet date, since there was no material exposure to currencies other than United States Dollars and Gulf Corporation Council currencies, net profits for the year is not materially sensitive to currency risks. | ||||
Interest Rate Risk | Interest Rate Risk The Company has interest rate risk as at the year end under review. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s balances with banks and interest bearing loans and borrowings at variable rates. | ||||
Credit Risk | Credit Risk Credit risk is the risk of financial loss to the Company if the customer or counterparty to the financial instrument fails to meet its contractual obligations. Credit risk is mainly attributable to trade accounts and other receivables and cash at bank. The exposure to credit risk on trade and other receivables and amounts due from related parties is monitored on an ongoing basis by the Management and these are considered as recoverable by the Management. The Company’s bank account are placed with regulated financial institutions. Advances and other receivable are settled in the ordinary course of business. | ||||
Liquidity Risk | Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. Liquidity risk relates to amounts due to related parties and long-term payables. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities and obligations as and when they fall due without having to face any losses which may adversely effect the Company’s financial position and reputation. | ||||
Capital Management | Capital Management The primary objective of the Company is to maintain adequate capital to support its business and to maximise Owners’ value. The Company manages its capital structure and make adjustments to it, in light of changes in economic conditions. To maintain or to adjust structure, the Company may adjust the dividend payment to Owners or issue new shares. |
Legal Status, Owners Management
Legal Status, Owners Management and Business Activity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Legal Status, Management and Business Activity [Abstract] | |
Schedule of owners of the company | Name of Owner Number of Shares % of Shares Value in USD HH Sheikh Mohammed Khalifa Zayed Al Nahyan 1,000,000 20 % 272,257 M/s. AL Brooge Capital Providing for Oil and Gas LLC 1,000,000 20 % 272,257 M/s. Emirates Investment LLC FZC 3,000,000 60 % 816,771 5,000,000 100 % 1,361,285 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | ||||
Schedule of depreciation is charged to write off the cost of assets | Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset – Land 60 years | Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset - Land 60 years | Buildings Installations Other Equipments Tanks Capital Work in Progress Right of use assets Total Cost: As at January 01, 2019 28,037,886 65,868,246 213,843 76,100,795 8,344,847 27,540,969 206,106,586 Additions during the year Nil 9,883 4,984 Nil 71,603,465 Nil 71,618,332 As at December 31, 2019 28,037,886 65,878,129 218,827 76,100,795 79,948,312 27,540,969 277,724,918 Accumulated Depreciation: As at January 01, 2019 1,250,566 3,148,665 36,436 1,746,725 Nil 2,295,080 8,477,472 Charge for the year 1,121,515 2,829,671 43,237 1,565,419 Nil 459,016 6,018,858 As at December 31, 2019 2,372,081 5,978,336 79,673 3,312,144 Nil 2,754,096 14,496,330 Net Carrying Value: As at December 31, 2019 25,665,805 59,899,793 139,154 72,788,651 79,948,312 24,786,873 263,228,588 As at December 31, 2018 26,787,320 62,719,581 177,407 74,354,070 8,344,847 25,245,889 197,629,114 | Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset - Land 60 years |
Schedule of depreciation is charged to write off the cost of assets using the straight line method | Office Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset - Land 60 years |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue [Abstract] | ||||||
Schedule of storage rental income miscellaneous income | (Figures in USD) 2022 2021 Storage rental income 77,577,633 37,467,396 Miscellaneous income (Note 6.1) 2,039,396 1,681,878 Ancillary services 1,923,747 2,612,341 81,540,776 41,761,615 | Storage rental income (Note 24) 5,694,418 62,995 Miscellaneous income (Note 8.1) 423,094 Nil Ancillary services 269,836 26,598 6,387,348 89,593 | ||||
Schedule of revenue | Storage rental income 27,405,640 16,413,047 Miscellaneous income (Note 5.1) 473,092 1,282,098 Ancillary services 520,640 5,424,589 28,399,372 23,119,734 | Storage rental income (Note 32) 37,467,396 23,754,376 Miscellaneous income (Note 6.1) 1,681,878 1,558,887 Ancillary services 2,612,341 1,877,913 41,761,615 27,191,176 | Storage rental income (Note 34) 23,754,376 13,397,209 Miscellaneous income (Note 6.1) 1,558,887 1,294,829 Ancillary services 1,877,913 1,193,181 27,191,176 15,885,219 | Storage rental income (Note 33) 13,397,209 5,694,418 Miscellaneous income (Note 6.1) 1,294,829 423,094 Ancillary services 1,193,181 269,836 15,885,219 6,387,348 |
Direct Costs (Tables)
Direct Costs (Tables) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Direct Costs [Abstract] | |||||
Schedule of direct costs | Depreciation on property, plant and equipment (Note 15) 12,615,658 6,806,198 Employees’ costs 4,232,980 3,891,969 Reimbursable port charges (Note 6.1) 2,039,396 1,681,878 Spare parts and consumables used 1,460,979 938,386 Insurance charges 955,977 782,357 Maintenance charges 2,741,780 332,658 Others 644,672 550,576 24,691,442 14,984,022 | Depreciation on property, plant and equipment (Note 15) 6,806,198 5,800,007 Employees’ costs 3,891,969 3,482,431 Reimbursable port charges (Note 6.1) 1,681,878 1,558,887 Spare parts and consumables used 938,386 657,917 Insurance charges 782,357 397,976 Others 883,234 811,168 14,984,022 12,708,386 | Depreciation on property, plant and equipment (Note 16) 5,800,007 5,785,745 Employees’ costs 3,482,431 3,074,727 Reimbursable port charges (Note 6.1) 1,558,887 1,294,829 Spare parts and consumables used 657,917 788,792 Insurance charges 397,976 323,702 Others 811,168 229,444 12,708,386 11,497,239 | Depreciation on property, plant and equipment (Note 16) 5,785,745 5,763,150 Employees’ costs 3,074,727 2,808,702 Port expense (Note 6.1) 1,294,829 423,094 Spare parts and consumables used 788,792 592,471 Insurance charges 323,702 377,053 Others 229,444 135,764 11,497,239 10,100,234 | Depreciation on property, plant and equipment (Note 17) 5,763,150 692,775 Operations staff salary 2,808,702 1,518,794 Port expenses (Note 8.1) 423,094 Nil Spare parts and consumables (Note 15) 592,471 50,891 Insurance charges 377,053 31,304 Maintenance charges 95,357 Nil Operations pickup charges 10,352 Nil Repairs & maintenance consumables 5,049 Nil License fees 7,907 Nil Power and electricity 1,247 Nil Other expenses 15,852 2,045 10,100,234 2,295,809 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Other Operating Income Expense Text Block Abstract | |||||
Schedule of other income | Rent- waiver (Note 22) Nil 6,126,800 Miscellaneous 180,345 110,820 180,345 6,237,620 | Rent- waiver (Note 22) 6,126,800 Nil Write back of accrued interest not settled Nil 754,929 Miscellaneous 110,820 73,403 6,237,620 828,332 | Written back of accrued interest 754,929 Nil Miscellaneous 73,403 4,188 828,332 4,188 | Miscellaneous income 4,188 8,554 4,188 8,554 | Miscellaneous income 8,554 Nil 8,554 Nil |
General and Administration Ex_2
General and Administration Expenses (Tables) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
General And Administrative Expense [Abstract] | |||||
schedule of general and administration expenses | (Figures in USD) 2022 2021 Employees’ cost 3,292,361 2,486,933 Legal and professional 7,383,335 2,877,264 Sales and marketing 3,026,399 60,389 Insurance 949,784 937,329 Rent 166,894 112,306 Office expenses 409,544 393,187 Board fees and expenses 356,493 518,278 Travelling expenses 67,464 15,035 Repairs and maintenance 545 22,149 15,652,819 7,422,870 | Employees’ cost 2,486,933 2,014,858 Legal and professional 2,877,264 2,594,801 Insurance 937,329 639,345 Board fees and expenses 518,278 354,169 Office expenses 393,187 270,259 Repairs and maintenance 22,149 247,302 Sales and marketing 60,389 211,383 Rent 112,306 177,850 Travelling expenses 15,035 154,336 7,422,870 6,664,303 | Employees’ cost 2,014,858 1,473,335 Legal and professional 2,594,801 549,702 Insurance 639,345 Nil Board fees and expenses 354,169 Nil Office expenses 270,259 248,752 Repairs and maintenance 247,302 74,542 Sales and marketing 211,383 70,877 Rent 177,850 10,346 Travelling expenses 154,336 42,871 6,664,303 2,470,425 | Employees’ cost 1,473,335 1,210,102 Legal and professional 549,702 177,298 Office expenses 248,752 106,943 Repairs and maintenance 74,542 75,985 Sales and marketing 70,877 114,682 Travelling expenses 42,871 5,667 Rent 10,346 22,325 Other expense Nil 111,378 2,470,425 1,824,380 | Employees’ cost 1,210,102 287,481 Legal and professional 177,298 131,313 Sales and marketing 114,682 37,223 Office expenses 106,943 22,015 Repairs and maintenance 75,985 Nil Rent 22,325 43,380 Other expenses 111,378 36,310 Travelling expenses 5,667 16,544 1,824,380 574,266 |
Finance Costs (Tables)
Finance Costs (Tables) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finance Cost [Abstract] | |||||
Schedule of finance costs | Interest expense on borrowings 22,177,769 4,966,876 Interest on lease liability 3,043,214 1,685,010 Asset retirement obligation - accretion expenses 65,859 28,252 Bank charges 119,347 89,587 Exchange loss 11,800 40,993 25,417,989 6,810,718 | Interest expense on borrowings 4,966,876 5,467,250 Interest on lease liability 1,685,010 2,041,006 Early settlement charges Nil 706,643 Asset retirement obligation - accretion expenses 28,252 79,555 Bank charges 89,587 11,696 Exchange loss 40,993 29,119 6,810,718 8,335,269 | Interest expense on borrowings 5,467,250 4,002,772 Interest on lease liability 2,041,006 1,412,796 Early settlement charges 706,643 Nil Asset retirement obligation - accretion expenses 79,555 Nil Bank charges 11,696 314,967 Exchange loss 29,119 51,895 8,335,269 5,782,430 | Interest expense on term loans 4,002,772 5,559,195 Interest on lease liability 1,412,796 1,387,612 Bank charges 314,967 5,116 Exchange loss 51,895 Nil 5,782,430 6,951,923 | Interest expense 5,559,195 647,969 Interest on lease liability 1,387,612 318,957 Bank charges 5,116 Nil 6,951,923 966,926 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Cash And Cash Equivalents Text Block Abstract | ||||||
Schedule of cash and cash equivalents | Cash in hand 12,141 3,195 Balances in current accounts 12,325,931 15,877,796 12,338,072 15,880,991 The above consist of the following: Non-current Restricted bank balance 8,500,000 8,500,000 8,500,000 8,500,000 Current Cash and Cash Equivalents 1,015,899 1,452,316 Restricted bank balance 2,822,173 5,928,675 3,838,072 7,380,991 | Cash in hand 18,839 3,195 Balances in current accounts 16,741,142 15,877,796 16,759,981 15,880,991 The above consist of the following: Non-current Restricted bank balance 8,500,000 8,500,000 8,500,000 8,500,000 Current Cash and Cash Equivalents 940,925 940,925 Restricted bank balance 7,319,056 5,928,675 8,259,981 7,380,991 | Cash in hand 3,195 5,026 Balances in current accounts 15,877,796 47,884,909 15,880,991 47,889,935 The above consist of the following: Non-current Restricted bank balance 8,500,000 8,500,000 8,500,000 8,500,000 Current Cash and Cash Equivalents 1,452,316 20,989,970 Restricted bank balance 5,928,675 18,399,965 7,380,991 39,389,935 | Cash in hand 5,026 1,960 Balances in current accounts 47,884,909 19,828,811 47,889,935 19,830,771 The above consist of the following: Non-current. 8,500,000 Nil Restricted bank balance 8,500,000 Nil Current Cash and Cash Equivalents 20,989,970 19,830,771 Restricted bank balance 18,399,965 Nil 39,389,935 19,830,771 | Cash in hand 1,960 5,013 Balances in current accounts 19,828,811 32,338 19,830,771 37,351 | Cash in hand 5,013 2,273 Balance in local currency account 32,338 Nil 37,351 2,273 |
Trade Accounts Receivables (Tab
Trade Accounts Receivables (Tables) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Trade Accounts Receivables [Abstract] | |||||
Schedule of trade accounts receivables | Trade accounts receivable 8,667,673 3,771,492 8,667,673 3,771,492 | Trade accounts receivables 5,275,047 3,771,492 5,275,047 3,771,492 | Accounts receivables 3,771,492 Nil 3,771,492 Nil | Accounts receivables Nil 163,567 Nil 163,567 | Accounts receivables 163,567 Nil 163,567 Nil |
Schedule of other receivable and prepayments | Neither past-due nor impaired (0-150 days) 627,710 2,935,830 Past-due: - 151 –365 days* 4,647,337 835,662 Total 5,275,047 3,771,492 *Trade receivables past due as of the year end | ||||
Schedule of analysis of trade receivables | Neither past-due nor impaired (0-150 days) 2,935,830 Nil Past-due: - 151 - 365 days 835,662 Nil - Over 365 days Nil Nil Total 3,771,492 Nil |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventories [Abstract] | ||||||
Schedule of inventories | Spare parts and consumables 277,366 250,360 277,366 250,360 | (Figures in USD) 2022 2021 Spare parts and consumables 315,576 250,360 315,576 250,360 | Spare parts and consumables 250,360 321,789 250,360 321,789 | Spare parts and consumables 321,789 179,644 321,789 179,644 | Spare parts and consumables 179,644 147,090 179,644 147,090 | Spare parts and consumables 147,090 176,651 147,090 176,651 |
Other Receivables and Prepaym_2
Other Receivables and Prepayments (Tables) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Receivables and Prepayments [Abstract] | ||||||
Schedule of other receivables and prepayments | Prepaid expenses 1,284,586 289,463 Due from shareholder Nil 504,214 Due from related parties (Note 21) 92,553 86,142 Staff advances 152,389 152,389 Deposits 342,921 99,660 Other receivable 3,720 Nil 1,876,169 1,131,868 | Due from shareholder 34,136 504,214 Due from related parties 110,502 86,142 Prepaid expenses 223,490 289,463 Staff advances 30,216 152,389 Deposits 320,475 99,660 Other receivables 5,274 Nil 724,093 1,131,868 | Due from shareholder 504,214 Nil Due from related parties 86,142 81,013 Prepaid expenses 289,463 247,741 Staff advances 152,389 6,288 VAT receivable Nil 37,290 Deposits 99,660 21,537 1,131,868 393,869 | Prepaid expenses 247,741 57,543 Due from related parties (Note 27) 81,013 57,550 VAT receivable 37,290 573,923 Deposits 21,537 15,526 Staff advances 6,288 Nil Advance paid to suppliers and contractors Nil 136,129 393,869 840,671 | VAT receivable 573,923 221,448 Prepaid expenses 57,543 Nil Due from related parties 57,550 Nil Deposits 15,526 10,352 Advance paid to suppliers and contractors 136,129 13,028 840,671 244,828 | VAT receivable 221,448 Nil Deposits 10,352 448,952 Advance paid to suppliers and contractors 13,028 133,633 244,828 582,585 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Buildings Installations Other Equipment Tanks Capital Right - of Total Cost: As at January 01, 2018 (Re-stated) 28,037,886 65,860,351 79,645 76,100,795 294,403 27,540,969 197,914,049 Additions during the year Nil 7,895 134,198 Nil 8,050,444 Nil 8,192,537 As at December 31, 2018 28,037,886 65,868,246 213,843 76,100,795 8,344,847 27,540,969 206,106,586 Accumulated Depreciation: As at January 01, 2018 (Re-stated) 129,051 325,525 3,232 181,306 Nil 1,836,064 2,475,178 Charge for the year 1,121,515 2,823,140 33,204 1,565,419 Nil 459,016 6,002,294 As at December 31, 2018 1,250,566 3,148,665 36,436 1,746,725 Nil 2,295,080 8,477,472 Net Carrying Amount: As at December 31, 2018 26,787,320 62,719,581 177,407 74,354,070 8,344,847 25,245,889 197,629,114 As at December 31, 2017 (Restated) 27,908,835 65,534,826 76,413 75,919,489 294,403 25,704,905 195,438,871 |
Schedule of statement of comprehensive income | 2018 2017 Direct costs (Note 9) 5,763,150 692,775 CWIP 239,144 405,647 6,002,294 1,098,422 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Financial Instruments [Abstract] | |||||
Schedule of financial instruments | Call option 7,364,829 5,422,917 7,364,829 5,422,917 | Call option 9,306,741 5,422,917 9,306,741 5,422,917 | Call option 5,422,917 Nil 5,422,917 Nil | ||
Schedule of interest rate derivatives | Interest rate swaps Nil 1,518,249 Nil 1,518,249 | Interest rate swaps 1,518,249 1,190,073 1,518,249 1,190,073 | |||
Schedule of derivative financial instruments | Notional Fair value Fair value Amount asset liability 31 December 2020 Designated at FVTPL Interest rate swaps Nil Nil Nil 31 December 2019 Designated at FVTPL Interest rate swaps 79,253,015 Nil 1,518,249 | Notional Fair value Fair value December 31, 2019 Designated at FVTPL 79,253,015 Nil 1,518,249 December 31, 2018 Designated at FVTPL 83,855,305 Nil 1,190,073 |
Advances to Contractor (Tables)
Advances to Contractor (Tables) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Advances to Contractor [Abstract] | |||||
Schedule of advances to contractor | Advances to contractor 15,571,215 3,499,988 15,571,215 3,499,988 | Advances to contractor 15,223,215 3,499,988 15,223,215 3,499,988 | Advances to contractor 3,499,988 16,458,252 3,499,988 16,458,252 | Advances to contractor 16,458,252 21,664,764 16,458,252 21,664,764 | Advances to contractor 21,664,764 Nil 21,664,764 Nil |
Trade and Accounts Payable (Tab
Trade and Accounts Payable (Tables) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Trade and Accounts Payable [Abstract] | ||||||
Schedule of trade and accounts payable | Trade accounts payable 17,627,226 9,113,183 Accrued interest on borrowings 3,965,660 4,101,250 Advances from customer 4,876,252 2,417,956 Accrued expenses 9,054,622 394,611 Due to a related party (Note 21) 2,041,927 2,041,927 VAT payable 20,766 20,566 Payables to third parties 65,865 N 37,652,318 18,189,493 | (Figures in USD) 2022 2021 Trade accounts payable 9,853,157 9,113,183 Accrued interest on borrowings 3,815,551 4,101,250 Advances from customer 6,222,055 2,417,956 Accrued expenses 3,076,957 394,611 Due to a related party Nil 2,041,927 VAT payable 497,083 120,566 23,464,803 18,189,493 | Trade accounts payable 9,113,183 5,216,243 Accrued interest on borrowings 4,101,250 4,250,000 Advances from customer 2,417,956 1,340,252 Due to a related party 2,041,927 2,041,927 Accrued expenses 394,611 467,840 VAT payable 120,566 Nil Capital accruals Nil 4,450,313 18,189,493 17,766,575 | Trade accounts payable 5,216,243 25,989,965 Capital accruals 4,450,313 31,466,080 Accrued interest on term loans 4,250,000 3,295,382 Due to a related party (Note 27) 2,041,927 Nil Advances from customer 1,340,252 Nil Accrued expenses 467,840 360,180 Payables to third parties Nil 22,360 17,766,575 61,133,967 | Trade accounts payable 25,989,965 1,566,717 Capital accruals 31,466,080 5,978,220 Accrued interest on term loans 3,295,382 910,691 Accrued expenses 360,180 546,333 Payables to third parties 22,360 Nil 61,133,967 9,001,961 | Trade accounts payable 1,566,717 1,750,774 Capital accruals 5,978,220 Nil Accrued expenses 546,333 43,227 Accrued interest on term loans 910,691 2,620,150 Advance from customers Nil 166,022 9,001,961 4,580,173 |
Other Payable (Tables)
Other Payable (Tables) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Payable [Abstract] | |||||
Schedule of other payable | M/s Brooge International Advisory LLC 74,253,965 74,253,965 74,253,965 74,253,965 | M/s Brooge International Advisory LLC 74,253,965 74,253,965 74,253,965 74,253,965 | M/s Brooge International Advisory LLC (Note 32) 74,253,965 73,453,606 74,253,965 73,453,606 | M/s Brooge International Advisory LLC 73,453,606 57,794,495 73,453,606 57,794,495 | M/s Brooge International Advisory LLC 57,794,495 27,854,947 57,794,495 27,854,947 |
Derivative Warrant Liability (T
Derivative Warrant Liability (Tables) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Warrant Liability [Abstract] | |||||
Schedule of derivative warrant liability | Issuance of 21,228,900 warrants in connection with merger 11,675,815 13,161,838 Fair value remeasurement of derivative warrant liability (4,458,069 ) (1,486,023 ) 7,217,746 11,675,815 | (Figures in USD) 2022 2021 Issuance of 21,228,900 warrants in connection with merger 11,675,815 13,161,838 Fair value remeasurement of derivative warrant liability (7,430,035 ) (1,486,023 ) 4,245,780 11,675,815 | Issuance of 21,228,900 warrants in connection with merger 13,161,838 15,709,460 Fair value remeasurement of derivative warrant liability (1,486,023 ) (2,547,622 ) 11,675,815 13,161,838 | Issuance of 21,228,900 warrants in connection with merger (Note 31) 15,709,460 16,983,200 Fair value remeasurement of derivative warrant liability (2,547,622 ) (1,273,740 ) 13,161,838 15,709,460 | Issuance of 21,229,000 warrants in connection with merger (Note 30) 16,983,200 Nil Fair value remeasurement of derivative warrant liability (1,273,740 ) Nil 15,709,460 Nil |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Borrowings [Abstract] | ||||||
Schedule of borrowings | Term loan 2,376,804 Nil Bonds 176,925,643 182,781,617 179,302,447 182,781,617 | (Figures in USD) 2022 2021 Term loan 2,178,737 Nil Bonds 171,343,445 182,781,617 173,522,182 182,781,617 | Bonds 182,781,617 187,014,715 182,781,617 187,014,715 | Bonds 187,014,715 Nil Secured term loans Nil 86,435,137 Promissory notes Nil 2,265,000 187,014,715 88,700,137 | (Figures in USD) 2019 2018 Secured term loans 86,435,137 94,792,088 Promissory notes 2,265,000 Nil Bank overdraft Nil 3,745,048 88,700,137 98,537,136 | Bank overdraft 3,745,048 164,175 Secured term loans 94,792,088 94,163,751 98,537,136 94,327,926 |
Schedule of current and non- current break up | The current and non- current break up as below: Non- Current Maturity Term loan 2028 1,980,670 Nil 1,980,670 Nil Current Term loan 396,134 Nil Bonds On demand 176,925,643 182,781,617 177,321,777 182,781,617 | Non- Current Maturity Term loan 2028 1,782,603 Nil 1,782,603 Nil Current Term loan 396,134 Nil Bonds On demand 171,343,445 182,781,617 171,739,579 182,781,617 | Non- Current Maturity Bonds 2025 Nil 180,014,715 Nil 180,014,715 Current Bonds On demand 182,781,617 7,000,000 182,781,617 7,000,000 | Non- Current Maturity Bonds 180,014,715 Nil Term loan 1 Nil 68,271,743 Term loan 2 Nil 5,889,207 180,014,715 74,160,950 Current Bonds 7,000,000 Nil Term loan 1 Nil 10,135,939 Term loan 2 Nil 2,138,248 Term loan 3 Nil Nil Promissory notes Nil 2,265,000 7,000,000 14,539,187 | Maturity Non- Current Term loan 1 2030 68,271,743 Nil Term loan 2 2023 5,889,207 Nil 74,160,950 Nil Maturity Current Term loan 1 2020 10,135,939 82,245,595 Term loan 2 2020 2,138,248 10,165,703 Term loan 3 2020 Nil 2,380,790 Promissory notes 2,265,000 Nil 14,539,187 94,792,088 | |
Schedule of bonds | Coupon Effective interest 2022 2021 Bonds rate % rate % Maturity date USD USD USD 200,000,000 bond net of transaction costs 8.50 % 10.57 % Refer note below 176,925,643 182,781,617 | Bonds Coupon Effective Maturity date 2022 2021 USD 200,000,000 bond net of transaction costs 8.50 % 10.57 % Refer note below 171,343,445 182,781,617 | Coupon Effective 2021 2020 Bonds rate % interest Maturity date USD USD USD 200,000,000 bond net of transaction costs 8.50 % 10.57 % Refer note below 182,781,617 187,014,715 | Coupon Effective interest 2020 2019 Bonds rate % rate % Maturity date USD USD USD 200,000,000 bond net of transaction costs 8.50 % 10.57 % September 187,014,715 Nil |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lease Liabilities [Abstract] | ||||||
Schedule of lease liabilities | Balance at the beginning of the period / year 89,781,180 87,511,733 Rent waiver Nil (6,126,800 ) Interest charged during the period / year 5,199,006 11,774,031 Repayment during the period / year (3,056,444 ) (3,377,784 ) Balance at the end of the period / year 91,923,742 89,781,180 1) The analysis of lease liability is as follows: Current 9,872,066 8,976,452 Non-Current 82,051,676 80,804,728 | (Figures in USD) 2022 2021 Balance at the beginning of the year 89,781,180 87,511,733 Rent waiver Nil (6,126,800 ) Interest charged during the year 10,398,008 11,774,031 Repayment during the year (9,305,777 ) (3,377,784 ) Balance at the end of the year 90,873,411 89,781,180 1) The analysis of lease liability is as follows Current 6,316,342 8,976,452 Non-Current 84,557,069 80,804,728 | Balance at the beginning of the year 87,511,733 30,779,138 Additions during the year Nil 55,565,863 Rent waiver (6,126,800 ) Nil Interest charged during the year 11,774,031 3,525,982 Repayment during the year (3,377,784 ) (2,359,250 ) Balance at the end of the year 89,781,180 87,511,733 1) The analysis of lease liability is as follows: Current 8,976,452 2,591,557 Non-Current 80,804,728 84,920,176 | Balance at the beginning of the year 30,779,138 30,221,426 Additions during the year 55,565,863 Nil Interest charged during the year 3,525,982 2,871,035 Lease rentals during the year (2,359,250 ) (2,313,323 ) Balance at the end of the year 87,511,733 30,779,138 Current 2,591,557 2,154,878 Non-Current 84,920,176 28,624,260 | Balance at the beginning of the year 30,221,426 29,670,676 Interest charged during the year 2,871,035 2,818,714 Repayment during the year (2,313,323 ) (2,267,964 ) Balance at the end of the year 30,779,138 30,221,426 1) The analysis of lease liability is as follows: Current 2,154,878 2,112,624 Non-Current 28,624,260 28,108,802 | Balance at the beginning of the year 29,670,676 29,127,095 Interest charge 2,818,714 2,767,074 Repayment during the year (2,267,964 ) (2,223,494 ) Balance at the end of the year 30,221,426 29,670,676 a) The analysis of lease liability is as follows: Current 2,112,624 2,071,200 Non-Current 28,108,802 27,599,476 |
Schedule of reduction lease liability | Lease payments Present value of minimum 2022 2021 2022 2021 Not later than one year 4,439,169 8,704,253 2,714,066 5,978,847 Later than one year and 18,662,445 36,593,030 8,582,236 18,899,037 not later than five years Later than five years 466,294,070 849,825,794 80,627,440 64,903,296 489,395,684 895,123,077 91,923,742 89,781,180 Finance costs (397,471,942 ) (805,341,897 ) Nil Nil Present value of minimum lease payments 91,923,742 89,781,180 91,923,742 89,781,180 | Lease payments Present value of minimum 2022 2021 2022 2021 Not later than one year 8,878,338 8,704,253 5,428,131 5,978,847 Later than one year and not later than five years 37,324,891 36,593,030 17,164,474 18,899,037 Later than five years 839,614,067 849,825,794 68,280,806 64,903,296 885,817,296 895,123,077 90,873,411 89,781,180 Finance costs (794,943,885 ) (805,341,897 ) Nil Nil Present value of minimum lease payments 90,873,411 89,781,180 90,873,411 89,781,180 | Lease payments Present value of minimum 2021 2020 2021 2020 Not later than one year 8,704,253 8,533,582 5,978,847 6,586,405 Later than one year and not later than five years 36,593,030 35,875,519 18,899,037 20,812,094 Later than five years 849,825,794 858,043,766 64,903,296 60,113,234 895,123,077 902,452,867 89,781,180 87,511,733 Finance costs (805,341,897 ) (814,941,134 ) Nil Nil Present value of minimum lease payments 89,781,180 87,511,733 89,781,180 87,511,733 | Lease payments Present value of minimum lease payments 2020 2019 2020 2019 Not later than one year 8,533,582 2,359,590 6,586,405 2,154,878 Later than one year and not later than five years 35,875,519 9,919,810 20,812,094 7,241,240 Later than five years 858,043,766 213,469,800 60,113,234 21,383,020 902,452,867 225,749,200 87,511,733 30,779,138 Finance costs (814,941,134 ) (194,970,062 ) Nil Nil Present value of minimum lease payments 87,511,733 30,779,138 87,511,733 30,779,138 | lease payments Present value of minimum 2019 2018 2019 2018 Not later than one year 2,359,590 2,313,324 2,154,878 2,112,624 Later than one year and not later than five years 9,919,810 9,725,304 7,241,240 7,099,256 Later than five years 213,469,800 216,023,896 21,383,020 21,009,546 225,749,200 228,062,524 30,779,138 30,221,426 Finance costs (194,970,062 ) (197,841,098 ) Nil Nil Present value of minimum lease payments 30,779,138 30,221,426 30,779,138 30,221,426 | Minimum lease payments Present value of Minimum lease payments 2018 2017 2018 2017 Not later than one year 2,313,323 2,267,964 2,112,624 2,071,200 Later than one year and not later than five years 9,725,304 9,534,612 7,099,255 6,960,054 Later than five years 216,023,896 218,527,911 21,009,546 20,639,421 228,062,523 230,330,487 30,221,425 29,670,675 Finance costs (197,841,098 ) (200,659,812 ) - - Present value of minimum lease payments 30,221,425 29,670,675 30,221,425 29,670,675 |
Employees' End of Service Ben_2
Employees' End of Service Benefits (Tables) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employees' End of Service Benefits [Abstract] | ||||||
Schedule of employees’ end of service benefits | Balance at the beginning of the period / year 60,624 40,514 Provision for the period / year 147,928 31,551 Paid during the period / year (39,749 ) (11,441 ) Balance at the end of the period / year 168,803 60,624 | (Figures in USD) 2022 2021 Balance at the beginning of the year 60,624 40,514 Provision for the year 256,890 31,551 Paid during the year (183,314 ) (11,441 ) Balance at the end of the year 134,200 60,624 | Balance at the beginning of the year 40,514 13,941 Provision for the year 31,551 29,047 Paid during the year (11,441 ) (2,474 ) Balance at the end of the year 60,624 40,514 | Balance at the beginning of the year 13,941 6,267 Provision for the year 29,047 9,488 Paid during the year (2,474 ) (1,814 ) Balance at the end of the year 40,514 13,941 | Balance at the beginning of the year 6,267 651 Provision for the year 9,488 5,748 Paid during the year (1,814 ) (132 ) Balance at the end of the year 13,941 6,267 | (Figures in USD) 2018 2017 Balance at the beginning of the year 651 286 Provision for the year 5,748 365 Paid during the year (132 ) Nil Balance at the end of the year 6,267 651 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation [Abstract] [Standard Label] | ||||
Schedule of asset retirement obligation | Asset retirement obligation 2,023,329 1,990,399 2,023,329 1,990,399 | Asset retirement obligation 2,056,259 1,990,399 2,056,259 1,990,399 | Asset retirement obligation 1,990,399 873,334 1,990,399 873,334 | Asset retirement obligation 873,334 Nil 873,334 Nil |
Share Capital & Share Premium (
Share Capital & Share Premium (Tables) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Capital Share Premium [Abstract] | ||||||
Schedule of share capital share premium | Authorized No. of Shares USD Ordinary shares 450,000,000 450,000,000 Share Capital As at 31 December 2021 88,035,353 8,804 As at 30 June 2022 88,035,353 8,804 | Authorized No. of Shares USD Ordinary shares 450,000,000 450,000,000 Share Capital No. of Shares USD As at 31 December 2021 88,035,353 8,804 As at 31 December 2022 88,035,353 8,804 | No. of USD Ordinary shares 450,000,000 450,000,000 Share Capital As at January 01, 2020 88,035,253 8,804 Conversion of 100 warrants into ordinary shares at 1 for 1 100 0.01 As at 31 December 2020 88,035,353 8,804 As at 31 December 2021 88,035,353 8,804 | No. of Shares USD Ordinary shares 450,000,000 450,000,000 Conversion of 100 BPGIZ FZE ordinary shares at 1 for 1 million to the legal acquirer, Brooge Energy (Note 1) Cash election 80,000,000 8,000 Changes in share capital due to business combination (Note 31) (1,281,695 ) (128 ) As at December 31, 2019 9,316,948 932 88,035,253 8,804 Changes in share capital due to reverse acquisition transaction (30,000 ) (3 ) Conversion of 100 warrants into ordinary shares at 1 for 1 As at 31 December 2020 100 0.01 88,035,353 8,804 | Authorized No. of Shares USD Ordinary shares 450,000,000 450,000,000 Share Capital Conversion of 100 BPGIZ FZE ordinary shares at 1 for 1 million to the legal acquirer, Brooge Energy (Note 1) 80,000,000 8,000 Cash election (1,281,695 ) (128 ) Changes in share capital due to business combination (Note 30) 9,316,948 932 As at December 31, 2019 88,035,253 8,804 | |
Schedule of escrow period represents the period commencing | Share Premium As at January 01 101,777,058 101,777,058 As at June 30 / December 31 101,777,058 101,777,058 | (Figures in USD) 2022 2021 Share Premium As at January 01 101,777,058 101,777,058 As at December 31 101,777,058 101,777,058 | As at January 01 101,777,058 101,775,834 Conversion of 100 warrants in ordinary shares at 1 for 1 Nil 1,224 As at December 31 101,777,058 101,777,058 | 2020 2019 Share Premium (Re-stated) (Re-stated) As at January 01 101,775,834 1,353,285 Conversion of 100 warrants in ordinary shares at 1 for 1 1,224 Nil Ordinary shares issued on merger with Twelve Seas Nil 114,022,421 Cash election Nil (13,599,872 ) As at December 31 101,777,058 101,775,834 | Share Premium As at January 01 1,353,285 Nil Reverse acquisition adjustment Nil 1,353,285 Ordinary shares issued on merger with Twelve Seas 114,022,421 Nil Cash election (13,599,872 ) Nil As at December 31 101,775,834 1,353,285 | |
Schedule of share capital share | 100 ordinary shares of USD 13,612.85 each 1,361,285 1,361,285 1,361,285 1,361,285 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Related Party Text Block Abstract | ||||||
Schedule of transactions with related parties | Transactions in shareholders’ account (Repayments to) / Contributions by the shareholders (574,868 ) 255,818 (574,868 ) 255,818 | (Repayments to) / Contributions by the shareholders (626,029 ) 255,818 (626,029 ) 255,818 | Contributions by the shareholders 255,818 (233,457 ) 255,818 (233,457 ) | Transactions in shareholders’ account Contributions/ (distributions) by/to the shareholders (233,457 ) 77,090,648 Amounts paid on behalf of the Group by the shareholders* Nil 1,135,484 Amounts paid by the Group on behalf of the shareholders Nil (1,669,424 ) Distributions to shareholders Nil (53,279,016 ) (233,457 ) 23,277,692 * These include expenses paid on behalf of the Group which includes other operational expenses paid by the shareholders on behalf of the Group. | Transactions in shareholders’ account Contributions by the shareholders 77,090,648 951,539 Amounts paid on behalf of the Group by the shareholders* 1,135,484 7,850,431 Amounts paid by the Group on behalf of the shareholders (1,669,424 ) (2,296,354 ) Distributions to shareholders (53,279,016 ) (29,209,289 ) 23,277,692 (22,703,673 ) * These include expenses paid on behalf of the Group which includes other operational expenses paid by the shareholders on behalf of the Group. | 2018 2017 (Re-Stated) (Re-Stated) Contributions by the owners 951,539 3,878,302 Amounts paid on behalf of the Company by the owners* 7,850,431 9,504,034 Amounts paid by the Company on behalf of the owners (2,296,354 ) Nil Distributions to owners (29,209,289 ) Nil (22,703,673 ) 13,382,336 * These include expenses paid on behalf of the Company including lease liability payments and other operational expenses paid by the owners on behalf of the Company. |
Schedule of transactions in shareholders account | Changes in shareholders’ account is as follows: At January 01 71,017,816 70,761,998 Net contributions (distributions) during the period / year (574,868 ) 255,818 At June 30 / December 31 70,442,948 71,017,816 Expense paid on behalf of related parties 6,411 5,129 Key management remuneration 654,633 509,343 | Changes in shareholders’ account is as follows: At January 01 71,017,816 70,761,998 Net contributions (distributions) during the year (626,029 ) 255,818 At December 31 70,391,787 71,017,816 Expense (reimbursed by) / paid on behalf of related parties 24,360 509,343 Key management remuneration 1,229,114 1,242,706 | Changes in shareholders’ account is as follows: At January 01 70,761,998 70,995,455 Net contributions (distributions) during the year 255,818 (233,457 ) At December 31 71,017,816 70,761,998 Expense paid on behalf of related parties 509,343 23,463 Key management remuneration 1,676,921 1,417,266 | At January 01 70,995,455 47,717,763 Net contributions (distributions) during the year (233,457 ) 23,277,692 At December 31 70,761,998 70,995,455 Expense paid on behalf of related parties 23,463 57,550 Key management remuneration 1,417,266 1,160,293 (Figures in USD) 2020 2019 At January 01 70,995,455 47,717,763 Net contributions (distributions) during the year (233,457 ) 23,277,692 At December 31 70,761,998 70,995,455 Expense paid on behalf of related parties 23,463 57,550 Key management remuneration 1,417,266 1,160,293 | At January 01 47,717,763 70,421,436 Net contributions (distributions) during the year 23,277,692 (22,703,673 ) At December 31 70,995,455 47,717,763 | At 1 January 70,421,436 57,039,100 Net (distributions) contributions during the year (22,703,673 ) 13,382,336 47,717,763 70,421,436 |
Schedule of related party balances | Related Party Classification Shareholder Shareholder’s account (Equity) 70,442,948 71,017,816 BPGIC Holdings Due from shareholder (Note 9) Nil 504,214 HBS Investments LP Due from related parties (Note 9) 5,300 4,187 H Capital International LP Due from related parties (Note 9) 5,302 4,189 O2 Investments Limited as GP Due from related parties (Note 9) 5,775 5,191 SBD International LP Due from related parties (Note 9) 48,470 47,357 SD Holding Limited as GP Due from related parties (Note 9) 21,842 19,938 Gyan Investments Ltd Due from related parties (Note 9) 5,864 5,280 Shareholder Due to a related party (Note 13) 2,041,927 2,041,927 | Related Party Classification Shareholder Shareholder’s account (Equity) 70,391,787 71,017,816 BPGIC Holdings Due from shareholder (Note 14) 34,136 504,214 HBS Investments LP Due from related parties (Note 14) 10,381 4,187 H Capital International LP Due from related parties (Note 14) 9,983 4,189 O2 Investments Limited as GP Due from related parties (Note 14) 9,272 5,191 SBD International LP Due from related parties (Note 14) 50,014 47,357 SD Holding Limited as GP Due from related parties (Note 14) 21,842 19,938 Gyan Investments Ltd Due from related parties (Note 14) 9,010 5,280 Shareholder Due to a related party (Note 18) Nil 2,041,927 | Related Party Classification Shareholder Shareholder’s account (Equity) 71,017,816 70,761,998 BPGIC Holdings Due from shareholder (Note 14) 504,214 Nil HBS Investments LP Due from related parties (Note 14) 4,187 17,479 H Capital International LP Due from related parties (Note 14) 4,189 16,975 O2 Investments Limited as GP Due from related parties (Note 14) 5,191 9,303 SBD International LP Due from related parties (Note 14) 47,357 17,851 SD Holding Limited as GP Due from related parties (Note 14) 19,938 9,850 Gyan Investments Ltd Due from related parties (Note 14) 5,280 9,555 Shareholder Due to a related party (Note 18) 2,041,927 2,041,927 | Related Party Classification Shareholder Shareholder’s account (Equity) 70,761,998 70,995,455 HBS Investments LP Due from related parties (Note 15) 17,479 13,388 H Capital International LP Due from related parties (Note 15) 16,975 11,056 O2 Investments Limited as GP Due from related parties (Note 15) 9,303 6,181 SBD International LP Due from related parties (Note 15) 17,851 13,760 SD Holding Limited as GP Due from related parties (Note 15) 9,850 6,984 Gyan Investments Ltd Due from related parties (Note 15) 9,555 6,181 Shareholder Due to a related party (Note 18) 2,041,927 Nil | Related Party Classification Shareholder Shareholder’s account (Equity) 70,995,455 47,717,763 HBS Investments LP Due from related parties (Note 15) 13,388 Nil H Capital International LP Due from related parties (Note 15) 11,056 Nil O2 Investments Limited as GP Due from related parties (Note 15) 6,181 Nil SBD International LP Due from related parties (Note 15) 13,760 Nil SD Holding Limited as GP Due from related parties (Note 15) 6,984 Nil Gyan Investments Ltd Due from related parties (Note 15) 6,181 Nil |
Contingent Liabilities (Tables)
Contingent Liabilities (Tables) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Contingent Liabilities [Abstract] | ||||||
Schedule of contingent liabilities | Capital commitments within one year 53,500,000 22,000,000 53,500,000 22,000,000 | (Figures in USD) 2022 2021 Capital commitments within one year 53,500,000 22,000,000 53,500,000 22,000,000 | Capital commitments within one year 22,000,000 33,125,477 22,000,000 33,125,477 | Capital commitments within one year 33,125,477 79,334,742 33,125,477 79,334,742 | Capital commitments 79,334,742 160,562,646 79,334,742 160,562,646 | Capital commitments 2018 2017 Within one year 144,027,770 Nil More than 1 year and less than 5 years 16,534,876 Nil At 31 December 160,562,646 Nil |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||||
Schedule of basic and diluted EPS | (Figures in USD) June 30, December 31, Profit attributable to ordinary equity holders of the parent 3,894,041 25,690,565 Weighted average number of ordinary shares 88,035,321 88,035,321 | Profit attributable to ordinary equity holders of the parent 27,229,285 25,690,565 Weighted average number of ordinary shares 88,035,321 88,035,321 | (Figures in USD) 2021 2020 (Re-stated) Profit attributable to ordinary equity holders of the parent 25,690,565 2,518,668 Weighted average number of ordinary shares 88,035,321 88,035,321 | Profit / (Loss) attributable to ordinary equity holders of the parent 2,518,668 (104,689,000 ) Weighted average number of ordinary shares 88,035,321 80,264,186 | (Loss) / profit attributable to ordinary equity holders of the parent (104,689,000 ) (13,670,708 ) Weighted average number of ordinary shares 80,264,186 80,000,000 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value of Financial Instruments [Abstract] | ||||||
Schedule of liabilities measured at fair value | Liabilities measured at fair value: Level 1 Level 2 Level 3 Total Fair Value June 30, 2022 Derivative warrant liability 7,217,746 Nil Nil 7,217,746 Borrowings Nil 176,925,643 Nil 176,925,643 Derivative financial instruments Nil 7,364,829 Nil 7,364,829 December 31, 2021 Derivative warrant liability 11,675,815 Nil Nil 11,675,815 Borrowings Nil 182,781,617 Nil 182,781,617 Derivative financial instruments Nil 5,422,917 Nil 5,422,917 | Liabilities measured at fair value: Level 1 Level 2 Level 3 Total Fair Value December 31, 2022 Derivative warrant liability 4,245,780 Nil Nil 4,245,780 Borrowings Nil 171,343,445 Nil 171,343,445 Derivative financial instruments Nil 9,306,741 Nil 9,306,741 Liabilities measured at fair value: Level 1 Level 2 Level 3 Total Fair Value December 31, 2021 Derivative warrant liability 11,675,815 Nil Nil 11,675,815 Borrowings Nil 182,781,617 Nil 182,781,617 Derivative financial instruments Nil 5,422,917 Nil 5,422,917 | Liabilities measured at fair value: Level 1 Level 2 Level 3 Total Fair Value USD December 31, 2021 Derivative warrant liability 11,675,815 Nil Nil 11,675,815 Borrowings Nil 182,781,617 Nil 182,781,617 Derivative financial instruments Nil 5,422,917 Nil 5,422,917 Liabilities measured at fair value: Level 1 Level 2 Level 3 Total Fair Value USD December 31, 2020 Derivative warrant liability 13,161,838 Nil Nil 13,161,838 Borrowings Nil 187,014,715 Nil 187,014,715 | Liabilities measured at fair value: Level 1 Level 2 Level 3 Total Fair Value USD USD USD USD December 31, 2020 Derivative financial instruments 13,161,838 Nil Nil 13,161,838 December 31, 2019 Derivative financial instruments 15,709,460 1,518,249 Nil 17,227,709 | Liabilities measured at fair value: Level 1 Level 2 Level 3 Total Fair Value 31-Dec-19 15,709,460 1,518,249 Nil 17,227,709 31-Dec-18 Nil 1,190,073 Nil 1,190,073 | |
Schedule of derivative financial instruments | Notional Fair value Fair value Amount asset liability 31 December 2018 USD USD USD Designated at FVTPL Interest rate swaps 83,855,305 Nil 1,190,073 |
Financial Risk Management and_2
Financial Risk Management and Policies (Tables) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Risk Management and Policies [Abstract] | ||||||
Schedule of maturity profile of the group’s financial liabilities | On Demand Upto 1 Year 1 to 5 Years > 5 Years Total USD USD USD USD USD June 30, 2022 Bonds (Including accrued interest) 176,925,643 4,361,794 1,980,670 Nil 183,268,107 Lease liability Nil 9,872,066 Nil 82,051,676 91,923,742 Accounts payable, accruals and other payables (excluding accrued interest) Nil 107,940,623 Nil Nil 107,940,623 Total 176,925,643 122,174,483 1,980,670 82,051,676 383,132,472 December 31, 2021 Bonds (Including accrued interest) 182,781,617 Nil Nil Nil 182,781,617 Lease liability Nil 5,978,847 18,899,037 64,903,296 89,781,180 Accounts payable, accruals and other payables (excluding accrued interest) Nil 88,342,208 Nil Nil 88,342,208 Total 182,781,617 94,321,055 18,899,037 64,903,296 360,905,005 | On Upto 1 to 5 >5 Total USD USD USD USD USD December 31, 2022 Borrowings 171,343,445 396,134 1,782,603 Nil 173,522,182 Lease liability Nil 5,428,131 17,164,474 68,280,806 90,873,411 Accounts payable, accruals and other payables Nil 93,903,217 Nil Nil 93,903,217 Total 171,343,445 99,727,482 18,947,077 68,280,806 358,298,810 December 31, 2021 Borrowings 182,781,617 Nil Nil Nil 182,781,617 Lease liability Nil 5,978,847 18,899,037 64,903,296 89,781,180 Accounts payable, accruals and other payables Nil 88,342,208 Nil Nil 88,342,208 Total 182,781,617 94,321,055 18,899,037 64,903,296 360,905,005 | December 31, 2021 On Demand Upto 1 Year 1 to 5 Years > 5 Years Total Bonds (Including accrued interest) 182,781,617 Nil Nil Nil 182,781,617 Lease liability Nil 5,978,847 18,899,037 64,903,296 89,781,180 Accounts payable, accruals and other payables (excluding accrued interest) Nil 88,342,208 Nil Nil 86,300,281 Total 182,781,617 94,321,055 18,899,037 64,903,296 360,905,005 December 31, 2020 Term loans (Including accrued interest) Nil 11,250,000 180,014,715 Nil 191,264,715 Lease liability Nil 6,586,405 20,812,094 60,113,234 87,511,733 Accounts payable, accruals and other payables (excluding accrued interest) Nil 86,970,181 Nil Nil 86,970,181 Total Nil 86,970,181 Nil Nil 86,970,181 | On Upto 1 to 5 > 5 Demand 1 Year Years Years Total USD USD USD USD USD December 31, 2020 Bonds (Including accrued interest) Nil 11,250,000 180,014,715 Nil 191,264,715 Lease liability Nil 2,591,557 25,823,081 59,097,095 87,511,733 Derivative financial instruments Nil Nil Nil Nil Nil Accounts payable, accruals and other payables (excluding accrued interest) Nil 86,970,181 Nil Nil 86,970,181 Total Nil 100,811,738 205,837,796 59,097,095 365,746,629 December 31, 2019 Term loans (Including accrued interest) Nil 17,834,569 33,610,603 40,550,347 91,995,519 Lease liability Nil 2,359,590 9,919,810 213,469,800 225,749,200 Derivative financial instruments Nil 1,518,249 Nil Nil 1,518,249 Accounts payable, accruals and other payables (excluding accrued interest) Nil 115,633,080 Nil Nil 115,633,080 Total Nil 137,345,488 43,530,413 254,020,147 434,896,048 | On Upto 1 to 5 > 5 Demand 1 Year Years Years Total USD USD USD USD USD December 31, 2019 Term loans (Including accrued interest) Nil 17,834,569 33,610,603 40,550,347 91,995,519 Lease liability Nil 2,359,590 9,919,810 213,469,800 225,749,200 Derivative financial instruments Nil 1,518,249 Nil Nil 1,518,249 Accounts payable, accruals and other payables (excluding accrued interest) Nil 115,633,080 Nil Nil 115,633,080 Total Nil 137,345,488 43,530,413 254,020,147 434,896,048 December 31, 2018 Bank overdraft/ Term loans 3,745,048 Nil Nil Nil 3,745,048 (Including accrued interest) 95,702,779 Nil Nil Nil 95,702,779 Lease liability Nil 2,313,324 9,725,304 216,023,896 228,062,524 Derivative financial instruments Nil 1,190,073 Nil Nil 1,190,073 Accounts payable, accruals and other payables (excluding accrued interest) Nil 35,946,217 Nil Nil 35,946,217 Total 99,447,827 39,449,614 9,725,304 216,023,896 364,646,641 | |
Schedule of capital management | Borrowing 179,302,447 182,781,617 Lease liability 91,923,742 89,781,180 Less: cash and cash equivalents (1,015,899 ) (1,452,316 ) Net debt 270,210,290 271,110,481 Total capital 81,810,609 78,491,436 Capital and net debt 352,020,899 349,601,917 Gearing ratio 77 % 78 % | (Figures in USD) 2022 2021 Borrowing 173,522,182 182,781,617 Lease liability 90,873,411 89,781,180 Less: cash and cash equivalents (940,925 ) (1,452,316 ) Net debt 263,454,668 271,110,481 Total capital 105,094,692 78,491,436 Capital and net debt 368,549,360 349,601,917 Gearing ratio 71 % 71 % | Borrowing 182,781,617 187,014,715 Lease liability 89,781,180 87,511,733 Less: cash and cash equivalents (1,452,316 ) (20,989,970 ) Net debt 271,110,481 253,536,478 Total capital 78,491,436 52,545,053 Capital and net debt 349,601,917 306,081,531 Gearing ratio 78 % 83 % | Borrowings 187,014,715 88,700,137 Lease liability 87,511,733 30,779,138 Less: Cash and cash (20,989,970 ) (19,830,771 ) equivalents 253,536,478 99,648,504 Net debt 52,545,053 50,258,618 Total capital 306,081,531 149,907,122 Capital and net debt 83 % 66 % Gearing ratio | Term loans Lease liability 88,700,137 94,792,088 Less: cash and cash 30,779,138 30,221,426 equivalents (19,830,771 ) 3,707,697 Net debt 99,648,504 128,721,211 Total capital 50,258,618 31,246,573 Capital and net debt 149,907,122 159,967,784 Gearing ratio 66 % 80 % |
Comparative Figures (Tables)
Comparative Figures (Tables) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Comparative Figures [Abstract] | ||||||
Schedule of groupings of property, plant and equipment | Other Capital Work Right of use (Figures in USD) Buildings Installations Equipments Tanks in Progress Assets Total Cost: As at January 01, 2022 28,037,886 179,268,276 307,697 154,532,494 8,685,182 84,989,427 455,820,962 Additions during the period 2,775,806 Nil 776,561 Nil 4,174,276 Nil 7,726,643 As at June 30, 2022 30,813,692 179,268,276 1,084,258 154,532,494 12,859,458 84,989,427 463,547,605 Accumulated Depreciation: As at January 01, 2022 4,615,112 12,287,155 186,398 6,697,283 Nil 4,768,100 28,554,048 Charge for the period 597,768 3,752,486 90,691 1,577,334 Nil 717,644 6,735,923 As at June 30, 2022 5,212,880 16,039,641 277,089 8,274,617 Nil 5,485,744 35,289,971 Net Carrying Value: As at June 30, 2022 25,600,812 163,228,635 807,169 146,257,877 12,859,458 79,503,684 428,257,635 As at December 31, 2021 23,422,774 166,981,121 121,298 147,835,211 8,685,182 80,221,327 427,266,913 | Buildings Installations Other Equipments Tanks Capital Work in Progress Right of use Assets Total Cost: As at January 01, 2022 28,037,886 179,268,276 307,695 154,532,494 8,685,182 84,989,427 455,820,960 Additions during the year 2,775,806 99,130 915,994 Nil 8,524,553 Nil 12,315,483 As at December 31, 2022 30,813,692 179,367,406 1,223,689 154,532,494 17,209,735 84,989,427 468,136,443 Accumulated Depreciation: As at January 01, 2022 4,615,111 12,287,155 186,399 6,697,282 Nil 4,768,100 28,554,047 Charge for the year 1,214,042 7,558,769 185,055 3,148,604 Nil 1,435,287 13,541,757 As at December 31, 2022 5,829,153 19,845,924 371,454 9,845,886 Nil 6,203,387 42,095,804 Net Carrying Value: As at December 31, 2022 24,984,539 159,521,482 852,235 144,686,608 17,209,735 78,786,040 426,040,639 As at December 31, 2021 23,422,775 166,981,121 121,296 147,835,212 8,685,182 80,221,327 427,266,913 | Groupings for Property, Plant and Equipment Buildings Installations Other Equipments Tanks Capital Work in Progress Right of use Assets (Figures in USD) Cost: As at January 01, 2021 28,037,886 65,903,126 268,743 76,218,998 133,579,804 83,900,611 387,909,168 Additions during the year Nil Nil 38,952 Nil 66,784,024 1,088,816 67,911,792 Transfers during the year Nil 113,365,150 Nil 78,313,496 (191,678,646 ) Nil Nil As at December 31, 2021 28,037,886 179,268,276 307,695 154,532,494 8,685,182 84,989,427 455,820,960 Accumulated Depreciation: As at January 01, 2021 3,493,596 8,768,287 130,155 4,880,792 Nil 3,332,813 20,605,643 Charge for the year 1,121,515 3,518,868 56,244 1,816,490 Nil 1,435,287 7,948,404 As at December 31, 2021 4,615,111 12,287,155 186,399 6,697,282 Nil 4,768,100 28,554,047 Net Carrying Value: As at December 31, 2021 23,422,775 166,981,121 121,296 147,835,212 8,685,182 80,221,327 427,266,913 As at December 31, 2020 24,544,290 57,134,839 138,588 71,338,206 133,579,804 80,567,798 367,303,525 | Groupings for Property, Plant and Equipment Buildings Installations Other Equipments Tanks Capital Work in Progress Right of use (Figures in USD) Cost: As at January 01, 2020 28,037,886 65,878,129 218,827 76,100,795 79,948,312 27,540,969 277,724,918 Additions during the year Nil 24,997 49,916 118,201 53,631,492 56,359,642 110,184,248 As at December 31, 2020 28,037,886 65,903,126 268,743 76,218,996 133,579,804 83,900,611 387,909,166 Accumulated Depreciation: As at January 01, 2020 2,372,081 5,978,336 79,673 3,312,144 Nil 2,754,096 14,496,330 Charge for the year 1,121,515 2,789,951 50,482 1,568,648 Nil 578,717 6,109,313 As at December 31, 2020 3,493,596 8,768,287 130,155 4,880,792 Nil 3,332,813 20,605,643 Net Carrying Value: As at December 31, 2020 24,544,290 57,134,839 138,588 71,338,204 133,579,804 80,567,798 367,303,523 As at December 31, 2019 25,665,805 59,899,793 139,154 72,788,651 79,948,312 24,786,873 263,228,588 | ||
Schedule of statement of comprehensive income | (Figures in USD) June 30, December 31, Direct costs 6,244,880 6,806,198 CWIP 491,042 1,142,206 6,735,923 7,948,404 | 2022 2021 Direct costs (Note 7) 12,615,658 6,806,198 CWIP 926,099 1,142,207 13,541,757 7,948,405 | 2021 2020 Direct costs (Note 7) 6,806,198 5,800,007 CWIP 1,142,206 309,306 7,948,404 6,109,313 | 2020 2019 Direct costs (Note 7) 5,800,007 5,785,745 CWIP 309,306 233,113 6,109,313 6,018,858 | 2018 2019 Direct costs (Note 7) 5,763,150 5,785,745 CWIP 239,144 233,113 6,002,294 6,018,858 | |
Schedule of groupings of property, plant and equipment | Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset – Land 60 years | Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset - Land 60 years | Buildings Installations Other Equipments Tanks Capital Work in Progress Right of use assets Total Cost: As at January 01, 2019 28,037,886 65,868,246 213,843 76,100,795 8,344,847 27,540,969 206,106,586 Additions during the year Nil 9,883 4,984 Nil 71,603,465 Nil 71,618,332 As at December 31, 2019 28,037,886 65,878,129 218,827 76,100,795 79,948,312 27,540,969 277,724,918 Accumulated Depreciation: As at January 01, 2019 1,250,566 3,148,665 36,436 1,746,725 Nil 2,295,080 8,477,472 Charge for the year 1,121,515 2,829,671 43,237 1,565,419 Nil 459,016 6,018,858 As at December 31, 2019 2,372,081 5,978,336 79,673 3,312,144 Nil 2,754,096 14,496,330 Net Carrying Value: As at December 31, 2019 25,665,805 59,899,793 139,154 72,788,651 79,948,312 24,786,873 263,228,588 As at December 31, 2018 26,787,320 62,719,581 177,407 74,354,070 8,344,847 25,245,889 197,629,114 | Buildings 25 years Tanks 50 years Installations 20 - 25 years Other Equipment 5 years Right of use asset - Land 60 years | ||
Schedule of prior Year Restatement | As previously Restatement Adjustment As per the restated 31-12-19 31-12-18 31-12-19 31-12-18 31-12-19 31-12-18 Consolidated Statement of Comprehensive Income Revenue 44,085,374 35,839,268 (28,200,155 ) (29,451,920 ) 15,885,219 6,387,348 Direct costs (10,202,465 ) (9,607,360 ) (1,294,774 ) (492,874 ) (11,497,239 ) (10,100,234 ) Gross Profit / (Loss) 33,882,909 26,231,908 (29,494,929 ) (29,944,794 ) 4,387,980 (3,712,886 ) Other Income Nil Nil 4,188 8,554 4,188 8,554 General and administration expenses (2,608,984 ) (2,029,260 ) 138,559 204,880 (2,470,425 ) (1,824,380 ) Finance costs (5,730,535 ) (6,951,923 ) (51,895 ) Nil (5,782,430 ) (6,951,923 ) Profit (loss) for the year (75,284,923 ) 16,060,652 (29,404,077 ) (29,731,360 ) (104,689,000 ) (13,670,708 ) Consolidated Statement of Financial Position ASSETS Current Assets Trade receivables 1,507,660 1,877,887 (1,344,093 ) (1,877,887 ) 163,567 Nil Other receivable and prepayments 841,033 244,828 (362 ) Nil 840,671 244,828 Total Current Assets 22,359,108 2,307,156 (1,344,455 ) (1,877,887 ) 21,014,653 429,269 Total Assets 307,252,460 199,936,632 (1,344,455 ) (1,878,249 ) 305,908,005 198,058,383 LIABILITIES AND EQUITY Current Liabilities Trade and accounts payable 61,115,121 9,003,798 18,846 (1,837 ) 61,133,967 9,001,961 Other payable Nil Nil 57,794,495 27,854,947 57,794,495 27,854,947 Total current liabilities 95,036,895 110,843,631 57,813,341 27,853,110 152,850,236 138,696,741 Equity Retained Earnings / (accumulated losses) (64,066,681 ) 11,218,242 (58,454,794 ) (29,050,717 ) (122,521,475 ) (17,832,475 ) Statutory reserve 680,643 680,643 (680,643 ) (680,643 ) Nil Nil Shareholder’s account 71,017,815 47,717,763 (22,360 ) Nil 70,995,455 47,717,763 Total Equity 109,416,415 60,977,933 (59,157,797 ) (29,731,360 ) 50,258,618 31,246,573 Total Equity & Liabilities 307,252,460 199,936,632 (1,344,455 ) (1,878,249 ) 305,908,005 198,058,383 | As previously reported Restatement adjustments As per the restate Financial Statement Prior Year Restatement 31-12-20 31-12-20 31-12-20 Consolidated Statement of Comprehensive Income Revenue 41,831,537 (14,640,361 ) 27,191,176 Direct costs (12,944,760 ) 236,374 (12,708,386 ) Gross Profit / (Loss) 28,886,777 (14,403,987 ) 14,482,790 Other income 828,332 Nil 828,332 General and administration expenses (6,456,884 ) (207,419 ) (6,664,303 ) Change in estimated fair value of derivative warrant liability 2,547,542 80 2,547,622 Finance costs (8,306,150 ) (29,119 ) (8,335,269 ) Profit for the year 17,159,113 (14,640,445 ) 2,518,668 Consolidated Statement of Financial Position ASSETS Current Assets Trade receivables Nil Nil Nil Other receivable and prepayments 690,232 (296,363 ) 393,869 Total Current Assets 40,401,956 (296,363 ) 40,105,593 Non-Current Assets Advances to contractor 16,418,065 40,187 16,458,252 Total Non-Current Assets 392,221,590 40,185 392,261,775 Total Assets 432,623,546 (256,178 ) 432,367,368 LIABILITIES AND EQUITY Current Liabilities Trade and accounts payable 13,829,897 3,936,678 17,766,575 Other payable Nil 73,453,606 73,453,606 Lease liabilities 9,795,058 (7,203,501 ) 2,591,557 Total current liabilities 43,786,799 70,186,777 113,973,576 Non-current liabilities Lease liabilities 79,289,507 5,630,669 84,920,176 Total Non-Current Liabilities 260,218,070 5,630,669 265,848,739 Equity Share capital 8,801 3 8,804 Retained earnings (46,907,568 ) (73,440,087 ) (120,347,655 ) Statutory reserve 680,643 (335,795 ) 344,848 Shareholders’ account 73,059,743 (2,297,745 ) 70,761,998 Total Equity 128,618,677 (76,073,624 ) 52,545,053 Total Equity & Liabilities 432,623,546 (256,178 ) 432,367,368 | (Figures in USD) As previously reported Restatement adjustments As per the restated Financial Statement 31-12-20 31-12-19 31-12-20 31-12-19 31-12-20 31-12-19 Consolidated Statement of Comprehensive Income Revenue 41,831,537 44,085,374 (14,640,361 ) (28,200,155 ) 27,191,176 15,885,219 Direct costs (12,944,760 ) (10,202,465 ) 236,374 (1,294,774 ) (12,708,386 ) (11,497,239 ) Gross Profit / (Loss) 28,886,777 33,882,909 (14,403,987 ) (29,494,929 ) 14,482,790 4,387,980 Other income 828,332 Nil Nil 4,188 828,332 4,188 General and administration expenses (6,456,884 ) (2,608,984 ) (207,419 ) 138,559 (6,664,303 ) (2,470,425 ) Change in estimated fair value of derivative warrant liability 2,547,542 1,273,740 80 Nil 2,547,622 1,273,740 Finance costs (8,306,150 ) (5,730,535 ) (29,119 ) (51,895 ) (8,335,269 ) (5,782,430 ) Profit for the year 17,159,113 (75,284,923 ) (14,640,445 ) (29,404,077 ) 2,518,668 (104,689,000 ) Consolidated Statement of Financial Position ASSETS Current Assets Trade receivables Nil 1,507,660 Nil (1,344,093 ) Nil 163,567 Other receivable and prepayments 690,232 841,033 (296,363 ) (362 ) 393,869 840,671 Total Current Assets 40,401,956 22,359,108 (296,363 ) (1,344,455 ) 40,105,593 21,014,653 Non-Current Assets Advances to contractor 16,418,065 21,664,764 40,187 Nil 16,458,252 21,664,764 Total Non-Current Assets 392,221,590 284,893,352 40,185 Nil 392,261,775 284,893,352 Total Assets 432,623,546 307,252,460 (256,178 ) (1,344,455 ) 432,367,368 305,908,005 LIABILITIES AND EQUITY Current Liabilities Trade and accounts payable 13,829,897 61,115,121 3,936,678 18,846 17,766,575 61,133,967 Other payable Nil Nil 73,453,606 57,794,495 73,453,606 57,794,495 Lease liabilities 9,795,058 2,154,878 (7,203,501 ) Nil 2,591,557 2,154,878 Total current liabilities 43,786,799 95,036,895 70,186,777 57,813,341 113,973,576 152,850,236 Non-current liabilities Lease liabilities 79,289,507 28,624,259 5,630,669 Nil 84,920,176 28,624,260 Total Non-Current Liabilities 260,218,070 102,799,150 5,630,669 Nil 265,848,739 102,799,151 Equity Share capital 8,801 8,804 3 Nil 8,804 8,804 Retained earnings (46,907,568 ) (64,066,681 ) (73,440,087 ) (58,454,794 ) (120,347,655 ) (122,521,475 ) Statutory reserve 680,643 680,643 (335,795 ) (680,643 ) 344,848 Nil Shareholders’ account 73,059,743 71,017,815 (2,297,745 ) (22,360 ) 70,761,998 70,995,455 Total Equity 128,618,677 109,416,415 (76,073,624 ) (59,157,797 ) 52,545,053 50,258,618 Total Equity & Liabilities 432,623,546 307,252,460 (256,178 ) (1,344,455 ) 432,367,368 305,908,005 |
Prior Year Restatement (Tables)
Prior Year Restatement (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Separate Financial Statements Text Block Abstract | |
Schedule of statement of comprehensive income | As previously Restatement reported adjustments Restated 31-12-17 01-01-17 31-12-17 01-01-17 31-12-17 01-01-17 Statement of Comprehensive Income Direct costs (2,292,082 ) Nil (3,727 ) Nil (2,295,809 ) Nil Gross loss (2,202,489 ) Nil (3,727 ) Nil (2,206,216 ) Nil Finance costs (1,007,305 ) Nil 40,379 Nil (966,926 ) Nil Loss and total comprehensive loss for the year (3,784,060 ) Nil 36,652 Nil (3,747,408 ) Nil As previously reported Restatement adjustments Restated 31-12-18 01-01-18 31-12-18 01-01-18 31-12-18 01-01-18 STATEMENT OF COMPREHENSIVE INCOME Revenue 35,839,268 89,593 (29,451,920 ) Nil 6,387,348 89,593 Direct costs (9,607,360 ) (2,295,809 ) (492,874 ) Nil (10,100,234 ) (2,295,809 ) Gross Profit / (Loss) 26,231,908 (2,206,216 ) (29,944,794 ) Nil (3,712,886 ) (2,206,216 ) Other income Nil Nil 8,554 Nil 8,554 Nil General and administrative expenses (2,029,260 ) (574,266 ) 204,880 Nil (1,824,380 ) 574,266 ) Profit / Loss and total comprehensive profit / (loss) for the year 16,060,652 (3,747,408 ) (29,731,360 ) Nil (13,670,708 ) 3,747,408 ) |
Schedule of statement of financial position | As previously Restatement reported adjustments Restated 31-12-17 01-01-17 31-12-17 01-01-17 31-12-17 01-01-17 Statement of Financial Position ASSETS Non-Current Assets Property, plant and equipment 193,987,928 168,024,215 1,450,943 1,709,059 195,438,871 169,733,274 Total Non-current assets 193,987,928 168,024,215 1,450,943 1,709,059 195,438,871 169,733,274 Total Assets 194,680,205 169,004,835 1,450,943 1,709,059 196,131,148 170,713,894 LIABILITIES AND EQUITY Current Liabilities Term loans (current portion) 7,849,739 Nil 86,314,012 77,497,507 94,163,751 77,497,507 Accounts payable, accruals and other payables 4,995,806 6,103,266 (320,039 ) Nil 4,675,767 6,103,266 Lease liability (current portion) 2,061,785 2,021,358 9,415 9,230 2,071,200 2,030,588 Total Current Liabilities 14,907,330 8,124,624 86,003,388 77,506,737 100,910,718 85,631,361 Non-Current Liabilities Term loans (non-current portion) 86,314,012 77,497,507 (86,314,012 ) (77,497,507 ) Nil Nil Lease liability (non-current portion) 25,874,561 25,396,678 1,724,915 1,699,829 27,599,476 27,096,507 Total Non-Current Liabilities 112,188,573 102,894,185 (84,589,097 ) (75,797,678 ) 27,599,476 27,096,507 Total Liabilities 127,095,903 111,018,809 1,414,291 1,709,059 128,510,194 112,727,868 Equity Accumulated losses (4,198,419 ) (414,359 ) 36,652 Nil (4,161,767 ) (414,359 ) Total Equity 67,584,302 57,986,026 36,652 Nil 67,620,954 57,986,026 Total Liabilities and Equity 194,680,205 169,004,835 1,450,943 Nil 196,131,148 170,713,894 i) In year 2022, subsequent to the issuance of the Company’s 2018 financial statements, the Company identified errors in the financial statements for the year ended December 31, 2018 and determined that the 2018 financial statements should be restated. The basis of such error and restatement is given as below: As previously reported Restatement adjustments Restated 31-12-18 01-01-18 31-12-18 01-01-18 31-12-18 01-01-18 STATEMENT OF FINANCIAL POSITION ASSETS Current Assets Trade receivables 1,877,887 Nil (1,877,887 ) Nil Nil Nil Total current assets 2,307,156 761,501 (1,877,887 ) Nil 429,269 761,501 Total Assets 199,936,270 196,200,380 (1,877,887 ) Nil 198,058,383 196,200,380 LIABILITIES AND EQUITY Current Liabilities Other payable Nil Nil 27,854,947 Nil 27,854,947 Nil Total Current Liabilities 110,841,794 100,979,299 27,854,947 Nil 138,696,741 100,979,299 Equity Retained Earnings / (accumulated losses) 11,218,242 (4,161,767 ) (29,050,717 ) Nil (17,832,475 ) (4,161,767 ) Statutory reserve 680,643 Nil (680,643 ) Nil Nil Nil Total Equity 60,977,933 67,620,954 (29,731,360 ) Nil 31,246,573 67,620,954 Total Liabilities and Equity 199,936,270 196,200,380 (1,877,887 ) Nil 198,058,383 196,200,380 |
Listing Expenses (Tables)
Listing Expenses (Tables) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Listing Expenses Abstract | ||
Schedule of listing expenses | IFRS 2 listing expense Nil 98,622,019 Other listing expenses (Note 9.1) Nil 3,151,858 Nil 101,773,877 | IFRS 2 listing expense 98,622,019 Nil Other listing expenses (Note 9.1) 3,151,858 Nil 101,773,877 Nil |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2019 | |
Disclosure Of Business Combinations Text Block Abstract | ||
Schedule of net assets | Cash and cash equivalent 33,064,568 Current assets 84,000 Accounts payable (765,000 ) 32,383,568 | Cash and cash equivalent 33,064,568 Current assets 84,000 Accounts payable (765,000 ) 32,383,568 |
Application of New and Revise_2
Application of New and Revised International Financial Reporting Standards (IFRS) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Application of New and Revised International Financial Reporting Standards (IFRS) [Abstract] | |
Schedule of financial statements | Description Effective for annual periods beginning on or after IFRS 15 - Revenue from Contracts with Customers January 01, 2018 IFRS 9 - Financial Instruments January 01, 2018 IFRIC 22 - Foreign Currency Transactions and Advance Consideration January 01, 2018 Amendments to IAS 40 Transfers of Investment Property; January 01, 2018 |
Legal Status, Management and _2
Legal Status, Management and Business Activity (Details) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Legal Status, Management and Business Activity (Details) [Line Items] | ||||||
Business activity, description | The Company currently operates Phase I and Phase II, comprising 22 tanks with a total capacity of 1,001,388 cubic meters (“cbm”), fully operational for provision of storage and other ancillary processes of crude and clean oil. The construction of the Company’s Phase II, with a total capacity of 602,064 cbm was completed in September 2021. | |||||
BPGIC FZE [Member] | ||||||
Legal Status, Management and Business Activity (Details) [Line Items] | ||||||
Subsidiary ownership percentage | 100% | 100% | 100% | 100% | 100% | |
BPGIC Phase III FZE [Member] | ||||||
Legal Status, Management and Business Activity (Details) [Line Items] | ||||||
Subsidiary ownership percentage | 100% | 100% | 100% | 100% | ||
BPGIC [Member] | ||||||
Legal Status, Management and Business Activity (Details) [Line Items] | ||||||
Subsidiary ownership percentage | 100% | 100% | 100% | 100% | ||
BPGMC [Member] | ||||||
Legal Status, Management and Business Activity (Details) [Line Items] | ||||||
Subsidiary ownership percentage | 100% | 100% | 100% | |||
BPGIC Phase 3 Limited [Member] | ||||||
Legal Status, Management and Business Activity (Details) [Line Items] | ||||||
Subsidiary ownership percentage | 100% | 100% | 100% | |||
BPGIC International [Member] | ||||||
Legal Status, Management and Business Activity (Details) [Line Items] | ||||||
Subsidiary ownership percentage | 100% | 100% | ||||
BPGIC Phase III Ltd [member] | ||||||
Legal Status, Management and Business Activity (Details) [Line Items] | ||||||
Subsidiary ownership percentage | 100% |
Basis of Preparation of Conso_2
Basis of Preparation of Consolidated Financial Statements (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Basis of Preparation of Financial Statements Text Block [Abstract] | ||||||||
Profit | $ 3,900,000 | $ 27,200,000 | $ 25,600,000 | $ 2,500,000 | ||||
Generated positive (negative) cash flows | 23,400,000 | 44,100,000 | 29,000,000 | 17,100,000 | ||||
Cash and cash equivalents | 1,000,000 | 900,000 | 1,400,000 | 20,900,000 | ||||
Current liability | 177,321,777 | 171,739,579 | 182,781,617 | $ 94,800,000 | ||||
Current assets | $ 289,616,665 | $ 265,445,772 | $ 283,342,631 | $ 131,835,583 | $ 131,800,000 | |||
Issued bond amount | $ 200,000,000 | |||||||
Face value | $ 1 | 1 | ||||||
Issue price per share (in Dollars per share) | $ 0.95 | |||||||
Interest per annum | 8.50% | |||||||
Borrowing rate | 9.50% | 9.50% | ||||||
Principal and accrued interest | $ 8,800,000 | $ 3,700,000 | ||||||
Amendment fee | 136,000 | |||||||
Net loss | $ 104,689,000 |
Changes in Accounting Policie_2
Changes in Accounting Policies and Disclosures (Details) | 12 Months Ended |
Dec. 31, 2019 USD ($) | |
Disclosure Of Changes In Accounting Policies Accounting Estimates And Errors Text Block Abstract | |
Cost to property plant and equipment | $ 1,546,108 |
Significant Accounting Estima_2
Significant Accounting Estimates and Judgements (Details) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2021 USD ($) m² | |
Significant Accounting Estimates and Judgements [Abstract] | |||||
Discount rate | 3.24% | 3.24% | |||
Inflation rate | 0.80% | 0.80% | |||
Description of land lessee agreement | The Group has entered into a land lease agreement (the “Phase III Land Lease Agreement”), dated as of 2 February 2020 (the “lease inception date”), by and between the Group and the Fujairah Oil Industry Zone (“FOIZ”) to lease an additional plot of land that has a total area of approximately 450,000 square meters (the “Phase III Land”) for a rent of UAE Dirhams 50 (USD 13.61) per square meter per annum with an escalation of 2% per annum | The Group has entered into a land lease agreement (the “Phase III Land Lease Agreement”), dated as of 2 February 2020 (the “lease inception date”), by and between the Group and the Fujairah Oil Industry Zone (“FOIZ”) to lease an additional plot of land that has a total area of approximately 450,000 square meters (the “Phase III Land”) for a rent of UAE Dirhams 50 (USD 13.61) per square meter per annum with an escalation of 2% per annum | |||
Discount rate | 3.24% | ||||
Inflation rate | 0.80% | ||||
Total area of land (in Square Meters) | m² | 450,000 | ||||
Area rent (in Dollars) | $ | $ 13.61 | ||||
Escalation percentage | 2% | ||||
Borrowing rate | 9.50% | 9.50% | 9.50% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |||||
Low value assets (in Dollars) | $ 5,000 | $ 5,000 | $ 5,000 | ||
Profit percentage | 10% | 10% | 10% | 10% | |
Issued share capital percentage | 50% | 50% | |||
Percentage of statutory reserve | 10% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2008 |
Buildings [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | $ 25 | $ 25 | |
Tanks [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | $ 50 | 50 | 50 |
Installations [Member] | Minimum [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | 20 | ||
Installations [Member] | Maximum [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | 25 | ||
Other Equipment [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | $ 5 | 5 | |
Right of use asset – Land [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | $ 60 | $ 60 |
Revenue (Details)
Revenue (Details) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Revenue [Abstract] | ||||
Number of Segment | 1 | 1 | 1 | 1 |
Port charges | $ 473,092 | $ 2,039,396 | $ 1,681,878 | |
Miscellaneous income | $ 1,558,887 |
Revenue (Details) - Schedule of
Revenue (Details) - Schedule of storage rental income miscellaneous income - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Storage Rental Income Miscellaneous Income Abstract | ||||||||
Storage rental income | $ 27,405,640 | $ 16,413,047 | $ 77,577,633 | $ 37,467,396 | $ 23,754,376 | $ 13,397,209 | $ 5,694,418 | $ 62,995 |
Miscellaneous income | 473,092 | 1,282,098 | 2,039,396 | 1,681,878 | 423,094 | |||
Ancillary services | 520,640 | 5,424,589 | 1,923,747 | 2,612,341 | 1,877,913 | 1,193,181 | 269,836 | 26,598 |
Total revenue | $ 28,399,372 | $ 23,119,734 | $ 81,540,776 | $ 41,761,615 | $ 27,191,176 | $ 15,885,219 | $ 6,387,348 | $ 89,593 |
Direct Costs (Details) - Schedu
Direct Costs (Details) - Schedule of direct costs - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of finance costs [Abstract] | ||||||
Depreciation on property, plant and equipment (Note 15) | $ 12,615,658 | $ 6,806,198 | $ 5,800,007 | $ 5,785,745 | $ 5,763,150 | $ 692,775 |
Employees’ costs | 4,232,980 | 3,891,969 | 3,482,431 | 3,074,727 | 2,808,702 | 1,518,794 |
Reimbursable port charges (Note 6.1) | 2,039,396 | 1,681,878 | 1,558,887 | 1,294,829 | 423,094 | |
Spare parts and consumables used | 1,460,979 | 938,386 | 657,917 | 788,792 | 592,471 | 50,891 |
Insurance charges | 955,977 | 782,357 | 397,976 | 323,702 | 377,053 | 31,304 |
Maintenance charges | 2,741,780 | 332,658 | 95,357 | |||
Others | 644,672 | 550,576 | 811,168 | 229,444 | 135,764 | |
Total | $ 24,691,442 | $ 14,984,022 | $ 12,708,386 | $ 11,497,239 | $ 10,100,234 | $ 2,295,809 |
Other Income (Details) - Schedu
Other Income (Details) - Schedule of other income - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of other income [Abstract] | ||||||||
Other income | $ 23,154 | $ 38,196 | $ 180,345 | $ 6,237,620 | $ 828,332 | $ 4,188 | $ 8,554 | |
Rent- waiver [Member] | ||||||||
Schedule of other income [Abstract] | ||||||||
Other income | 6,126,800 | |||||||
Miscellaneous [Member] | ||||||||
Schedule of other income [Abstract] | ||||||||
Other income | $ 180,345 | $ 110,820 | $ 73,403 | $ 4,188 | $ 8,554 |
General and Administration Ex_3
General and Administration Expenses (Details) - Schedule of general and administration expenses - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
schedule of general and administration expenses [Abstract] | ||||||
Employees’ cost | $ 3,292,361 | $ 2,486,933 | $ 2,014,858 | $ 1,473,335 | $ 1,210,102 | $ 287,481 |
Legal and professional | 7,383,335 | 2,877,264 | 2,594,801 | 549,702 | 177,298 | 131,313 |
Sales and marketing | 3,026,399 | 60,389 | 211,383 | 70,877 | 114,682 | 37,223 |
Insurance | 949,784 | 937,329 | 639,345 | |||
Rent | 166,894 | 112,306 | 177,850 | 10,346 | 22,325 | 43,380 |
Office expenses | 409,544 | 393,187 | 270,259 | 248,752 | 106,943 | 22,015 |
Board fees and expenses | 356,493 | 518,278 | 354,169 | |||
Travelling expenses | 67,464 | 15,035 | 154,336 | 42,871 | 5,667 | 16,544 |
Repairs and maintenance | 545 | 22,149 | 247,302 | 74,542 | 75,985 | |
Total | $ 15,652,819 | $ 7,422,870 | $ 6,664,303 | $ 2,470,425 | $ 1,824,380 | $ 574,266 |
Finance Costs (Details) - Sched
Finance Costs (Details) - Schedule of finance costs - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Finance Costs Abstract | ||||||
Interest expense on borrowings | $ 22,177,769 | $ 4,966,876 | $ 5,467,250 | $ 4,002,772 | $ 5,559,195 | $ 647,969 |
Interest on lease liability | 3,043,214 | 1,685,010 | 2,041,006 | 1,412,796 | 1,387,612 | 318,957 |
Asset retirement obligation - accretion expenses | 65,859 | 28,252 | 79,555 | |||
Bank charges | 119,347 | 89,587 | 11,696 | 314,967 | 5,116 | |
Exchange loss | 11,800 | 40,993 | 29,119 | 51,895 | ||
Total finance cost | $ 25,417,989 | $ 6,810,718 | $ 8,335,269 | $ 5,782,430 | $ 6,951,923 | $ 966,926 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Nov. 30, 2020 | Sep. 24, 2020 | |
Cash and Cash Equivalents (Details) [Line Items] | |||||
Limited withdrawn amount | $ 5,000,000 | $ 5,000,000 | |||
Construction funding account | $ 189,861,181 | 15,000,000 | 15,000,000 | $ 85,000,000 | $ 85,000,000 |
Cash flow amount | 14,428,675 | 26,899,965 | |||
Held liquidity amount | 8,500,000 | ||||
Construction funding amount | 24,999,963 | ||||
Withdrawn amount | 5,000,000 | ||||
Cash and cash equivalent amount | 15,000,000 | ||||
Debt Service Retention account | 5,928,675 | 8,400,000 | |||
Restricted Bank Account [Member] | |||||
Cash and Cash Equivalents (Details) [Line Items] | |||||
Balance amount | 14,428,675 | 26,899,965 | 15,819,056 | ||
Liquidity account, [Member] | |||||
Cash and Cash Equivalents (Details) [Line Items] | |||||
Balance amount | 8,500,000 | 8,500,000 | |||
Construction Funding account [Member] | |||||
Cash and Cash Equivalents (Details) [Line Items] | |||||
Balance amount | 24,999,963 | ||||
Debt Service Retention account [Member] | |||||
Cash and Cash Equivalents (Details) [Line Items] | |||||
Balance amount | $ 5,928,675 | $ 8,400,000 | $ 7,319,056 |
Cash and Cash Equivalents (De_2
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Cash And Cash Equivalents Abstract | ||||||
Cash in hand | $ 18,839 | $ 3,195 | $ 5,026 | $ 1,960 | $ 5,013 | $ 2,273 |
Balances in current accounts | 16,741,142 | 15,877,796 | 47,884,909 | 19,828,811 | 32,338 | |
Total | 16,759,981 | 15,880,991 | 47,889,935 | 19,830,771 | $ 37,351 | |
Non-current | ||||||
Restricted bank balance | 8,500,000 | 8,500,000 | ||||
Total | 8,500,000 | 8,500,000 | 8,500,000 | |||
Current | ||||||
Cash and Cash Equivalents | 940,925 | 940,925 | ||||
Restricted bank balance | 7,319,056 | 5,928,675 | 18,399,965 | |||
Total | $ 8,259,981 | $ 7,380,991 | $ 39,389,935 | $ 19,830,771 |
Trade Accounts Receivables (Det
Trade Accounts Receivables (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Trade Accounts Receivables [Abstract] | ||
Trade accounts receivables | $ 590,429 | |
Trade receivables | $ 3,348,133 |
Trade Accounts Receivables (D_2
Trade Accounts Receivables (Details) - Schedule of trade accounts receivables - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Trade Accounts Receivables Abstract | ||||||
Trade accounts receivables | $ 5,275,047 | $ 3,771,492 | $ 163,567 | |||
Total | $ 5,275,047 | $ 8,667,673 | $ 3,771,492 | $ 163,567 |
Trade Accounts Receivables (D_3
Trade Accounts Receivables (Details) - Schedule of other receivable and prepayments - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Trade Accounts Receivables (Details) - Schedule of other receivable and prepayments [Line Items] | |||
Total | $ 5,275,047 | $ 3,771,492 | |
Neither past-due nor impaired (0-150 days) [member] | |||
Trade Accounts Receivables (Details) - Schedule of other receivable and prepayments [Line Items] | |||
Total | 627,710 | 2,935,830 | |
151 –365 days [member] | |||
Trade Accounts Receivables (Details) - Schedule of other receivable and prepayments [Line Items] | |||
Total | [1] | $ 4,647,337 | $ 835,662 |
[1]Tradereceivables past due as of the year end |
Inventories (Details)
Inventories (Details) - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Inventories [Abstract] | |||||||
Inventories | $ 1,460,979 | $ 938,386 | $ 657,917 | $ 788,792 | $ 592,471 | ||
Provision | |||||||
Inventories | $ 630,939 | $ 938,386 | $ 657,917 | $ 788,792 | $ 592,471 | $ 50,891 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of inventories [Abstract] | |||||||
Total inventories | $ 315,576 | $ 277,366 | $ 250,360 | $ 321,789 | $ 179,644 | $ 147,090 | $ 176,651 |
Spare parts and consumables [Member] | |||||||
Schedule of inventories [Abstract] | |||||||
Total inventories | $ 315,576 | $ 277,366 | $ 250,360 | $ 321,789 | $ 179,644 | $ 147,090 | $ 176,651 |
Other Receivables and Prepaym_3
Other Receivables and Prepayments (Details) - Schedule of other receivables and prepayments - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Other Receivables And Prepayments Abstract | ||||||||
Due from shareholder | $ 504,214 | $ 34,136 | $ 504,214 | |||||
Due from related parties | 92,553 | 86,142 | 110,502 | 86,142 | $ 81,013 | $ 57,550 | ||
Prepaid expenses | 1,284,586 | 289,463 | 223,490 | 289,463 | 247,741 | 57,543 | ||
Staff advances | 152,389 | 152,389 | 30,216 | 152,389 | 6,288 | |||
Deposits | 342,921 | 99,660 | 320,475 | 99,660 | 21,537 | 15,526 | 10,352 | |
Other receivables | 3,720 | 5,274 | 244,828 | $ 582,585 | ||||
Total | $ 1,876,169 | $ 1,131,868 | $ 724,093 | $ 1,131,868 | $ 393,869 | $ 840,671 | $ 244,828 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2022 | Jun. 30, 2022 | Sep. 24, 2020 | Dec. 31, 2017 | |
Property Plant and Equipment [Abstract] | |||||
Security against loans amount | $ 164,038,378 | $ 2,775,806 | $ 2,775,806 | $ 200,000,000 | $ 169,439,563 |
Finance charge on lease liability | 1,151,797 | ||||
Depreciation charge on right-of-use asset | $ 239,144 | ||||
General borrowing costs, percentage | 9.50% | ||||
Term loan, percentage | 2% |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Apr. 24, 2023 | Sep. 24, 2020 | Sep. 24, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Derivative Financial Instruments (Details) [Line Items] | |||||||||
Long term fixed interest rate | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | ||||||
Investors with a face value | $ 1 | $ 1 | $ 1 | ||||||
Issue price (in Dollars per share) | $ 0.95 | $ 0.95 | $ 0.95 | ||||||
Fair value of derivative financial instrument | $ 9,306,741 | $ 7,364,829 | $ 5,422,917 | ||||||
Percentage of covering in the term loan | 90% | ||||||||
Notional amount outstanding | $ 79,200,000 | $ 83,800,000 | |||||||
Repaid settlement | $ 1,858,753 | ||||||||
Bottom of range [member] | |||||||||
Derivative Financial Instruments (Details) [Line Items] | |||||||||
Derivative variable interest rate | 2.78% | 2.78% | |||||||
Top of range [member] | |||||||||
Derivative Financial Instruments (Details) [Line Items] | |||||||||
Derivative variable interest rate | 4.76% | 4.76% |
Derivative Financial Instrume_4
Derivative Financial Instruments (Details) - Schedule of financial instruments - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Financial Instruments (Details) - Schedule of financial instruments [Line Items] | ||||
Total derivative financial instruments | $ 9,306,741 | $ 5,422,917 | $ 1,518,249 | $ 1,190,073 |
Call option [Member] | ||||
Derivative Financial Instruments (Details) - Schedule of financial instruments [Line Items] | ||||
Total derivative financial instruments | $ 9,306,741 | $ 5,422,917 |
Advances to Contractor (Details
Advances to Contractor (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2020 | |
Advances to Contractor [Abstract] | ||
Advance paid for purchase description | The amount represents the advances paid to a contractor (Audex) for future services in relation to phase 2 amounting USD 15,655,981 and USD 802,271 paid as an advance for the purchase of new office space | |
Construction amounting | $ 15,006,262 |
Advances to Contractor (Detai_2
Advances to Contractor (Details) - Schedule of advances to contractor - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of advances to contractor [Abstract] | ||||||
Advances to contractor | $ 15,223,215 | $ 15,571,215 | $ 3,499,988 | $ 16,458,252 | $ 21,664,764 | |
Total | $ 15,223,215 | $ 15,571,215 | $ 3,499,988 | $ 16,458,252 | $ 21,664,764 |
Trade and Accounts Payable (Det
Trade and Accounts Payable (Details) $ in Millions | Dec. 31, 2019 USD ($) |
Trade and Accounts Payable [Abstract] | |
Trade accounts payables | $ 21.5 |
Trade and Accounts Payable (D_2
Trade and Accounts Payable (Details) - Schedule of trade and accounts payable - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Trade and Accounts Payable [Abstract] | |||||||
Trade accounts payable | $ 9,853,157 | $ 17,627,226 | $ 9,113,183 | $ 5,216,243 | $ 25,989,965 | $ 1,566,717 | $ 1,750,774 |
Accrued interest on borrowings | 3,815,551 | 3,965,660 | 4,101,250 | 4,250,000 | 3,295,382 | 910,691 | |
Advances from customer | 6,222,055 | 2,417,956 | 1,340,252 | 166,022 | |||
Accrued expenses | 3,076,957 | 9,054,622 | 394,611 | 467,840 | 360,180 | 546,333 | 43,227 |
Due to a related party | 2,041,927 | 2,041,927 | 2,041,927 | ||||
VAT payable | 497,083 | 120,566 | 221,448 | ||||
Total | $ 23,464,803 | $ 37,652,318 | $ 18,189,493 | $ 17,766,575 | $ 61,133,967 | $ 9,001,961 | $ 4,580,173 |
Other Payable (Details)
Other Payable (Details) - USD ($) | 6 Months Ended | 36 Months Ended |
Jun. 30, 2022 | Dec. 31, 2020 | |
Other Payable [Abstract] | ||
Fund received amount | $ 74,253,965 | |
Fund received | $ 74,253,965 |
Other Payable (Details) - Sched
Other Payable (Details) - Schedule of other payable - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of other payable [Abstract] | ||||||
Other payable | $ 74,253,965 | $ 74,253,965 | $ 74,253,965 | $ 73,453,606 | $ 57,794,495 | $ 27,854,947 |
M/s Brooge International Advisory LLC [Member] | ||||||
Schedule of other payable [Abstract] | ||||||
Other payable | $ 74,253,965 | $ 74,253,965 | $ 74,253,965 | $ 73,453,606 | $ 57,794,495 | $ 27,854,947 |
Derivative Warrant Liability (D
Derivative Warrant Liability (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
May 14, 2020 | May 14, 2020 | Dec. 31, 2019 | Dec. 20, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2022 | |
Derivative Warrant Liability (Details) [Line Items] | |||||||||
Outstanding warrants (in Shares) | 21,229,000 | ||||||||
Exercise price (in Dollars per share) | $ 11.5 | ||||||||
Warrants expire years | 5 years | 5 years | |||||||
Derivative warrant liability | $ 15,709,460 | $ 16,983,200 | $ 4,245,780 | $ 11,675,815 | $ 13,161,838 | $ 15,709,460 | $ 7,217,746 | ||
Derivative warrant liability per warrant (in Dollars per share) | $ 0.74 | $ 0.8 | $ 0.74 | ||||||
Fair value gain | $ 1,273,740 | $ 1,273,740 | |||||||
Exercised warrants (in Shares) | 100 | 100 | 100 | ||||||
Gain on revaluation | 7,430,035 | 1,486,023 | 2,547,622 | ||||||
Gain on revaluation of derivative warrant liability | 1,486,023 | 4,458,069 | |||||||
Derivative warrant liability | 1,273,740 | $ 4,245,780 | $ 11,675,815 | $ 2,547,622 | $ 1,273,740 | $ 7,217,746 | |||
Warrant reserve [member] | |||||||||
Derivative Warrant Liability (Details) [Line Items] | |||||||||
Derivative warrant liability | $ 15,709,460 | $ 15,709,460 |
Derivative Warrant Liability _2
Derivative Warrant Liability (Details) - Schedule of derivative warrant liability - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Derivative Warrant Liability Abstract | ||||||
Issuance of 21,228,900 warrants in connection with merger | $ 11,675,815 | $ 11,675,815 | $ 13,161,838 | $ 15,709,460 | $ 16,983,200 | |
Fair value remeasurement of derivative warrant liability | (4,458,069) | (7,430,035) | (1,486,023) | (2,547,622) | (1,273,740) | |
Total | $ 7,217,746 | $ 4,245,780 | $ 11,675,815 | $ 13,161,838 | $ 15,709,460 |
Derivative Warrant Liability _3
Derivative Warrant Liability (Details) - Schedule of derivative warrant liability (Parentheticals) - shares | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Derivative Warrant Liability Abstract | |||||
Issuance of warrants | 21,228,900 | 21,228,900 | 21,228,900 | 21,228,900 | 21,228,900 |
Borrowings (Details)
Borrowings (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Apr. 24, 2023 $ / shares | Sep. 30, 2021 USD ($) | Nov. 30, 2020 USD ($) | Sep. 24, 2020 USD ($) $ / shares | Sep. 24, 2020 USD ($) $ / shares | Jun. 30, 2020 USD ($) | Jun. 15, 2020 | Dec. 30, 2019 USD ($) | Sep. 10, 2019 USD ($) | Sep. 10, 2019 USD ($) | Feb. 28, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jan. 31, 2021 | Nov. 30, 2020 USD ($) | Sep. 24, 2020 USD ($) $ / shares | Jun. 15, 2020 | Dec. 30, 2019 USD ($) | Dec. 31, 2018 USD ($) | Apr. 30, 2017 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 AED (د.إ) | Jun. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 AED (د.إ) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2014 USD ($) | |
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Secured bonds | $ 200,000,000 | |||||||||||||||||||||||||||||
Face value | $ 1 | |||||||||||||||||||||||||||||
Issued price per share (in Dollars per share) | $ / shares | $ 0.95 | $ 0.95 | $ 0.95 | |||||||||||||||||||||||||||
Additional bond value | $ 50,000,000 | $ 50,000,000 | ||||||||||||||||||||||||||||
Proceeds of bonds | $ 186,000,000 | 186,000,000 | $ 186,000,000 | |||||||||||||||||||||||||||
Transaction costs | 4,000,000 | |||||||||||||||||||||||||||||
Transferred construction amount | $ 85,000,000 | |||||||||||||||||||||||||||||
Description of bonds payable | The bonds will be repaid in semi-annual payments of USD 7,000,000 starting September 2021 until March 2025, and one bullet repayment of USD 144,000,000 in September 2025 | The bonds will be repaid in semi-annual payments of USD 7,000,000 starting September 2021 until March 2025, and one bullet repayment of USD 144,000,000 in September 2025 | ||||||||||||||||||||||||||||
Description of bonds payable | 8.50% | 8.50% | ||||||||||||||||||||||||||||
Call option amount | $ 9,306,741 | |||||||||||||||||||||||||||||
BPGIC FZE description | (i) Minimum Liquidity: BPGIC FZE to maintain $8.5 million in the Liquidity account; (ii) Leverage Ratio: BPGIC FZE and its subsidiaries’ leverage ratio not to exceed: (A) 5.5x at 31 December 2020; (B) 3.5x at 31 December 2021; and (C) 3.0x anytime thereafter; and (iii) Working Capital: BPGIC FZE and its subsidiaries to maintain a positive working capital. The bond agreement requires the Group to comply with the following financial covenant: (i) Brooge Energy Limited to maintain a minimum equity ratio of 25%. | (i)Minimum Liquidity: BPGIC FZE to maintain $8.5 million in the Liquidity account; (ii)Leverage Ratio: BPGIC FZE and its subsidiaries’ leverage ratio not to exceed: (A) 5.5x at 31 December 2020; (B) 3.5x at 31 December 2021; and (C) 3.0x anytime thereafter; and (iii)Working Capital: BPGIC FZE and its subsidiaries to maintain a positive working capital. The bond agreement requires the Group to comply with the following financial covenant: (i) Brooge Energy Limited to maintain a minimum equity ratio of 25%. | (i)Minimum Liquidity: BPGIC FZE to maintain $8.5 million in the Liquidity account; (ii)Leverage Ratio: BPGIC FZE and its subsidiaries’ leverage ratio not to exceed: (A) 5.5x at 31 December 2020; (B) 3.5x at 31 December 2021; and (C) 3.0x anytime thereafter; and (iii)Working Capital: BPGIC FZE and its subsidiaries to maintain a positive working capital. The bond agreement requires the Group to comply with the following financial covenant: (i) Brooge Energy Limited to maintain a minimum equity ratio of 25%. | |||||||||||||||||||||||||||
Term loan amount | $ 2,395,862 | $ 84,595,154 | ||||||||||||||||||||||||||||
Interest rate | 4% | 4% | ||||||||||||||||||||||||||||
Interest per annum percentage | 6.50% | 6.50% | ||||||||||||||||||||||||||||
Mortgage amount (in Dirhams) | د.إ | د.إ 13,000,000 | د.إ 13,000,000 | ||||||||||||||||||||||||||||
Debt amount | $ 1,001,752,862 | |||||||||||||||||||||||||||||
Loan facility | $ 11,108,086 | |||||||||||||||||||||||||||||
Net of prepaid finance cost | $ 76,606 | $ 76,606 | $ 94,634 | |||||||||||||||||||||||||||
Interest rate of description | Under the term loan facility agreement, the Company is subject to certain covenants requiring amongst other things, the maintenance of (i) a minimum facility service coverage ratio of 1.25:1, (ii) a participations to value ratio not exceeding 1.50:1 at all times, (iii) a participations to cost ratio not exceeding 57% at any date, and (iv) an amount equivalent to one instalment including interest in a facility service reserve account at all times or in the event of an initial public offering, the amount should be equivalent to the next two instalments including interest. | |||||||||||||||||||||||||||||
Bonds issued | 50,000,000 | 50,000,000 | $ 50,000,000 | |||||||||||||||||||||||||||
Bonds transaction costs | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | |||||||||||||||||||||||||
Transferred construction amount | 85,000,000 | 85,000,000 | 85,000,000 | 85,000,000 | 85,000,000 | 15,000,000 | $ 189,861,181 | $ 15,000,000 | ||||||||||||||||||||||
Semi-annual payments | $ 7,000,000 | 7,000,000 | 7,000,000 | $ 7,000,000 | 7,000,000 | |||||||||||||||||||||||||
Bonds repayment amount | $ 144,000,000 | 144,000,000 | $ 144,000,000 | $ 144,000,000 | 144,000,000 | |||||||||||||||||||||||||
Bonds interest rate | 8.50% | 8.50% | 8.50% | |||||||||||||||||||||||||||
Drawn down amount | 550,445 | $ 550,445 | ||||||||||||||||||||||||||||
Prepaid finance cost | 499,158 | |||||||||||||||||||||||||||||
Loan carries interest | 3% | |||||||||||||||||||||||||||||
Debt balance | $ 177,321,777 | 171,739,579 | 182,781,617 | 7,000,000 | ||||||||||||||||||||||||||
Amendment fee | $ 136,000 | |||||||||||||||||||||||||||||
Final settlement | 7,546,964 | |||||||||||||||||||||||||||||
Addition repayments | 4,824,291 | |||||||||||||||||||||||||||||
Prepayment penalty | 559,637 | |||||||||||||||||||||||||||||
Transferred construction amount | 198,058,383 | 473,645,292 | 457,224,529 | 305,908,005 | 198,058,383 | 196,200,380 | ||||||||||||||||||||||||
Consruction amount | 14,577,131 | $ 5,556,008 | 25,417,989 | 6,810,718 | $ 8,335,269 | 5,782,430 | 6,951,923 | 966,926 | ||||||||||||||||||||||
Cash fee | 30,221,426 | $ 30,779,138 | 30,221,426 | |||||||||||||||||||||||||||
Senior secured bonds | 200,000,000 | $ 200,000,000 | $ 200,000,000 | $ 164,038,378 | $ 2,775,806 | $ 2,775,806 | 164,038,378 | 169,439,563 | ||||||||||||||||||||||
Private investors face value | 1 | $ 1 | ||||||||||||||||||||||||||||
Issue price (in Dollars per share) | $ / shares | $ 0.95 | $ 0.95 | $ 0.95 | |||||||||||||||||||||||||||
Proceeds of the bonds | $ 186,000,000 | |||||||||||||||||||||||||||||
Fair value of derivative financial instrument | $ 5,422,917 | 5,422,917 | $ 5,422,917 | 5,422,917 | ||||||||||||||||||||||||||
Fair value of interest rate | 340,504 | $ 340,504 | ||||||||||||||||||||||||||||
Secured bonds description | (i)pledge over all the existing and future shares of BPGIC FZE; (ii)assignment of rights and pledge over the balance in the Earnings account; (iii)pledge over the balance in the Liquidity account, the Debt Service Retention account and the Construction Funding account; (iv)pledge over moveable assets of BPGIC FZE and its subsidiaries; (v)security assignment of commercial contracts related to phase I and phase II, land lease agreement, port facilities agreement and EPC construction contract; (vi)security assignment over insurance contracts for phase I terminal, phase II terminal and admin building; (vii) security assignment over group and intercompany loans; and (viii)corporate guarantee from Brooge Energy Limited. The bond agreement also restricts BPGIC FZE from making any distributions other than in the form of an inter company loan for phase III construction. Under the bond agreement, BPGIC FZE is subject to the following financial covenants during the term of the bonds: (i)Minimum Liquidity: BPGIC FZE to maintain $8.5 million in the Liquidity account; (ii)Leverage Ratio: BPGIC FZE and its subsidiaries’ leverage ratio not to exceed: (A) 5.5x at 31 December 2020; (B) 3.5x at 31 December 2021; and (C) 3.0x anytime thereafter; and (iii)Working Capital: BPGIC FZE and its subsidiaries to maintain a positive working capital. The bond agreement requires the Group to comply with the following financial covenant: (i)Brooge Energy Limited to maintain a minimum equity ratio of 25%. | (i)pledge over all the existing and future shares of BPGIC FZE; (ii)assignment of rights and pledge over the balance in the Earnings account; (iii)pledge over the balance in the Liquidity account, the Debt Service Retention account and the Construction Funding account; (iv)pledge over moveable assets of BPGIC FZE and its subsidiaries; (v)security assignment of commercial contracts related to phase I and phase II, land lease agreement, port facilities agreement and EPC construction contract; (vi)security assignment over insurance contracts for phase I terminal, phase II terminal and admin building; (vii) security assignment over group and intercompany loans; and (viii)corporate guarantee from Brooge Energy Limited. The bond agreement also restricts BPGIC FZE from making any distributions other than in the form of an inter company loan for phase III construction. Under the bond agreement, BPGIC FZE is subject to the following financial covenants during the term of the bonds: (i)Minimum Liquidity: BPGIC FZE to maintain $8.5 million in the Liquidity account; (ii)Leverage Ratio: BPGIC FZE and its subsidiaries’ leverage ratio not to exceed: (A) 5.5x at 31 December 2020; (B) 3.5x at 31 December 2021; and (C) 3.0x anytime thereafter; and (iii)Working Capital: BPGIC FZE and its subsidiaries to maintain a positive working capital. The bond agreement requires the Group to comply with the following financial covenant: (i)Brooge Energy Limited to maintain a minimum equity ratio of 25%. | (i) pledge over all the existing and future shares of BPGIC FZE; (ii) assignment of rights and pledge over the balance in the Earnings account; (iii) pledge over the balance in the Liquidity account, the Debt Service Retention account and the Construction Funding account; (iv) pledge over moveable assets of BPGIC FZE and its subsidiaries; (v) security assignment of commercial contracts related to phase I and phase II, land lease agreement, port facilities agreement and EPC construction contract; (vi) security assignment over insurance contracts for phase I terminal, phase II terminal and admin building; (vii) security assignment over group and intercompany loans; and (viii) corporate guarantee from Brooge Energy Limited. The bond agreement also restricts BPGIC FZE from making any distributions other than in the form of an inter company loan for phase III construction. Under the bond agreement, BPGIC FZE is subject to the following financial covenants during the term of the bonds: (i) Minimum Liquidity: BPGIC FZE to maintain $8.5 million in the Liquidity account; (ii) Leverage Ratio: BPGIC FZE and its subsidiaries’ leverage ratio not to exceed: (A) 5.5x at 31 December 2020; (B) 3.5x at 31 December 2021; and (C) 3.0x anytime thereafter; and (iii) Working Capital: BPGIC FZE and its subsidiaries to maintain a positive working capital. The bond agreement requires the Group to comply with the following financial covenant: (i) Brooge Energy Limited to maintain a minimum equity ratio of 25%. | (i) pledge over all the existing and future shares of BPGIC FZE; (ii) assignment of rights and pledge over the balance in the Earnings account; (iii) pledge over the balance in the Liquidity account, the Debt Service Retention account and the Construction Funding account; (iv) pledge over moveable assets of BPGIC FZE and its subsidiaries; (v) security assignment of commercial contracts related to phase I and phase II, land lease agreement, port facilities agreement and EPC construction contract; (vi) security assignment over insurance contracts for phase I terminal, phase II terminal and admin building; (vii) security assignment over group and intercompany loans; and (viii) corporate guarantee from Brooge Energy Limited. The bond agreement also restricts BPGIC FZE from making any distributions other than in the form of an inter company loan for phase III construction. Under the bond agreement, BPGIC FZE is subject to the following financial covenants during the term of the bonds: (i) Minimum Liquidity: BPGIC FZE to maintain $8.5 million in the Liquidity account; (ii) Leverage Ratio: BPGIC FZE and its subsidiaries’ leverage ratio not to exceed: (A) 5.5x at 31 December 2020; (B) 3.5x at 31 December 2021; and (C) 3.0x anytime thereafter; and (iii) Working Capital: BPGIC FZE and its subsidiaries to maintain a positive working capital. The bond agreement requires the Group to comply with the following financial covenant: (i) Brooge Energy Limited to maintain a minimum equity ratio of 25%. | ||||||||||||||||||||||||||
Finance the purchase of corporate office | $ 2,395,862 | $ 2,395,862 | ||||||||||||||||||||||||||||
EIBOR Interest | 4% | 4% | 4% | 4% | ||||||||||||||||||||||||||
Term loan facility | $ 2,376,804 | $ 2,376,804 | ||||||||||||||||||||||||||||
Repayment of loan | $ 5,729,418 | |||||||||||||||||||||||||||||
Term loan | $ 2,376,804 | $ 2,178,737 | ||||||||||||||||||||||||||||
Promissory Notes [member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Cash fee | 3,000,000 | |||||||||||||||||||||||||||||
Non-interest bearing promissory note | $ 1,500,000 | |||||||||||||||||||||||||||||
Interest rate | 10% | 10% | ||||||||||||||||||||||||||||
Additional promissory note | $ 800,000 | |||||||||||||||||||||||||||||
Term loan 2 [Member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Interest rate of description | The interest rate on the loan was initially charged at 3 month EIBOR + 3.5%, however after the amendment, it was revised to 3 month EIBOR + 3%. | |||||||||||||||||||||||||||||
Prepaid finance cost | $ 58,578 | |||||||||||||||||||||||||||||
Loan carries interest | 3% | |||||||||||||||||||||||||||||
Addition repayments | 539,069 | |||||||||||||||||||||||||||||
Additional term loan facility | $ 11,108,086 | |||||||||||||||||||||||||||||
Transferred construction amount | $ 147,006 | 147,006 | ||||||||||||||||||||||||||||
Term loan 1 and 2 [Member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Interest rate of description | i)a minimum debt service coverage ratio (net operating income divided by total debt service) of 150% at all times and if the ratio decreases to 120% or less, it results in an event of default; ii)an amount equivalent to one quarterly instalment including interest in a debt service reserve account at all times. | |||||||||||||||||||||||||||||
Term loan 3 [Member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Term loan amount | $ 3,539,341 | |||||||||||||||||||||||||||||
Interest rate of description | carried 1 month EIBOR + 2% margin and is repayable in 15 equal monthly instalments commencing from date of disbursement and is due on 14 October 2019. | |||||||||||||||||||||||||||||
Consruction amount | $ 95,290,000 | |||||||||||||||||||||||||||||
New facility carries interest | 3% | |||||||||||||||||||||||||||||
Term loan 4 [Member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Term loan amount | $ 95,290,000 | |||||||||||||||||||||||||||||
Interest rate of description | carried an interest at 3 month EIBOR + 3% margin. The loan is repayable in 17 bi-annual instalments and commences 6 months after the date of completion of Phase 2. | |||||||||||||||||||||||||||||
Term loan 1 [Member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Loan carries interest | 4.50% | 5% | ||||||||||||||||||||||||||||
Principal amount not paid | $ 3,700,000 | |||||||||||||||||||||||||||||
Debt balance | $ 94,800,000 | $ 94,800,000 | ||||||||||||||||||||||||||||
Cumulative instalments | $ 6,612,194 | $ 5,729,418 | 5,729,418 | $ 6,612,194 | ||||||||||||||||||||||||||
Amended agreement | 6,520,130 | 5,494,063 | ||||||||||||||||||||||||||||
Amendment fee | $ 136,128 | 92,064 | $ 235,355 | |||||||||||||||||||||||||||
Current assets | $ 72,700,000 | 72,700,000 | ||||||||||||||||||||||||||||
Final settlement | $ 74,082,548 | |||||||||||||||||||||||||||||
Promissory Notes [member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Interest rate | 10% | |||||||||||||||||||||||||||||
Cash fee | $ 3,000,000 | |||||||||||||||||||||||||||||
Non interest bearing promissory note | $ 1,500,000 | |||||||||||||||||||||||||||||
Additional romissory rate | 765,000% | |||||||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
EIBOR Interest | 6.50% | 6.50% | 6.50% | 6.50% | ||||||||||||||||||||||||||
Minimum [Member] | Term loan 2 [Member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Loan carries interest | 4% | 5% | 3% | |||||||||||||||||||||||||||
Minimum [Member] | Term loan 1 [Member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Loan carries interest | 4% | 3% | ||||||||||||||||||||||||||||
Top of range [member] | Term loan 2 [Member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Loan carries interest | 4.50% | 5% | 3.50% | |||||||||||||||||||||||||||
Top of range [member] | Term loan 1 [Member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Loan carries interest | 5% | 3.50% | ||||||||||||||||||||||||||||
Term loan 1 [Member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Loan facility | $ 84,595,154 | |||||||||||||||||||||||||||||
Description of interest rate loan | The interest rate on the loan was initially at 6 month EIBOR + 3.5%, however as per above mentioned amendment, it was revised to 6 month EIBOR+3%. | |||||||||||||||||||||||||||||
Amendment fee | $ 235,355 | $ 92,064 | ||||||||||||||||||||||||||||
Term loan facility | $ 550,445 | $ 84,595,154 | ||||||||||||||||||||||||||||
Term loan facility, description | The loan was payable in 45 instalments starting 31 October 2019 with final maturity on 30 July 2030. | The loan is now payable in 44 instalments starting 31 January 2020 with final maturity on 30 July 2030. | As a result of this amendment the loan was repayable in 48 quarterly instalments starting October 2018 with final maturity in July 2030. The loan carries interest at 3 month EIBOR + 3% as compared to interest at 6 month EIBOR + 3.5% previously. | The loan was repayable in 48 quarterly instalments, commencing 27 months after the start of the construction with final maturity not exceeding 31 March 2028 | ||||||||||||||||||||||||||
Prepaid finance cost | $ 559,607 | $ 499,158 | ||||||||||||||||||||||||||||
Repayment of loan | $ 6,612,194 | |||||||||||||||||||||||||||||
Cumulative instalments including interest outstanding | $ 5,494,063 | $ 6,520,130 | ||||||||||||||||||||||||||||
Term loan 2 [Member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Term loan facility, description | The loan was repayable in 20 quarterly instalments starting October 2018 with final maturity in July 2023.The loan carried interest at 3 month EIBOR + 3% as compared to interest at 3 month EIBOR + 3.5% previously. | The loan was repayable in 20 quarterly instalments starting after a 6 months grace period commencing in April 2017 | ||||||||||||||||||||||||||||
Prepaid finance cost | $ 76,606 | $ 58,578 | ||||||||||||||||||||||||||||
Additional term loan facility | $ 11,108,086 | |||||||||||||||||||||||||||||
Term loan 1 and 2 [Member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Amendment fee | $ 136,000 | |||||||||||||||||||||||||||||
Term loan facility, description | Loans (1) and (2) are now payable in 46 and 16 instalments, respectively, with the first installment starting from 30 June 2020 with final maturity in 30 July 2030 and 31 July 2023, respectively. The loan 1 carries interest at 6 months EIBOR + 4% (minimum 5%) and to be further increased to 6 month EIBOR + 4.5% (minimum 5%) from January 2021 as compared to interest at 3 month EIBOR + 3% previously, and, the loan 2 carries interest at 3 months EIBOR + 4% (minimum 5%) and to be further increased to 3 month EIBOR + 4.5% (minimum 5%) as compared to interest at 3 month EIBOR + 3% previously. | i) a minimum debt service coverage ratio of 150% at all times and if the ratio decreases to 120% or less, it results in an event of default; the debt service coverage ratio (DSCR) is defined as net operating income divided by total debt service and; ii) an amount equivalent to one quarterly instalment including interest in a debt service reserve account at all times. | ||||||||||||||||||||||||||||
Term loan | $ 8.8 | |||||||||||||||||||||||||||||
Term Loan 3 [Member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Term loan facility, description | The facility carried interest at 1 month EIBOR + 2% margin and was repayable in 15 equal monthly instalments commencing from date of disbursement. | |||||||||||||||||||||||||||||
Accrued interest on term loan | $ 3,539,341 | |||||||||||||||||||||||||||||
Term loan 4 [Member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Term loan facility, description | (i) a minimum facility service coverage ratio of 1.25:1, (ii) a participations to value ratio not exceeding 1.50:1 at all times, (iii) a participations to cost ratio not exceeding 57% at any date, and (iv) an amount equivalent to one instalment including interest in a facility service reserve account at all times or in the event of an initial public offering, the amount should be equivalent to the next two instalments including interest. | |||||||||||||||||||||||||||||
Term loan 4 [Member] | Commercial Bank [Member] | ||||||||||||||||||||||||||||||
Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||||||
Term loan facility | $ 95,290,000 | |||||||||||||||||||||||||||||
Term loan facility, description | The new facility carries interest at 3 month EIBOR + 3% margin and is repayable in 17 bi-annual instalments commencing 6 months after the date of completion of Phase 2. |
Borrowings (Details) - Schedule
Borrowings (Details) - Schedule of borrowings - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of borrowings [Abstract] | |||||
Term loan | $ 2,178,737 | $ 2,376,804 | |||
Bonds | 171,343,445 | 176,925,643 | 182,781,617 | $ 187,014,715 | |
Total | $ 173,522,182 | $ 179,302,447 | $ 182,781,617 | $ 187,014,715 | $ 88,700,137 |
Borrowings (Details) - Schedu_2
Borrowings (Details) - Schedule of current and non- current break up - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of current and non- current break up [Abstract] | ||||
Term loan, Maturity | 2028 | |||
Term loan, Amount | $ 1,782,603 | $ 1,980,670 | ||
Total term loan amount | 1,782,603 | 1,980,670 | ||
Current | ||||
Term loan | $ 396,134 | |||
Bonds, Maturity | On demand | |||
Bonds, Amount | $ 171,343,445 | 182,781,617 | ||
Total | $ 171,739,579 | $ 177,321,777 | $ 182,781,617 | $ 7,000,000 |
Borrowings (Details) - Schedu_3
Borrowings (Details) - Schedule of bonds - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of bonds [Abstract] | |||||
Coupon rate | 8.50% | 8.50% | 8.50% | ||
Effective interest rate | 10.57% | 10.57% | 10.57% | ||
Maturity date | Refer note below | Refer note below | Refer note below | September 2015 | |
Bond net of transaction costs | $ 176,925,643 | $ 171,343,445 | $ 182,781,617 | $ 187,014,715 |
Borrowings (Details) - Schedu_4
Borrowings (Details) - Schedule of bonds (Parentheticals) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of bonds [Abstract] | ||||
Net of transaction costs | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 |
Lease Liabilities (Details)
Lease Liabilities (Details) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2013 | |
Lease Liabilities (Details) [Line Items] | ||||
Description of land lease agreement | the Group entered into another land lease agreement in respect of its phase 3 project with the Fujairah Oil Industry Zone for a period of 30 years, extendable for another 30 years. Given the use of the land, it is reasonably certain that the Group will continue to lease the land till the end of the lease period (i.e. 60 years) and accordingly the below lease rentals cover a period up to 60 years discounted at the rate of 13% (2019:nil) as an incremental borrowing rate for the Group. Annual lease rental is increased by 2% on an annual basis and there is an initial rent free period of 18 months from the contract date. | the Group entered into a land lease agreement with the Municipality of Fujairah for a period of 30 years, extendable for another 30 years at the option of the Group. The Group has concluded that they have the right-to-use of the asset and accordingly, recorded a lease liability as per the requirements of IFRS 16. Given the use of the land, it is reasonably certain that the Group will continue to lease the land till the end of the lease period (i.e. 60 years) and accordingly the below lease rentals cover a period up to 60 years discounted at the rate of 9.5% (2019: 9.5%) as an incremental borrowing rate for the Group. Annual lease rental is increased by 2% on an annual basis as per the agreement. | ||
Description of land lease agreement | the Group entered into another land lease agreement in respect of its Phase III project with the Fujairah Oil Industry Zone for a period of 30 years, extendable for another 30 years. Given the use of the land, it is reasonably certain that the Group will continue to lease the land till the end of the lease period (i.e. 60 years) and accordingly the below lease rentals cover a period up to 60 years discounted at the rate of 13% (2020: 13%) as an incremental borrowing rate for the Group. Annual lease rental is increased by 2% on an annual basis and there is an initial rent free period of 18 months from the contract date. | The Group has entered into a land lease agreement with the municipality of Fujairah. The lease commenced in 2013 and is for a period of 30 years extendable for another 30 years at the option of the Group. Considering the use the land, it is reasonably certain that the land will be used until the end of the lease period (i.e. 60 years) and the lease rentals have been discounted at the incremental borrowing rate of 9.5% . As per the land lease agreement, the lease rentals will be increased by 2% every year. | The Company has entered into a land lease agreement with the Municipality of Fujairah. The lease commenced in 2013 and is for a period of 30 years extendable for another 30 years at the option of the Company. The Company has concluded that they have the right-to-use of the asset and accordingly, recorded a lease liability as per the requirements of IFRS 16. Considering the use of the land, it is reasonably certain that the land will be used until the end of the lease period (i.e. 60 years) and the lease rentals have been discounted at the incremental borrowing rate of 9.5%. As per the land lease agreement, the lease rentals will be increased by 2% every year. | the Group entered into a land lease agreement with the Municipality of Fujairah for a period of 30 years, extendable for another 30 years at the option of the Group. The Group has concluded that they have the right-to-use of the asset and accordingly, recorded a lease liability as per the requirements of IFRS 16. Given the use of the land, it is reasonably certain that the Group will continue to lease the land till the end of the lease period (i.e. 60 years) and accordingly the below lease rentals cover a period up to 60 years discounted at the rate of 9.5% (2020: 9.5%) as an incremental borrowing rate for the Group. Annual lease rental is increased by 2% on an annual basis as per the agreement |
Land Lease Agreement One [Member] | ||||
Lease Liabilities (Details) [Line Items] | ||||
Description of land lease agreement | the Group entered into another land lease agreement in respect of its Phase III project with the Fujairah Oil Industry Zone for a period of 30 years, extendable for another 30 years. Given the use of the land, it is reasonably certain that the Group will continue to lease the land till the end of the lease period (i.e. 60 years) and accordingly the below lease rentals cover a period up to 60 years discounted at the rate of 13% (2020: 13%) as an incremental borrowing rate for the Group. Annual lease rental is increased by 2% on an annual basis and there is an initial rent free period of 18 months from the contract date. | the Group entered into a land lease agreement with the Municipality of Fujairah for a period of 30 years, extendable for another 30 years at the option of the Group. The Group has concluded that they have the right-to-use of the asset and accordingly, recorded a lease liability as per the requirements of IFRS 16. Given the use of the land, it is reasonably certain that the Group will continue to lease the land till the end of the lease period (i.e. 60 years) and accordingly the below lease rentals cover a period up to 60 years discounted at the rate of 9.5% (2021: 9.5%) as an incremental borrowing rate for the Group. Annual lease rental is increased by 2% on an annual basis as per the agreement. | ||
Land Lease Agreement [Member] | ||||
Lease Liabilities (Details) [Line Items] | ||||
Description of land lease agreement | During 2020, the Group entered into another land lease agreement in respect of its Phase III project with the Fujairah Oil Industry Zone for a period of 30 years, extendable for another 30 years. Given the use of the land, it is reasonably certain that the Group will continue to lease the land till the end of the lease period (i.e. 60 years) and accordingly the below lease rentals cover a period up to 60 years discounted at the rate of 13% (2020: 13%) as an incremental borrowing rate for the Group. Annual lease rental is increased by 2% on an annual basis and there is an initial rent free period of 18 months from the contract date. | During 2013, the Group entered into a land lease agreement with the Municipality of Fujairah for a period of 30 years, extendable for another 30 years at the option of the Group. The Group has concluded that they have the right-to-use of the asset and accordingly, recorded a lease liability as per the requirements of IFRS 16. Given the use of the land, it is reasonably certain that the Group will continue to lease the land till the end of the lease period (i.e. 60 years) and accordingly the below lease rentals cover a period up to 60 years discounted at the rate of 9.5% (2019: 9.5%) as an incremental borrowing rate for the Group. Annual lease rental is increased by 2% on an annual basis as per the agreement. |
Lease Liabilities (Details) - S
Lease Liabilities (Details) - Schedule of lease liabilities - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of lease liabilities [Abstract] | |||||||
Balance at the beginning of the year | $ 89,781,180 | $ 89,781,180 | $ 87,511,733 | $ 30,779,138 | $ 30,221,426 | $ 29,670,676 | $ 29,127,095 |
Rent waiver | (6,126,800) | ||||||
Interest charged during the year | 10,398,008 | 11,774,031 | 3,525,982 | 2,871,035 | 2,818,714 | 2,767,074 | |
Repayment during the year | $ (3,056,444) | (9,305,777) | (3,377,784) | (2,313,323) | (2,267,964) | (2,223,494) | |
Balance at the end of the year | 90,873,411 | 89,781,180 | $ 87,511,733 | 30,779,138 | 30,221,426 | 29,670,676 | |
Current | 6,316,342 | 8,976,452 | 2,154,878 | 2,112,624 | 2,071,200 | ||
Non-Current | $ 84,557,069 | $ 80,804,728 | $ 28,624,260 | $ 28,108,802 | $ 27,599,476 |
Lease Liabilities (Details) -_2
Lease Liabilities (Details) - Schedule of reduction lease liability - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | $ 885,817,296 | $ 489,395,684 | $ 895,123,077 | $ 902,452,867 | $ 225,749,200 | $ 228,062,524 | $ 230,330,487 |
Finance costs | (794,943,885) | (397,471,942) | (805,341,897) | (814,941,134) | (194,970,062) | (197,841,098) | (200,659,812) |
Present value of minimum lease payments | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | 30,779,138 | 30,221,426 | 29,670,675 |
Lease payments [Member] | Not later than one year [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 8,878,338 | 4,439,169 | 8,704,253 | 8,533,582 | 2,359,590 | 2,313,324 | 2,267,964 |
Lease payments [Member] | Later than one year and not later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 37,324,891 | 18,662,445 | 36,593,030 | 35,875,519 | 9,919,810 | 9,725,304 | 9,534,612 |
Lease payments [Member] | Later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 839,614,067 | 466,294,070 | 849,825,794 | 858,043,766 | 213,469,800 | 216,023,896 | 218,527,911 |
Present value of minimum lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | 30,779,138 | 30,221,426 | 29,670,675 |
Finance costs | |||||||
Present value of minimum lease payments | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | 30,779,138 | 30,221,426 | 29,670,675 |
Present value of minimum lease payments [Member] | Not later than one year [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 5,428,131 | 2,714,066 | 5,978,847 | 6,586,405 | 2,154,878 | 2,112,624 | 2,071,200 |
Present value of minimum lease payments [Member] | Later than one year and not later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 17,164,474 | 8,582,236 | 18,899,037 | 20,812,094 | 7,241,240 | 7,099,256 | 6,960,054 |
Present value of minimum lease payments [Member] | Later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | $ 68,280,806 | $ 80,627,440 | $ 64,903,296 | $ 60,113,234 | $ 21,383,020 | $ 21,009,546 | $ 20,639,421 |
Employees' End of Service Ben_3
Employees' End of Service Benefits (Details) - Schedule of employees’ end of service benefits - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of employees’ end of service benefits [Abstract] | |||||||
Balance at the beginning of the year | $ 60,624 | $ 60,624 | $ 40,514 | $ 13,941 | $ 6,267 | $ 651 | $ 286 |
Provision for the year | 147,928 | 256,890 | 31,551 | 29,047 | 9,488 | 5,748 | 365 |
Paid during the year | $ (39,749) | (183,314) | (11,441) | (2,474) | (1,814) | (132) | |
Balance at the end of the year | $ 134,200 | $ 60,624 | $ 40,514 | $ 13,941 | $ 6,267 | $ 651 |
Asset Retirement Obligation (De
Asset Retirement Obligation (Details) - Schedule of asset retirement obligation - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of asset retirement obligation [Abstract] | |||||
Asset retirement obligation | $ 2,056,259 | $ 2,023,329 | $ 1,990,399 | $ 873,334 | |
Total | $ 2,056,259 | $ 2,023,329 | $ 1,990,399 | $ 873,334 |
Share Capital & Share Premium_2
Share Capital & Share Premium (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Share Capital & Share Premium (Details) [Line Items] | |||||
Ordinary shares | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | |
Exceeds amount (in Dollars) | $ 175,000,000 | $ 175,000,000 | $ 175,000,000 | ||
Ordinary shares equals or exceeds (in Dollars per share) | $ 12.5 | $ 12.5 | $ 12.5 | ||
Equals or exceeds amount (in Dollars) | $ 250,000,000 | $ 250,000,000 | $ 450,000,000 | ||
Equals or exceeds amount (in Dollars) | $ 250,000,000 | ||||
Brooge Energy Limited [Member] | |||||
Share Capital & Share Premium (Details) [Line Items] | |||||
Ordinary shares equals or exceeds (in Dollars per share) | $ 14 | $ 14 | $ 14 | ||
Founder Shares [Member] | |||||
Share Capital & Share Premium (Details) [Line Items] | |||||
Ordinary shares | 1,552,500 | 1,552,500 | 1,552,000 | 1,552,500 | |
Original founders share [Member] | |||||
Share Capital & Share Premium (Details) [Line Items] | |||||
Ordinary shares | 1,552,500 |
Share Capital & Share Premium_3
Share Capital & Share Premium (Details) - Schedule of share capital share premium - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Share Capital Share Premium Abstract | ||||
No. of Shares, Ordinary shares | 450,000,000 | |||
No. of Shares, Ordinary value | $ 250,000,000 | $ 450,000,000 | $ 250,000,000 | |
Share Capital beginning balance, shares | 88,035,353 | |||
Share Capital end balance | $ 8,804 | $ 8,804 | ||
Share Capital end balance, shares | 88,035,353 | 88,035,353 |
Share Capital & Share Premium_4
Share Capital & Share Premium (Details) - Schedule of escrow period represents the period commencing - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share Premium | ||
Share premium | $ 101,777,058 | $ 101,777,058 |
Transactions with Related Par_3
Transactions with Related Parties (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Related Party Text Block Abstract | ||||||
Expense paid on behalf of related parties | $ 57,550 | |||||
Management remuneration | 1,160,293 | 677,291 | ||||
Compensation amount | $ 1,229,114 | $ 1,242,706 | $ 1,417,266 | $ 1,160,293 | $ 163,354 | |
Key management remuneration | $ 677,291 | $ 144,569 |
Transactions with Related Par_4
Transactions with Related Parties (Details) - Schedule of transactions with related parties - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of transactions with related parties [Abstract] | ||||
(Repayments to) / Contributions by the shareholders | $ (574,868) | $ (626,029) | $ 255,818 | $ (233,457) |
Total | $ (574,868) | $ (626,029) | $ 255,818 | $ (233,457) |
Transactions with Related Par_5
Transactions with Related Parties (Details) - Schedule of transactions in shareholders account - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Transactions In Shareholders Account Abstract | ||||||
At January 01 | $ 71,017,816 | $ 70,761,998 | $ 70,995,455 | $ 47,717,763 | $ 70,421,436 | |
Net contributions (distributions) during the year | (626,029) | 255,818 | (233,457) | 23,277,692 | (22,703,673) | $ 13,382,336 |
At December 31 | 70,391,787 | 71,017,816 | 70,761,998 | 70,995,455 | $ 47,717,763 | 70,421,436 |
Expense (reimbursed by) / paid on behalf of related parties | 24,360 | 509,343 | ||||
Key management remuneration | $ 1,229,114 | $ 1,242,706 | $ 1,417,266 | $ 1,160,293 | $ 163,354 |
Transactions with Related Par_6
Transactions with Related Parties (Details) - Schedule of related party balances - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Shareholder [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | $ 70,391,787 | $ 70,442,948 | $ 71,017,816 | $ 70,761,998 | $ 70,995,455 | $ 47,717,763 |
BPGIC Holdings [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 34,136 | 504,214 | ||||
HBS Investments LP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 10,381 | 5,300 | 4,187 | 17,479 | 13,388 | |
H Capital International LP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 9,983 | 5,302 | 4,189 | 16,975 | 11,056 | |
O2 Investments Limited as GP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 9,272 | 5,775 | 5,191 | 9,303 | 6,181 | |
SBD International LP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 50,014 | 48,470 | 47,357 | 17,851 | 13,760 | |
SD Holding Limited as GP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 21,842 | 21,842 | 19,938 | 9,850 | 6,984 | |
Gyan Investments Ltd [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 9,010 | 5,864 | 5,280 | 9,555 | 6,181 | |
Shareholder [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | $ 2,041,927 | $ 2,041,927 | $ 2,041,927 |
Contingent Liabilities (Details
Contingent Liabilities (Details) - Schedule of contingent liabilities - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Contingent Liabilities [Abstract] | |||||||
Capital commitments within one year | $ 53,500,000 | $ 53,500,000 | $ 22,000,000 | $ 33,125,477 | $ 79,334,742 | $ 144,027,770 | |
Total capital commitments within one year | $ 53,500,000 | $ 53,500,000 | $ 22,000,000 | $ 33,125,477 | $ 79,334,742 | $ 160,562,646 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 6 Months Ended | 12 Months Ended | |||
May 14, 2020 | May 14, 2019 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||||
Escrow shares | 21,552,500 | 21,552,000 | |||
Exercise of warrant | 100 | ||||
Issuable shares | 21,552,000 | ||||
Warrants | 100 |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of basic and diluted EPS - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Basic And Diluted Eps Abstract | ||||||
Profit attributable to ordinary equity holders of the parent | $ 3,894,041 | $ 27,229,285 | $ 25,690,565 | $ 2,518,668 | $ (104,689,000) | $ (13,670,708) |
Weighted average number of ordinary shares | 88,035,321 | 88,035,321 | 88,035,321 | 88,035,321 | 80,264,186 | 80,000,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | |||||
Derivative warrant liability | $ 4,245,780 | $ 7,217,746 | $ 11,675,815 | $ 2,547,622 | $ 1,273,740 |
Borrowings | 171,343,445 | 176,925,643 | 182,781,617 | ||
Derivative financial instruments | 9,306,741 | 7,364,829 | 5,422,917 | ||
Level 1 [Member] | |||||
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | |||||
Derivative warrant liability | 4,245,780 | 7,217,746 | 11,675,815 | ||
Borrowings | |||||
Derivative financial instruments | |||||
Level 2 [Member] | |||||
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | |||||
Derivative warrant liability | |||||
Borrowings | 171,343,445 | 176,925,643 | 182,781,617 | ||
Derivative financial instruments | 9,306,741 | 7,364,829 | 5,422,917 | ||
Level 3 [Member] | |||||
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | |||||
Derivative warrant liability | |||||
Borrowings | |||||
Derivative financial instruments |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Apr. 24, 2023 | Sep. 24, 2020 | Feb. 28, 2022 | Sep. 30, 2020 | Sep. 24, 2020 | Mar. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2019 | Dec. 31, 2021 | |
Subsequent Events (Details) [Line Items] | |||||||||
Term loan description | The Group negotiated another amendment to the term loan facilities (1) and (2) on 15 June 2020. Loans (1) and (2) are now payable in 46 and 16 instalments, respectively, with the first installment starting from June 30, 2020 with final maturity in July 30, 2030 and July 31, 2023, respectively. The loan 1 carries interest at 6 months EIBOR + 4% (minimum 5%) and to be further enhanced to 6 month EIBOR + 4.5% (minimum 5%) from January 2021 as compared to interest at 3 month EIBOR + 3% previously, and, the loan 2 carries interest at 3 months EIBOR + 4% (minimum 5%) and to be further enhanced to 3 month EIBOR + 4.5% (minimum 5%) as compared to interest at 3 month EIBOR + 3% previously The Group has to pay USD 8.8 million for term loan (1) and (2) in 2020 which represents the cumulative instalments including interest outstanding from periods prior to this amended agreement and an amendment fee of USD 136,000. All securities and covenants under the original agreements remain in effect under the amended agreement except debt service reserve account (DSRA) balance to be maintained from October 31, 2020 and debt service coverage ratio (DSCR) to be commenced from December 31, 2020. Under this agreement, term loans (1) and (2) are also secured by assignment of the proceeds from operation of the tanks of Phase 1 and Phase 2. | ||||||||
Issued bond amount | $ 200,000,000 | ||||||||
Face value amount | $ 1 | $ 1 | |||||||
Issue price (in Dollars per share) | $ 0.95 | ||||||||
Annual repayment description | The semi-annual bond repayment of USD 7 million commenced in November 2021 and continuous until May 2025, with one final bullet repayment of USD 144 million due in November 2025. These bonds carry interest at a rate of 8.5% per annum payable semi-annually. | ||||||||
Owners contributed | $ 75,000,000 | ||||||||
Long term fixed interest rate | $ 200,000,000 | $ 200,000,000 | |||||||
Private investors | $ 1 | $ 1 | |||||||
Issue price per share (in Dollars per share) | $ 0.95 | $ 0.95 | $ 0.95 | ||||||
Further bonds | $ 50,000,000 | $ 50,000,000 | |||||||
Bonds net | 186,000,000 | $ 186,000,000 | |||||||
Transaction costs | 4,000,000 | ||||||||
Construction costs | $ 85,000,000 | ||||||||
Term loan facility | $ 2,376,804 | $ 2,376,804 | |||||||
Minimum [Member] | |||||||||
Subsequent Events (Details) [Line Items] | |||||||||
Interest rate | 4% | ||||||||
Maximum [Member] | |||||||||
Subsequent Events (Details) [Line Items] | |||||||||
Interest rate | 6.50% |
Financial Risk Management and_3
Financial Risk Management and Policies (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Risk Management and Policies [Abstract] | |||||
Derivative warrant liability | $ 7,217,746 | $ 4,245,780 | $ 11,675,815 | $ 2,547,622 | $ 1,273,740 |
Derivative increase/(decrease) rate | 10% | ||||
Increase decrease in derivative warrant liability | $ 424,578 | 1,167,582 | 1,316,838 | 1,570,946 | |
Derivative warrant liabilities | 13,161,838 | $ 15,709,460 | |||
Derivative warrant liability percentage | 10% | ||||
Fair value of derivative warrant liability | 11,675,815 | $ 13,161,838 | |||
Increase decrease percentage | 10% | ||||
Increase/(decrease) on the income and equity | $ 721,774 | $ 1,167,581 |
Financial Risk Management and_4
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Borrowings (Including accrued interest) | $ 173,522,182 | $ 183,268,107 | $ 182,781,617 | $ 191,264,715 | ||
Lease liability | 90,873,411 | 91,923,742 | 89,781,180 | |||
Accounts payable, accruals and other payables (excluding accrued interest) | 93,903,217 | 107,940,623 | 88,342,208 | $ 115,633,080 | $ 35,946,217 | |
Total | 358,298,810 | 360,905,005 | 86,970,181 | 434,896,048 | 364,646,641 | |
On demand [Member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Borrowings (Including accrued interest) | 171,343,445 | 176,925,643 | 182,781,617 | |||
Lease liability | ||||||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | 171,343,445 | 182,781,617 | $ 99,447,827 | |||
(new) Upto 1 Year [Member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Borrowings (Including accrued interest) | 396,134 | 4,361,794 | 11,250,000 | |||
Lease liability | 5,428,131 | 9,872,066 | 5,978,847 | |||
Accounts payable, accruals and other payables (excluding accrued interest) | 93,903,217 | 107,940,623 | 88,342,208 | 115,633,080 | ||
Total | 99,727,482 | 94,321,055 | 86,970,181 | 137,345,488 | ||
1 to 5 Years [Member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Borrowings (Including accrued interest) | 1,782,603 | 180,014,715 | ||||
Lease liability | 17,164,474 | 18,899,037 | ||||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | 18,947,077 | 18,899,037 | 43,530,413 | |||
Later than five years [member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Borrowings (Including accrued interest) | ||||||
Lease liability | 68,280,806 | 82,051,676 | 64,903,296 | |||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | $ 68,280,806 | $ 64,903,296 | $ 254,020,147 |
Financial Risk Management and_5
Financial Risk Management and Policies (Details) - Schedule of capital management - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financial Risk Management and Policies (Details) - Schedule of capital management [Line Items] | |||||||
Borrowing | $ 173,522,182 | $ 179,302,447 | $ 182,781,617 | $ 187,014,715 | |||
Lease liability | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | $ 225,749,200 | ||
Less: cash and cash equivalents | (940,925) | $ (10,352) | $ (448,952) | ||||
Net debt | 263,454,668 | 270,210,290 | 271,110,481 | 253,536,478 | 99,648,504 | 128,721,211 | |
Total capital | 105,094,692 | 81,810,609 | 78,491,436 | 52,545,053 | |||
Capital and net debt | $ 368,549,360 | $ 352,020,899 | $ 349,601,917 | $ 306,081,531 | $ 149,907,122 | $ 159,967,784 | |
Gearing ratio | 71% | 77% | 78% | 83% | 66% | 80% | |
Previously stated [member] | |||||||
Financial Risk Management and Policies (Details) - Schedule of capital management [Line Items] | |||||||
Borrowing | $ 182,781,617 | $ 187,014,715 | $ 88,700,137 | ||||
Lease liability | 89,781,180 | 87,511,733 | 30,779,138 | ||||
Less: cash and cash equivalents | (1,452,316) | ||||||
Net debt | 271,110,481 | 52,545,053 | 50,258,618 | ||||
Total capital | 78,491,436 | $ 306,081,531 | $ 149,907,122 | ||||
Capital and net debt | $ 349,601,917 | ||||||
Gearing ratio | 71% |
Comparative Figures (Details)
Comparative Figures (Details) - USD ($) | 12 Months Ended | ||||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2022 | Nov. 30, 2020 | Sep. 24, 2020 | |
Comparative Figures (Details) [Line Items] | |||||||||
Security against loans amount | $ 2,775,806 | $ 164,038,378 | $ 169,439,563 | $ 2,775,806 | $ 200,000,000 | ||||
Capital work in progress amount | 17,024,383 | $ 191,678,646 | 12,840,335 | ||||||
Related to finance charge on lease liability | $ 1,458,069 | ||||||||
Related to depreciation charge on right-of-use asset | 1,817,465 | $ 233,113 | |||||||
Percentage of finance costs | 6.10% | ||||||||
Related assets with a carrying value | $ 158,493,403 | $ 164,038,378 | |||||||
Finance charge on lease liability | 25,417,989 | 6,810,718 | $ 8,335,269 | 5,782,430 | $ 6,951,923 | $ 966,926 | |||
General borrowing cost | 2,274,051 | 1,546,108 | |||||||
Specific borrowing cost | $ 2,445,837 | ||||||||
General borrowing costs percenatge | 7.35% | 6.10% | |||||||
Term loans percentage | 10.10% | ||||||||
Amount for construction | 15,000,000 | 189,861,181 | $ 15,000,000 | $ 85,000,000 | $ 85,000,000 | ||||
Group’s Phase II tanks [Member] | |||||||||
Comparative Figures (Details) [Line Items] | |||||||||
Capital work in progress amount | $ 185,352 | 133,255,464 | $ 19,123 | ||||||
Finance charge on lease liability | 1,484,977 | $ 1,458,069 | |||||||
Capitalized borrowing costs | 4,719,888 | 1,546,108 | |||||||
Group’s Phase III [member] | |||||||||
Comparative Figures (Details) [Line Items] | |||||||||
Capital work in progress amount | $ 8,685,182 | 324,340 | |||||||
Related to depreciation charge on right-of-use asset | 77,175 | ||||||||
Finance charge on lease liability | $ 232,131 | $ 233,113 |
Comparative Figures (Details) -
Comparative Figures (Details) - Schedule of groupings of property, plant and equipment - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Cost: | ||||
Cost at beginning | $ 455,820,960 | $ 455,820,960 | $ 206,106,586 | |
Additions during the year | 7,726,643 | 12,315,483 | $ 67,911,792 | 71,618,332 |
Cost at ending | 468,136,443 | 455,820,960 | 277,724,918 | |
Accumulated Depreciation: | ||||
Accumulated Depreciation at beginning: | 28,554,047 | 28,554,047 | ||
Charge for the year | 6,735,923 | 13,541,757 | 7,948,404 | 6,018,858 |
Accumulated Depreciation at ending | 42,095,804 | 28,554,047 | 14,496,330 | |
Net Carrying Value: | ||||
Net Carrying Value as at December 31, 2022 | 426,040,639 | |||
Net Carrying Value as at December 31, 2021 | 427,266,913 | |||
Buildings [Member] | ||||
Cost: | ||||
Cost at beginning | 28,037,886 | 28,037,886 | 28,037,886 | |
Additions during the year | 2,775,806 | |||
Cost at ending | 30,813,692 | 28,037,886 | 28,037,886 | |
Accumulated Depreciation: | ||||
Accumulated Depreciation at beginning: | 4,615,111 | 4,615,111 | ||
Charge for the year | 1,214,042 | 1,121,515 | ||
Accumulated Depreciation at ending | 5,829,153 | 4,615,111 | 2,372,081 | |
Net Carrying Value: | ||||
Net Carrying Value as at December 31, 2022 | 24,984,539 | |||
Net Carrying Value as at December 31, 2021 | 23,422,775 | |||
Installations [Member] | ||||
Cost: | ||||
Cost at beginning | 179,268,276 | 179,268,276 | 65,868,246 | |
Additions during the year | 99,130 | 9,883 | ||
Cost at ending | 179,367,406 | 179,268,276 | 65,878,129 | |
Accumulated Depreciation: | ||||
Accumulated Depreciation at beginning: | 12,287,155 | 12,287,155 | ||
Charge for the year | 3,752,486 | 7,558,769 | 3,518,868 | 2,829,671 |
Accumulated Depreciation at ending | 19,845,924 | 12,287,155 | 5,978,336 | |
Net Carrying Value: | ||||
Net Carrying Value as at December 31, 2022 | 159,521,482 | |||
Net Carrying Value as at December 31, 2021 | 166,981,121 | |||
Other Equipments [Member] | ||||
Cost: | ||||
Cost at beginning | 307,695 | 307,695 | 213,843 | |
Additions during the year | 915,994 | 4,984 | ||
Cost at ending | 1,223,689 | 307,695 | 218,827 | |
Accumulated Depreciation: | ||||
Accumulated Depreciation at beginning: | 186,399 | 186,399 | ||
Charge for the year | 185,055 | 43,237 | ||
Accumulated Depreciation at ending | 371,454 | 186,399 | 79,673 | |
Net Carrying Value: | ||||
Net Carrying Value as at December 31, 2022 | 852,235 | |||
Net Carrying Value as at December 31, 2021 | 121,296 | |||
Tanks [Member] | ||||
Cost: | ||||
Cost at beginning | 154,532,494 | 154,532,494 | 76,100,795 | |
Additions during the year | ||||
Cost at ending | 154,532,494 | 154,532,494 | 76,100,795 | |
Accumulated Depreciation: | ||||
Accumulated Depreciation at beginning: | 6,697,282 | 6,697,282 | ||
Charge for the year | 1,577,334 | 3,148,604 | 1,816,490 | 1,565,419 |
Accumulated Depreciation at ending | 9,845,886 | 6,697,282 | 3,312,144 | |
Net Carrying Value: | ||||
Net Carrying Value as at December 31, 2022 | 144,686,608 | |||
Net Carrying Value as at December 31, 2021 | 147,835,212 | |||
Capital Work in Progress [Member] | ||||
Cost: | ||||
Cost at beginning | 8,685,182 | 8,685,182 | 8,344,847 | |
Additions during the year | 4,174,276 | 8,524,553 | 66,784,024 | 71,603,465 |
Cost at ending | 17,209,735 | 8,685,182 | 79,948,312 | |
Accumulated Depreciation: | ||||
Accumulated Depreciation at beginning: | ||||
Charge for the year | ||||
Accumulated Depreciation at ending | ||||
Net Carrying Value: | ||||
Net Carrying Value as at December 31, 2022 | 17,209,735 | |||
Net Carrying Value as at December 31, 2021 | 8,685,182 | |||
Right of use Assets [Member] | ||||
Cost: | ||||
Cost at beginning | 84,989,427 | 84,989,427 | ||
Additions during the year | ||||
Cost at ending | 84,989,427 | 84,989,427 | ||
Accumulated Depreciation: | ||||
Accumulated Depreciation at beginning: | 4,768,100 | 4,768,100 | ||
Charge for the year | $ 717,644 | 1,435,287 | ||
Accumulated Depreciation at ending | 6,203,387 | 4,768,100 | ||
Net Carrying Value: | ||||
Net Carrying Value as at December 31, 2022 | $ 78,786,040 | |||
Net Carrying Value as at December 31, 2021 | $ 80,221,327 |
Comparative Figures (Details)_2
Comparative Figures (Details) - Schedule of statement of comprehensive income - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Comparative Figures (Details) - Schedule of statement of comprehensive income [Line Items] | ||||||
Direct costs (Note 7) | $ 6,244,880 | $ 12,615,658 | $ 6,806,198 | $ 5,800,007 | $ 5,785,745 | $ 5,763,150 |
CWIP | 491,042 | 926,099 | 1,142,206 | 309,306 | 233,113 | 239,144 |
Total | $ 6,735,923 | $ 13,541,757 | 7,948,404 | $ 6,109,313 | $ 6,018,858 | $ 6,002,294 |
Restated [Member] | ||||||
Comparative Figures (Details) - Schedule of statement of comprehensive income [Line Items] | ||||||
Direct costs (Note 7) | 6,806,198 | |||||
CWIP | 1,142,207 | |||||
Total | $ 7,948,405 |
Revenue (Details) - Schedule _2
Revenue (Details) - Schedule of revenue - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Revenue Abstract | ||||||||
Storage rental income | $ 27,405,640 | $ 16,413,047 | $ 77,577,633 | $ 37,467,396 | $ 23,754,376 | $ 13,397,209 | $ 5,694,418 | $ 62,995 |
Miscellaneous income | 1,681,878 | 1,558,887 | 1,294,829 | 423,094 | ||||
Ancillary services | 520,640 | 5,424,589 | 1,923,747 | 2,612,341 | 1,877,913 | 1,193,181 | 269,836 | 26,598 |
Total revenue | $ 28,399,372 | $ 23,119,734 | $ 81,540,776 | $ 41,761,615 | $ 27,191,176 | $ 15,885,219 | $ 6,387,348 | $ 89,593 |
Direct Costs (Details) - Sche_2
Direct Costs (Details) - Schedule of direct costs - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Direct Costs Abstract | ||||||
Depreciation on property, plant and equipment (Note 15) | $ 12,615,658 | $ 6,806,198 | $ 5,800,007 | $ 5,785,745 | $ 5,763,150 | $ 692,775 |
Employees’ costs | 3,891,969 | 3,482,431 | ||||
Reimbursable port charges (Note 6.1) | 1,681,878 | 1,558,887 | ||||
Spare parts and consumables used | $ 1,460,979 | 938,386 | 657,917 | $ 788,792 | $ 592,471 | $ 50,891 |
Insurance charges | 782,357 | 397,976 | ||||
Others | 883,234 | 811,168 | ||||
Total | $ 14,984,022 | $ 12,708,386 |
Other Income (Details) - Sche_2
Other Income (Details) - Schedule of other Income - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income (Details) - Schedule of other Income [Line Items] | ||||||||
Other income | $ 23,154 | $ 38,196 | $ 180,345 | $ 6,237,620 | $ 828,332 | $ 4,188 | $ 8,554 | |
Rent- waiver [Member] | ||||||||
Other Income (Details) - Schedule of other Income [Line Items] | ||||||||
Other income | 6,126,800 | |||||||
Write back of accrued interest not settled [Member] | ||||||||
Other Income (Details) - Schedule of other Income [Line Items] | ||||||||
Other income | 754,929 | |||||||
Miscellaneous [Member] | ||||||||
Other Income (Details) - Schedule of other Income [Line Items] | ||||||||
Other income | $ 180,345 | $ 110,820 | $ 73,403 | $ 4,188 | $ 8,554 |
General and Administration Ex_4
General and Administration Expenses (Details) - schedule of general and administration expenses - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
schedule of general and administration expenses [Abstract] | ||||||
Employees’ cost | $ 3,292,361 | $ 2,486,933 | $ 2,014,858 | $ 1,473,335 | $ 1,210,102 | $ 287,481 |
Legal and professional | 7,383,335 | 2,877,264 | 2,594,801 | 549,702 | 177,298 | 131,313 |
Insurance | 949,784 | 937,329 | 639,345 | |||
Board fees and expenses | 356,493 | 518,278 | 354,169 | |||
Office expenses | 409,544 | 393,187 | 270,259 | 248,752 | 106,943 | 22,015 |
Repairs and maintenance | 545 | 22,149 | 247,302 | 74,542 | 75,985 | |
Sales and marketing | 3,026,399 | 60,389 | 211,383 | 70,877 | 114,682 | 37,223 |
Rent | 166,894 | 112,306 | 177,850 | 10,346 | 22,325 | 43,380 |
Travelling expenses | 67,464 | 15,035 | 154,336 | 42,871 | 5,667 | 16,544 |
Total | $ 15,652,819 | $ 7,422,870 | $ 6,664,303 | $ 2,470,425 | $ 1,824,380 | $ 574,266 |
Finance Costs (Details) - Sch_2
Finance Costs (Details) - Schedule of finance costs - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Finance Costs Abstract | ||||||
Interest expense on borrowings | $ 22,177,769 | $ 4,966,876 | $ 5,467,250 | $ 4,002,772 | $ 5,559,195 | $ 647,969 |
Interest on lease liability | 3,043,214 | 1,685,010 | 2,041,006 | 1,412,796 | 1,387,612 | 318,957 |
Early settlement charges | 706,643 | |||||
Asset retirement obligation - accretion expenses | 65,859 | 28,252 | 79,555 | |||
Bank charges | 119,347 | 89,587 | 11,696 | 314,967 | 5,116 | |
Exchange loss | 11,800 | 40,993 | 29,119 | 51,895 | ||
Total finance cost | $ 25,417,989 | $ 6,810,718 | $ 8,335,269 | $ 5,782,430 | $ 6,951,923 | $ 966,926 |
Cash and Cash Equivalents (De_3
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents - Separate [member] - Previously stated [member] - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents [Line Items] | ||
Cash in hand | $ 3,195 | $ 5,026 |
Balances in current accounts | 15,877,796 | 47,884,909 |
Total balance in current accounts | 15,880,991 | 47,889,935 |
Non-current | ||
Restricted bank balance | 8,500,000 | 8,500,000 |
Total restricted bank balance in non current | 8,500,000 | 8,500,000 |
Current | ||
Cash and Cash Equivalents | 1,452,316 | 20,989,970 |
Restricted bank balance | 5,928,675 | 18,399,965 |
total current accounts | $ 7,380,991 | $ 39,389,935 |
Trade Accounts Receivable (Deta
Trade Accounts Receivable (Details) - Schedule of trade accounts receivable - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Trade Accounts Receivable Abstract | ||
Accounts receivables | $ 3,771,492 |
Trade Accounts Receivable (De_2
Trade Accounts Receivable (Details) - Schedule of analysis of trade receivables - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Trade Accounts Receivable (Details) - Schedule of analysis of trade receivables [Line Items] | ||
Trade receivables | $ 3,771,492 | |
Days (0-150) [Member] | ||
Trade Accounts Receivable (Details) - Schedule of analysis of trade receivables [Line Items] | ||
Trade receivables | 2,935,830 | |
Days (151-365) [Member] | ||
Trade Accounts Receivable (Details) - Schedule of analysis of trade receivables [Line Items] | ||
Trade receivables | 835,662 | |
Over 365 days [Member] | ||
Trade Accounts Receivable (Details) - Schedule of analysis of trade receivables [Line Items] | ||
Trade receivables |
Inventories (Details) - Sched_2
Inventories (Details) - Schedule of Inventories - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Inventories (Details) - Schedule of Inventories [Line Items] | |||||||
Total inventories | $ 315,576 | $ 277,366 | $ 250,360 | $ 321,789 | $ 179,644 | $ 147,090 | $ 176,651 |
Spare parts and consumables [Member] | |||||||
Inventories (Details) - Schedule of Inventories [Line Items] | |||||||
Total inventories | $ 315,576 | $ 277,366 | $ 250,360 | $ 321,789 | $ 179,644 | $ 147,090 | $ 176,651 |
Other Receivable and Prepayment
Other Receivable and Prepayments (Details) - Schedule of other receivable and prepayments - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Other Receivable And Prepayments Abstract | |||||||
Due from shareholder | $ 504,214 | ||||||
Due from related parties | 86,142 | 81,013 | $ 110,502 | $ 92,553 | $ 86,142 | $ 57,550 | |
Prepaid expenses | 289,463 | 247,741 | 223,490 | 1,284,586 | 289,463 | 57,543 | |
Staff advances | 152,389 | 6,288 | 30,216 | 152,389 | 152,389 | ||
VAT receivable | 37,290 | ||||||
Deposits | 99,660 | 21,537 | $ 320,475 | $ 342,921 | $ 99,660 | $ 15,526 | $ 10,352 |
Total | $ 1,131,868 | $ 393,869 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Details) - Schedule of financial instruments - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Financial Instruments (Details) - Schedule of financial instruments [Line Items] | ||||
Total derivative financial instruments | $ 7,364,829 | $ 5,422,917 | $ 1,518,249 | |
Purchased call options [member] | ||||
Derivative Financial Instruments (Details) - Schedule of financial instruments [Line Items] | ||||
Total derivative financial instruments | $ 7,364,829 | $ 5,422,917 |
Advances to Contractor (Detai_3
Advances to Contractor (Details) - Schedule of advances to contractor - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Advances To Contractor Abstract | ||||||
Advances to contractor | $ 15,223,215 | $ 15,571,215 | $ 3,499,988 | $ 16,458,252 | $ 21,664,764 | |
Total | $ 15,223,215 | $ 15,571,215 | $ 3,499,988 | $ 16,458,252 | $ 21,664,764 |
Trade and Accounts Payable (D_3
Trade and Accounts Payable (Details) - Schedule of trade and accounts payable - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Trade and Accounts Payable [Abstract] | |||||||
Trade accounts payable | $ 9,853,157 | $ 17,627,226 | $ 9,113,183 | $ 5,216,243 | $ 25,989,965 | $ 1,566,717 | $ 1,750,774 |
Accrued interest on borrowings | 4,101,250 | 4,250,000 | |||||
Advances from customer | 6,222,055 | 2,417,956 | 1,340,252 | 166,022 | |||
Due to a related party | 2,041,927 | 2,041,927 | 22,360 | ||||
Accrued expenses | 3,076,957 | $ 9,054,622 | 394,611 | 467,840 | 360,180 | 546,333 | 43,227 |
VAT payable | $ 497,083 | 120,566 | 221,448 | ||||
Capital accruals | 4,450,313 | $ 31,466,080 | $ 5,978,220 | ||||
Total trade and accounts payable | $ 18,189,493 | $ 17,766,575 |
Other Payable (Details) - Sch_2
Other Payable (Details) - Schedule of other payable - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Other Payable (Details) - Schedule of other payable [Line Items] | ||||||
Other payables | $ 74,253,965 | $ 74,253,965 | $ 74,253,965 | $ 73,453,606 | $ 57,794,495 | $ 27,854,947 |
M/s Brooge International Advisory LLC [Member] | ||||||
Other Payable (Details) - Schedule of other payable [Line Items] | ||||||
Other payables | $ 74,253,965 | $ 74,253,965 | $ 74,253,965 | $ 73,453,606 | $ 57,794,495 | $ 27,854,947 |
Derivative Warrant Liability _4
Derivative Warrant Liability (Details) - Schedule of derivative warrant liability - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Derivative Warrant Liability Abstract | ||||||
Issuance of 21,228,900 warrants in connection with merger | $ 11,675,815 | $ 11,675,815 | $ 13,161,838 | $ 15,709,460 | $ 16,983,200 | |
Fair value remeasurement of derivative warrant liability | (4,458,069) | (7,430,035) | (1,486,023) | (2,547,622) | (1,273,740) | |
Total | $ 7,217,746 | $ 4,245,780 | $ 11,675,815 | $ 13,161,838 | $ 15,709,460 |
Derivative Warrant Liability _5
Derivative Warrant Liability (Details) - Schedule of derivative warrant liability (Parentheticals) - shares | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Derivative Warrant Liability Abstract | |||||
Issuance of warrants | 21,228,900 | 21,228,900 | 21,228,900 | 21,228,900 | 21,228,900 |
Borrowings (Details) - Schedu_5
Borrowings (Details) - Schedule of borrowings - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Borrowings Abstract | |||||
Bonds | $ 171,343,445 | $ 176,925,643 | $ 182,781,617 | $ 187,014,715 | |
Total | $ 173,522,182 | $ 179,302,447 | $ 182,781,617 | $ 187,014,715 | $ 88,700,137 |
Borrowings (Details) - Schedu_6
Borrowings (Details) - Schedule of current and non- current break up - USD ($) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2020 | Dec. 31, 2017 | Dec. 31, 2016 | |
Borrowings (Details) - Schedule of current and non- current break up [Line Items] | ||||||
Non- Current | $ 180,014,715 | $ 86,314,012 | $ 77,497,507 | |||
Current | ||||||
Current | $ 182,781,617 | $ 171,739,579 | $ 177,321,777 | 7,000,000 | ||
Non- Current Bonds [Member] | ||||||
Borrowings (Details) - Schedule of current and non- current break up [Line Items] | ||||||
Maturity | 2025 | |||||
Non- Current | 180,014,715 | |||||
Current Bonds [Member] | ||||||
Current | ||||||
Maturity | On demand | |||||
Current | $ 182,781,617 | $ 7,000,000 |
Borrowings (Details) - Schedu_7
Borrowings (Details) - Schedule of bonds - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Bonds Abstract | ||||
Coupon Rate | 8.50% | |||
Effective interest rate | 10.57% | |||
Maturity date | Refer note below | Refer note below | Refer note below | September 2015 |
2021 | $ 182,781,617 | |||
2020 | $ 187,014,715 |
Lease Liabilities (Details) -_3
Lease Liabilities (Details) - Schedule of lease liabilities - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of lease liabilities [Abstract] | |||||||
Balance at the beginning of the year | $ 89,781,180 | $ 89,781,180 | $ 87,511,733 | $ 30,779,138 | $ 30,221,426 | $ 29,670,676 | $ 29,127,095 |
Additions during the year | 55,565,863 | ||||||
Rent waiver | (6,126,800) | ||||||
Interest charged during the year | 10,398,008 | 11,774,031 | 3,525,982 | 2,871,035 | 2,818,714 | 2,767,074 | |
Repayment during the year | (3,377,784) | (2,359,250) | |||||
Balance at the end of the year | $ 90,873,411 | 89,781,180 | 87,511,733 | $ 30,779,138 | $ 30,221,426 | $ 29,670,676 | |
Current | 8,976,452 | 2,591,557 | |||||
Non-Current | $ 80,804,728 | $ 84,920,176 |
Lease Liabilities (Details) -_4
Lease Liabilities (Details) - Schedule of reduction lease liability - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | $ 885,817,296 | $ 489,395,684 | $ 895,123,077 | $ 902,452,867 | $ 225,749,200 | $ 228,062,524 | $ 230,330,487 |
Finance costs | (794,943,885) | (397,471,942) | (805,341,897) | (814,941,134) | (194,970,062) | (197,841,098) | (200,659,812) |
Present value of minimum lease payments | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | 30,779,138 | 30,221,426 | 29,670,675 |
Lease payments [Member] | Not later than one year [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 8,878,338 | 4,439,169 | 8,704,253 | 8,533,582 | 2,359,590 | 2,313,324 | 2,267,964 |
Lease payments [Member] | Later than one year and not later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 37,324,891 | 18,662,445 | 36,593,030 | 35,875,519 | 9,919,810 | 9,725,304 | 9,534,612 |
Lease payments [Member] | Later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 839,614,067 | 466,294,070 | 849,825,794 | 858,043,766 | 213,469,800 | 216,023,896 | 218,527,911 |
Present value of minimum lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | 30,779,138 | 30,221,426 | 29,670,675 |
Finance costs | |||||||
Present value of minimum lease payments | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | 30,779,138 | 30,221,426 | 29,670,675 |
Present value of minimum lease payments [Member] | Not later than one year [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 5,428,131 | 2,714,066 | 5,978,847 | 6,586,405 | 2,154,878 | 2,112,624 | 2,071,200 |
Present value of minimum lease payments [Member] | Later than one year and not later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 17,164,474 | 8,582,236 | 18,899,037 | 20,812,094 | 7,241,240 | 7,099,256 | 6,960,054 |
Present value of minimum lease payments [Member] | Later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | $ 68,280,806 | $ 80,627,440 | $ 64,903,296 | $ 60,113,234 | $ 21,383,020 | $ 21,009,546 | $ 20,639,421 |
Employees_ End of Service Benef
Employees’ End of Service Benefits (Details) - Schedule of employees’ end of service benefits - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of employees’ end of service benefits [Abstract] | |||||||
Balance at the beginning of the year | $ 60,624 | $ 60,624 | $ 40,514 | $ 13,941 | $ 6,267 | $ 651 | $ 286 |
Provision for the year | 147,928 | 256,890 | 31,551 | 29,047 | 9,488 | 5,748 | 365 |
Paid during the year | $ (39,749) | (183,314) | (11,441) | (2,474) | (1,814) | (132) | |
Balance at the end of the year | $ 134,200 | $ 60,624 | $ 40,514 | $ 13,941 | $ 6,267 | $ 651 |
Asset Retirement Obligation (_2
Asset Retirement Obligation (Details) - Schedule of asset retirement obligation - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Asset Retirement Obligation [Abstract] | |||||
Asset retirement obligation | $ 2,056,259 | $ 2,023,329 | $ 1,990,399 | $ 873,334 | |
Total | $ 2,056,259 | $ 2,023,329 | $ 1,990,399 | $ 873,334 |
Share Capital & Share Premium_5
Share Capital & Share Premium (Details) - Schedule of share capital share premium - Previously stated [member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Share Capital & Share Premium (Details) - Schedule of share capital share premium [Line Items] | ||
No. of Shares, Ordinary shares | 450,000,000 | |
No. of Shares, Ordinary value | $ 450,000,000 | |
Share Capital | ||
Share Capital beginning balance, shares | 88,035,253 | |
Share Capital beginning balance | $ 8,804 | $ 8,804 |
Conversion of 100 warrants into ordinary shares at 1 for 1, shares | 100 | |
Conversion of 100 warrants into ordinary shares at 1 for 1 | $ 0.01 | |
Share Capital end balance, shares | 88,035,353 | 88,035,353 |
Share Capital end balance | $ 8,804 | $ 8,804 |
Share Capital & Share Premium_6
Share Capital & Share Premium (Details) - Schedule of escrow period represents the period commencing - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Escrow Period Represents The Period Commencing Abstract | ||
As at January 01 | $ 101,777,058 | $ 101,775,834 |
Conversion of 100 warrants in ordinary shares at 1 for 1 | 1,224 | |
As at December 31 | $ 101,777,058 | $ 101,777,058 |
Transactions with Related Par_7
Transactions with Related Parties (Details) - Schedule of transactions with related parties - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Transactions With Related Parties Abstract | ||||
Contributions by the shareholders | $ (574,868) | $ (626,029) | $ 255,818 | $ (233,457) |
Total | $ (574,868) | $ (626,029) | $ 255,818 | $ (233,457) |
Transactions with Related Par_8
Transactions with Related Parties (Details) - Schedule of transactions in shareholders account - Related parties [member] - Previously stated [member] - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Transactions with Related Parties (Details) - Schedule of transactions in shareholders account [Line Items] | ||
At January 01 | $ 70,761,998 | $ 70,995,455 |
Net contributions (distributions) during the year | 255,818 | (233,457) |
At December 31 | 71,017,816 | 70,761,998 |
Expense paid on behalf of related parties | 509,343 | 23,463 |
Key management remuneration | $ 1,676,921 | $ 1,417,266 |
Transactions with Related Par_9
Transactions with Related Parties (Details) - Schedule of related party balances - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Shareholder [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | $ 70,391,787 | $ 70,442,948 | $ 71,017,816 | $ 70,761,998 | $ 70,995,455 | $ 47,717,763 |
BPGIC Holdings [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 34,136 | 504,214 | ||||
HBS Investments LP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 10,381 | 5,300 | 4,187 | 17,479 | 13,388 | |
H Capital International LP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 9,983 | 5,302 | 4,189 | 16,975 | 11,056 | |
O2 Investments Limited as GP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 9,272 | 5,775 | 5,191 | 9,303 | 6,181 | |
SBD International LP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 50,014 | 48,470 | 47,357 | 17,851 | 13,760 | |
SD Holding Limited as GP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 21,842 | 21,842 | 19,938 | 9,850 | 6,984 | |
Gyan Investments Ltd [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 9,010 | 5,864 | 5,280 | 9,555 | 6,181 | |
Shareholder [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | $ 2,041,927 | $ 2,041,927 | $ 2,041,927 |
Contingent Liabilities (Detai_2
Contingent Liabilities (Details) - Schedule of contingent liabilities - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Contingent Liabilities [Abstract] | |||||||
Capital commitments within one year | $ 53,500,000 | $ 53,500,000 | $ 22,000,000 | $ 33,125,477 | $ 79,334,742 | $ 144,027,770 | |
Total capital commitments within one year | $ 53,500,000 | $ 53,500,000 | $ 22,000,000 | $ 33,125,477 | $ 79,334,742 | $ 160,562,646 |
Earnings Per Share (Details) _2
Earnings Per Share (Details) - Schedule of basic and diluted EPS - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Basic And Diluted Eps Abstract | ||
Profit attributable to ordinary equity holders of the parent | $ 25,690,565 | $ 2,518,668 |
Weighted average number of ordinary shares | 88,035,321 | 88,035,321 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | ||||||
Derivative warrant liability | $ 11,675,815 | $ 13,161,838 | ||||
Borrowings | 182,781,617 | 187,014,715 | $ 98,537,136 | $ 94,327,926 | ||
Derivative financial instruments | $ 9,306,741 | $ 7,364,829 | 5,422,917 | |||
Level 1 [Member] | ||||||
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | ||||||
Derivative warrant liability | 11,675,815 | 13,161,838 | ||||
Borrowings | ||||||
Derivative financial instruments | ||||||
Level 2 [Member] | ||||||
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | ||||||
Derivative warrant liability | ||||||
Borrowings | 182,781,617 | 187,014,715 | ||||
Derivative financial instruments | 9,306,741 | 7,364,829 | 5,422,917 | |||
Level 3 [Member] | ||||||
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | ||||||
Derivative warrant liability | ||||||
Borrowings | ||||||
Derivative financial instruments |
Financial Risk Management and_6
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Bonds (Including accrued interest) | $ 173,522,182 | $ 183,268,107 | $ 182,781,617 | $ 191,264,715 | ||
Lease liability | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | $ 225,749,200 | |
Accounts payable, accruals and other payables (excluding accrued interest) | 86,300,281 | 86,970,181 | ||||
Total | 358,298,810 | 360,905,005 | 86,970,181 | 434,896,048 | $ 364,646,641 | |
On demand [member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Bonds (Including accrued interest) | 171,343,445 | 176,925,643 | 182,781,617 | |||
Lease liability | ||||||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | 171,343,445 | 182,781,617 | $ 99,447,827 | |||
Upto 1 Year [Member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Bonds (Including accrued interest) | 396,134 | 4,361,794 | 11,250,000 | |||
Lease liability | 5,978,847 | 6,586,405 | 2,359,590 | |||
Accounts payable, accruals and other payables (excluding accrued interest) | 88,342,208 | 86,970,181 | ||||
Total | 99,727,482 | 94,321,055 | 86,970,181 | 137,345,488 | ||
Later than one year and not later than five years [member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Bonds (Including accrued interest) | 1,782,603 | 180,014,715 | ||||
Lease liability | 18,899,037 | 20,812,094 | 9,919,810 | |||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | 18,947,077 | 18,899,037 | 43,530,413 | |||
Later than five years [member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Bonds (Including accrued interest) | ||||||
Lease liability | 64,903,296 | 60,113,234 | 213,469,800 | |||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | $ 68,280,806 | $ 64,903,296 | $ 254,020,147 |
Financial Risk Management and_7
Financial Risk Management and Policies (Details) - Schedule of capital management - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Capital Management Abstract | ||||||
Borrowing | $ 173,522,182 | $ 179,302,447 | $ 182,781,617 | $ 187,014,715 | ||
Lease liability | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | $ 225,749,200 | |
Less: cash and cash equivalents | (1,452,316) | (20,989,970) | ||||
Net debt | 263,454,668 | 270,210,290 | 271,110,481 | 253,536,478 | 99,648,504 | $ 128,721,211 |
Total capital | 105,094,692 | 81,810,609 | 78,491,436 | 52,545,053 | ||
Capital and net debt | $ 368,549,360 | $ 352,020,899 | $ 349,601,917 | $ 306,081,531 | $ 149,907,122 | $ 159,967,784 |
Gearing ratio | 71% | 77% | 78% | 83% | 66% | 80% |
Prior Year Restatement (Details
Prior Year Restatement (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2021 | Dec. 31, 2016 | |
Disclosure Of Separate Financial Statements Text Block Abstract | ||||||
Reserved revenue | $ 14,640,361 | |||||
Funds received | 15,659,111 | |||||
Reversed revenue | 14,640,361 | $ 28,200,155 | $ 29,451,920 | |||
Funds received | 15,659,111 | $ 29,939,548 | $ 27,854,947 | |||
Discount rate | 10% | |||||
Incremental borrowing rate | 9.50% | |||||
Debit balance | $ 180,014,715 | $ 86,314,012 | $ 77,497,507 | |||
Reversed revenue | $ 29,451,920 | $ 27,854,947 |
Comparative Figures (Details)_3
Comparative Figures (Details) - Schedule of groupings of property, plant and equipment - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cost: | |||||
Cost at beginning | $ 455,820,960 | $ 455,820,960 | $ 387,909,168 | ||
Additions during the year | 7,726,643 | 12,315,483 | 67,911,792 | $ 71,618,332 | |
Transfers during the year | |||||
Cost at ending | 455,820,960 | $ 387,909,168 | |||
Accumulated Depreciation: | |||||
Accumulated Depreciation at beginning: | 28,554,047 | 28,554,047 | 20,605,643 | ||
Charge for the year | 6,735,923 | 13,541,757 | 7,948,404 | 6,018,858 | |
Accumulated Depreciation at ending | 28,554,047 | 20,605,643 | |||
Net Carrying Value: | |||||
Net Carrying Value as at December 31, 2021 | 427,266,913 | ||||
Net Carrying Value as at December 31, 2020 | 367,303,525 | ||||
Buildings [member] | |||||
Cost: | |||||
Cost at beginning | 28,037,886 | 28,037,886 | 28,037,886 | ||
Additions during the year | 2,775,806 | ||||
Transfers during the year | |||||
Cost at ending | 28,037,886 | 28,037,886 | |||
Accumulated Depreciation: | |||||
Accumulated Depreciation at beginning: | 4,615,111 | 4,615,111 | 3,493,596 | ||
Charge for the year | 597,768 | 1,121,515 | |||
Accumulated Depreciation at ending | 4,615,111 | 3,493,596 | |||
Net Carrying Value: | |||||
Net Carrying Value as at December 31, 2021 | 23,422,775 | ||||
Net Carrying Value as at December 31, 2020 | 24,544,290 | ||||
Installations [member] | |||||
Cost: | |||||
Cost at beginning | 179,268,276 | 179,268,276 | 65,903,126 | ||
Additions during the year | 99,130 | 9,883 | |||
Transfers during the year | 113,365,150 | ||||
Cost at ending | 179,268,276 | 65,903,126 | |||
Accumulated Depreciation: | |||||
Accumulated Depreciation at beginning: | 12,287,155 | 12,287,155 | 8,768,287 | ||
Charge for the year | 3,752,486 | 7,558,769 | 3,518,868 | 2,829,671 | |
Accumulated Depreciation at ending | 12,287,155 | 8,768,287 | |||
Net Carrying Value: | |||||
Net Carrying Value as at December 31, 2021 | 166,981,121 | ||||
Net Carrying Value as at December 31, 2020 | 57,134,839 | ||||
Other Equipments [member] | |||||
Cost: | |||||
Cost at beginning | 307,695 | 307,695 | 268,743 | ||
Additions during the year | 776,561 | 38,952 | |||
Transfers during the year | |||||
Cost at ending | 307,695 | 268,743 | |||
Accumulated Depreciation: | |||||
Accumulated Depreciation at beginning: | 186,399 | 186,399 | 130,155 | ||
Charge for the year | 90,691 | 56,244 | |||
Accumulated Depreciation at ending | 186,399 | 130,155 | |||
Net Carrying Value: | |||||
Net Carrying Value as at December 31, 2021 | 121,296 | ||||
Net Carrying Value as at December 31, 2020 | 138,588 | ||||
Tanks [member] | |||||
Cost: | |||||
Cost at beginning | 154,532,494 | 154,532,494 | 76,218,998 | ||
Additions during the year | |||||
Transfers during the year | 78,313,496 | ||||
Cost at ending | 154,532,494 | 76,218,998 | |||
Accumulated Depreciation: | |||||
Accumulated Depreciation at beginning: | 6,697,282 | 6,697,282 | 4,880,792 | ||
Charge for the year | 1,577,334 | 3,148,604 | 1,816,490 | 1,565,419 | |
Accumulated Depreciation at ending | 6,697,282 | 4,880,792 | |||
Net Carrying Value: | |||||
Net Carrying Value as at December 31, 2021 | 147,835,212 | ||||
Net Carrying Value as at December 31, 2020 | 71,338,206 | ||||
Capital Work in Progress [member] | |||||
Cost: | |||||
Cost at beginning | 8,685,182 | 8,685,182 | 133,579,804 | ||
Additions during the year | 4,174,276 | 8,524,553 | 66,784,024 | 71,603,465 | |
Transfers during the year | (191,678,646) | ||||
Cost at ending | 8,685,182 | 133,579,804 | |||
Accumulated Depreciation: | |||||
Accumulated Depreciation at beginning: | |||||
Charge for the year | |||||
Accumulated Depreciation at ending | |||||
Net Carrying Value: | |||||
Net Carrying Value as at December 31, 2021 | 8,685,182 | ||||
Net Carrying Value as at December 31, 2020 | 133,579,804 | ||||
Right of use Assets [member] | |||||
Cost: | |||||
Cost at beginning | 84,989,427 | 84,989,427 | 83,900,611 | ||
Additions during the year | 1,088,816 | ||||
Transfers during the year | |||||
Cost at ending | 84,989,427 | 83,900,611 | |||
Accumulated Depreciation: | |||||
Accumulated Depreciation at beginning: | $ 4,768,100 | $ 4,768,100 | 3,332,813 | ||
Charge for the year | 1,435,287 | $ 459,016 | |||
Accumulated Depreciation at ending | 4,768,100 | 3,332,813 | |||
Net Carrying Value: | |||||
Net Carrying Value as at December 31, 2021 | $ 80,221,327 | ||||
Net Carrying Value as at December 31, 2020 | $ 80,567,798 |
Comparative Figures (Details)_4
Comparative Figures (Details) - Schedule of statement of comprehensive income - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Statement of Comprehensive Income [Abstract] | ||||||
Direct costs (Note 7) | $ 6,244,880 | $ 12,615,658 | $ 6,806,198 | $ 5,800,007 | $ 5,785,745 | $ 5,763,150 |
CWIP | 491,042 | 926,099 | 1,142,206 | 309,306 | 233,113 | 239,144 |
Total | $ 6,735,923 | $ 13,541,757 | $ 7,948,404 | $ 6,109,313 | $ 6,018,858 | $ 6,002,294 |
Comparative Figures (Details)_5
Comparative Figures (Details) - Schedule of prior Year Restatement - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
As previously reported [member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | $ 41,831,537 | $ 44,085,374 | $ 35,839,268 |
Direct costs | (12,944,760) | (10,202,465) | (9,607,360) |
Gross Profit / (Loss) | 28,886,777 | 33,882,909 | 26,231,908 |
Other income | 828,332 | ||
General and administration expenses | (6,456,884) | (2,608,984) | (2,029,260) |
Change in estimated fair value of derivative warrant liability | 2,547,542 | ||
Finance costs | (8,306,150) | (5,730,535) | (6,951,923) |
Profit for the year | 17,159,113 | 75,284,923 | (16,060,652) |
Current Assets | |||
Trade receivables | 1,507,660 | 1,877,887 | |
Other receivable and prepayments | 690,232 | 841,033 | 244,828 |
Total Current Assets | 40,401,956 | 22,359,108 | 2,307,156 |
Non-Current Assets | |||
Advances to contractor | 16,418,065 | ||
Total Non-Current Assets | 392,221,590 | ||
Total Assets | 432,623,546 | 307,252,460 | 199,936,632 |
Current Liabilities | |||
Trade and accounts payable | 13,829,897 | 61,115,121 | 9,003,798 |
Other payable | |||
Lease liabilities | 9,795,058 | ||
Total current liabilities | 43,786,799 | 95,036,895 | 110,843,631 |
Non-current liabilities | |||
Lease liabilities | 79,289,507 | ||
Total Non-Current Liabilities | 260,218,070 | ||
Equity | |||
Share capital | 8,801 | ||
Retained earnings | (46,907,568) | (64,066,681) | 11,218,242 |
Statutory reserve | 680,643 | 680,643 | 680,643 |
Shareholders’ account | 73,059,743 | 71,017,815 | 47,717,763 |
Total Equity | 128,618,677 | 109,416,415 | 60,977,933 |
Total Equity & Liabilities | 432,623,546 | 307,252,460 | 199,936,632 |
Restatement adjustments [member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | (14,640,361) | (28,200,155) | (29,451,920) |
Direct costs | 236,374 | (1,294,774) | (492,874) |
Gross Profit / (Loss) | (14,403,987) | (29,494,929) | (29,944,794) |
Other income | 4,188 | 8,554 | |
General and administration expenses | (207,419) | 138,559 | 204,880 |
Change in estimated fair value of derivative warrant liability | 80 | ||
Finance costs | (29,119) | (51,895) | |
Profit for the year | (14,640,445) | 29,404,077 | 29,731,360 |
Current Assets | |||
Trade receivables | (1,344,093) | (1,877,887) | |
Other receivable and prepayments | (296,363) | (362) | |
Total Current Assets | (296,363) | (1,344,455) | (1,877,887) |
Non-Current Assets | |||
Advances to contractor | 40,187 | ||
Total Non-Current Assets | 40,185 | ||
Total Assets | (256,178) | (1,344,455) | (1,878,249) |
Current Liabilities | |||
Trade and accounts payable | 3,936,678 | 18,846 | (1,837) |
Other payable | 73,453,606 | 57,794,495 | 27,854,947 |
Lease liabilities | (7,203,501) | ||
Total current liabilities | 70,186,777 | 57,813,341 | 27,853,110 |
Non-current liabilities | |||
Lease liabilities | 5,630,669 | ||
Total Non-Current Liabilities | 5,630,669 | ||
Equity | |||
Share capital | 3 | ||
Retained earnings | (73,440,087) | (58,454,794) | (29,050,717) |
Statutory reserve | (335,795) | (680,643) | (680,643) |
Shareholders’ account | (2,297,745) | (22,360) | |
Total Equity | (76,073,624) | (59,157,797) | (29,731,360) |
Total Equity & Liabilities | (256,178) | (1,344,455) | (1,878,249) |
As per the restate Financial Statement [member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 27,191,176 | 15,885,219 | 6,387,348 |
Direct costs | (12,708,386) | (11,497,239) | (10,100,234) |
Gross Profit / (Loss) | 14,482,790 | 4,387,980 | (3,712,886) |
Other income | 828,332 | 4,188 | 8,554 |
General and administration expenses | (6,664,303) | (2,470,425) | (1,824,380) |
Change in estimated fair value of derivative warrant liability | 2,547,622 | ||
Finance costs | (8,335,269) | (5,782,430) | (6,951,923) |
Profit for the year | 2,518,668 | 104,689,000 | 13,670,708 |
Current Assets | |||
Trade receivables | 163,567 | ||
Other receivable and prepayments | 393,869 | 840,671 | 244,828 |
Total Current Assets | 40,105,593 | 21,014,653 | 429,269 |
Non-Current Assets | |||
Advances to contractor | 16,458,252 | ||
Total Non-Current Assets | 392,261,775 | ||
Total Assets | 432,367,368 | 305,908,005 | 198,058,383 |
Current Liabilities | |||
Trade and accounts payable | 17,766,575 | 61,133,967 | 9,001,961 |
Other payable | 73,453,606 | 57,794,495 | 27,854,947 |
Lease liabilities | 2,591,557 | ||
Total current liabilities | 113,973,576 | 152,850,236 | 138,696,741 |
Non-current liabilities | |||
Lease liabilities | 84,920,176 | ||
Total Non-Current Liabilities | 265,848,739 | ||
Equity | |||
Share capital | 8,804 | ||
Retained earnings | (120,347,655) | (122,521,475) | (17,832,475) |
Statutory reserve | 344,848 | ||
Shareholders’ account | 70,761,998 | 70,995,455 | 47,717,763 |
Total Equity | 52,545,053 | 50,258,618 | 31,246,573 |
Total Equity & Liabilities | $ 432,367,368 | $ 305,908,005 | $ 198,058,383 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2008 |
Buildings [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | $ 25 | $ 25 | |
Tanks [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | $ 50 | 50 | 50 |
Other Equipment [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | 5 | 5 | |
Right of use asset - Land [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | 60 | 60 | |
Bottom of range [member] | Installations [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | 20 | 20 | 20 |
Top of range [member] | Installations [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | $ 25 | $ 25 | $ 25 |
Revenue (Details) - Schedule _3
Revenue (Details) - Schedule of revenue - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Revenue Abstract | ||||||||
Storage rental income (Note 34) | $ 27,405,640 | $ 16,413,047 | $ 77,577,633 | $ 37,467,396 | $ 23,754,376 | $ 13,397,209 | $ 5,694,418 | $ 62,995 |
Miscellaneous income (Note 6.1) | 1,681,878 | 1,558,887 | 1,294,829 | 423,094 | ||||
Ancillary services | 520,640 | 5,424,589 | 1,923,747 | 2,612,341 | 1,877,913 | 1,193,181 | 269,836 | 26,598 |
Total revenue | $ 28,399,372 | $ 23,119,734 | $ 81,540,776 | $ 41,761,615 | $ 27,191,176 | $ 15,885,219 | $ 6,387,348 | $ 89,593 |
Direct Costs (Details) - Sche_3
Direct Costs (Details) - Schedule of direct costs - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Direct Costs Abstract | ||||||
Depreciation on property, plant and equipment (Note 16) | $ 12,615,658 | $ 6,806,198 | $ 5,800,007 | $ 5,785,745 | $ 5,763,150 | $ 692,775 |
Employees’ costs | 4,232,980 | 3,891,969 | 3,482,431 | 3,074,727 | 2,808,702 | 1,518,794 |
Reimbursable port charges (Note 6.1) | 2,039,396 | 1,681,878 | 1,558,887 | 1,294,829 | 423,094 | |
Spare parts and consumables used | 1,460,979 | 938,386 | 657,917 | 788,792 | 592,471 | 50,891 |
Insurance charges | 955,977 | 782,357 | 397,976 | 323,702 | 377,053 | 31,304 |
Others | 644,672 | 550,576 | 811,168 | 229,444 | 135,764 | |
Total | $ 24,691,442 | $ 14,984,022 | $ 12,708,386 | $ 11,497,239 | $ 10,100,234 | $ 2,295,809 |
Other Income (Details) - Sche_3
Other Income (Details) - Schedule of other income - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income (Details) - Schedule of other income [Line Items] | ||||||||
Other income | $ 23,154 | $ 38,196 | $ 180,345 | $ 6,237,620 | $ 828,332 | $ 4,188 | $ 8,554 | |
Written back of accrued interest [Member] | ||||||||
Other Income (Details) - Schedule of other income [Line Items] | ||||||||
Other income | 754,929 | |||||||
Miscellaneous [Member] | ||||||||
Other Income (Details) - Schedule of other income [Line Items] | ||||||||
Other income | $ 180,345 | $ 110,820 | $ 73,403 | $ 4,188 | $ 8,554 |
Listing Expenses (Details)
Listing Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Listing Expenses Abstract | ||
Other listing expenses | $ 1.5 | $ 1.5 |
Listing Expenses (Details) - Sc
Listing Expenses (Details) - Schedule of listing expenses - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Listing Expenses (Details) - Schedule of listing expenses [Line Items] | |||
Listing expenses | $ 101,773,877 | ||
IFRS 2 listing expense [Member] | |||
Listing Expenses (Details) - Schedule of listing expenses [Line Items] | |||
Listing expenses | 98,622,019 | ||
Other listing expenses [Member] | |||
Listing Expenses (Details) - Schedule of listing expenses [Line Items] | |||
Listing expenses | $ 3,151,858 |
General and Administration Ex_5
General and Administration Expenses (Details) - schedule of general and administration expenses - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
schedule of general and administration expenses [Abstract] | ||||||
Employees’ cost | $ 3,292,361 | $ 2,486,933 | $ 2,014,858 | $ 1,473,335 | $ 1,210,102 | $ 287,481 |
Legal and professional | 7,383,335 | 2,877,264 | 2,594,801 | 549,702 | 177,298 | 131,313 |
Insurance | 949,784 | 937,329 | 639,345 | |||
Board fees and expenses | 356,493 | 518,278 | 354,169 | |||
Office expenses | 409,544 | 393,187 | 270,259 | 248,752 | 106,943 | 22,015 |
Repairs and maintenance | 545 | 22,149 | 247,302 | 74,542 | 75,985 | |
Sales and marketing | 3,026,399 | 60,389 | 211,383 | 70,877 | 114,682 | 37,223 |
Rent | 166,894 | 112,306 | 177,850 | 10,346 | 22,325 | 43,380 |
Travelling expenses | 67,464 | 15,035 | 154,336 | 42,871 | 5,667 | 16,544 |
Total | $ 15,652,819 | $ 7,422,870 | $ 6,664,303 | $ 2,470,425 | $ 1,824,380 | $ 574,266 |
Finance Costs (Details) - Sch_3
Finance Costs (Details) - Schedule of finance costs - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Finance Costs Abstract | ||||||
Interest expense on borrowings | $ 22,177,769 | $ 4,966,876 | $ 5,467,250 | $ 4,002,772 | $ 5,559,195 | $ 647,969 |
Interest on lease liability | 3,043,214 | 1,685,010 | 2,041,006 | 1,412,796 | 1,387,612 | 318,957 |
Early settlement charges | 706,643 | |||||
Asset retirement obligation - accretion expenses | 65,859 | 28,252 | 79,555 | |||
Bank charges | 119,347 | 89,587 | 11,696 | 314,967 | 5,116 | |
Exchange loss | 11,800 | 40,993 | 29,119 | 51,895 | ||
Total finance cost | $ 25,417,989 | $ 6,810,718 | $ 8,335,269 | $ 5,782,430 | $ 6,951,923 | $ 966,926 |
Cash and Cash Equivalents (De_4
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Cash And Cash Equivalents Abstract | ||||||
Cash in hand | $ 18,839 | $ 3,195 | $ 5,026 | $ 1,960 | $ 5,013 | $ 2,273 |
Balances in current accounts | 16,741,142 | 15,877,796 | 47,884,909 | 19,828,811 | 32,338 | |
Total | 16,759,981 | 15,880,991 | 47,889,935 | 19,830,771 | $ 37,351 | |
Non-current. | 8,500,000 | |||||
Restricted bank balance | 8,500,000 | 8,500,000 | 8,500,000 | |||
Cash and Cash Equivalents | 20,989,970 | 19,830,771 | ||||
Restricted bank balance | 7,319,056 | 5,928,675 | 18,399,965 | |||
Total | $ 8,259,981 | $ 7,380,991 | $ 39,389,935 | $ 19,830,771 |
Trade Accounts Receivables (D_4
Trade Accounts Receivables (Details) - Schedule of trade accounts receivables - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Trade Accounts Receivables Abstract | ||||||
Accounts receivables | $ 5,275,047 | $ 3,771,492 | $ 163,567 | |||
Total | $ 5,275,047 | $ 8,667,673 | $ 3,771,492 | $ 163,567 |
Inventories (Details) - Sched_3
Inventories (Details) - Schedule of inventories - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Inventories (Details) - Schedule of inventories [Line Items] | |||||||
Total inventories | $ 315,576 | $ 277,366 | $ 250,360 | $ 321,789 | $ 179,644 | $ 147,090 | $ 176,651 |
Spare parts and consumables [Member] | |||||||
Inventories (Details) - Schedule of inventories [Line Items] | |||||||
Total inventories | $ 315,576 | $ 277,366 | $ 250,360 | $ 321,789 | $ 179,644 | $ 147,090 | $ 176,651 |
Other Receivables and Prepaym_4
Other Receivables and Prepayments (Details) - Schedule of other receivables and prepayments - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
Schedule Of Other Receivables And Prepayments Abstract | |||||||
Prepaid expenses | $ 247,741 | $ 57,543 | $ 223,490 | $ 1,284,586 | $ 289,463 | $ 289,463 | |
Due from related parties (Note 27) | 81,013 | 57,550 | 110,502 | 92,553 | 86,142 | 86,142 | |
VAT receivable | 37,290 | 573,923 | |||||
Deposits | 21,537 | 15,526 | 10,352 | 320,475 | 342,921 | 99,660 | 99,660 |
Staff advances | 6,288 | ||||||
Advance paid to suppliers and contractors | 136,129 | 13,028 | |||||
Total | $ 393,869 | $ 840,671 | $ 244,828 | $ 724,093 | $ 1,876,169 | $ 1,131,868 | $ 1,131,868 |
Advances to Contractor (Detai_4
Advances to Contractor (Details) - Schedule of advances to contractor - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Advances To Contractor Abstract | ||||||
Advances to contractor | $ 15,223,215 | $ 15,571,215 | $ 3,499,988 | $ 16,458,252 | $ 21,664,764 | |
Total | $ 15,223,215 | $ 15,571,215 | $ 3,499,988 | $ 16,458,252 | $ 21,664,764 |
Trade and Accounts Payable (D_4
Trade and Accounts Payable (Details) - Schedule of trade and accounts payable - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Trade and Accounts Payable [Abstract] | |||||||
Trade accounts payable | $ 9,853,157 | $ 17,627,226 | $ 9,113,183 | $ 5,216,243 | $ 25,989,965 | $ 1,566,717 | $ 1,750,774 |
Capital accruals | 4,450,313 | 31,466,080 | 5,978,220 | ||||
Accrued interest on term loans | 3,815,551 | 3,965,660 | 4,101,250 | 4,250,000 | 3,295,382 | 910,691 | |
Due to a related party | 2,041,927 | 2,041,927 | 2,041,927 | ||||
Advances from customer | 6,222,055 | 2,417,956 | 1,340,252 | 166,022 | |||
Accrued expenses | 3,076,957 | 9,054,622 | 394,611 | 467,840 | 360,180 | 546,333 | 43,227 |
Payables to third parties | 65,865 | 22,360 | |||||
Total | $ 23,464,803 | $ 37,652,318 | $ 18,189,493 | $ 17,766,575 | $ 61,133,967 | $ 9,001,961 | $ 4,580,173 |
Other Payable (Details) - Sch_3
Other Payable (Details) - Schedule of other payable - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Other Payable (Details) - Schedule of other payable [Line Items] | ||||||
Other payable | $ 74,253,965 | $ 74,253,965 | $ 74,253,965 | $ 73,453,606 | $ 57,794,495 | $ 27,854,947 |
M/s Brooge International Advisory LLC [Member] | ||||||
Other Payable (Details) - Schedule of other payable [Line Items] | ||||||
Other payable | $ 74,253,965 | $ 74,253,965 | $ 74,253,965 | $ 73,453,606 | $ 57,794,495 | $ 27,854,947 |
Derivative Warrant Liability _6
Derivative Warrant Liability (Details) - Schedule of derivative warrant liability - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Derivative Warrant Liability Abstract | ||||||
Issuance of 21,228,900 warrants in connection with merger | $ 11,675,815 | $ 11,675,815 | $ 13,161,838 | $ 15,709,460 | $ 16,983,200 | |
Fair value remeasurement of derivative warrant liability | (4,458,069) | (7,430,035) | (1,486,023) | (2,547,622) | (1,273,740) | |
Total | $ 7,217,746 | $ 4,245,780 | $ 11,675,815 | $ 13,161,838 | $ 15,709,460 |
Derivative Warrant Liability _7
Derivative Warrant Liability (Details) - Schedule of derivative warrant liability (Parentheticals) - shares | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Derivative Warrant Liability Abstract | |||||
Issuance of warrants | 21,228,900 | 21,228,900 | 21,228,900 | 21,228,900 | 21,228,900 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Details) - Schedule of interest rate derivatives - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Financial Instruments (Details) - Schedule of interest rate derivatives [Line Items] | ||||
Interest rate swaps | $ 7,364,829 | $ 5,422,917 | $ 1,518,249 | |
Interest Rate Swaps [Member] | ||||
Derivative Financial Instruments (Details) - Schedule of interest rate derivatives [Line Items] | ||||
Interest rate swaps | $ 1,518,249 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Details) - Schedule of derivative financial instruments - Interest Rate Swaps [Member] - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Financial Instruments (Details) - Schedule of derivative financial instruments [Line Items] | |||
Interest rate swaps, Notional Amount | $ 79,253,015 | $ 83,855,305 | |
Interest rate swaps, Fair value asset | |||
Interest rate swaps, Fair value liability | $ 1,518,249 | $ 1,190,073 |
Borrowings (Details) - Schedu_8
Borrowings (Details) - Schedule of borrowings - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Schedule Of Borrowings Abstract | |||||
Bonds | $ 187,014,715 | $ 171,343,445 | $ 176,925,643 | $ 182,781,617 | |
Secured term loans | 86,435,137 | ||||
Promissory notes | 2,265,000 | ||||
Total | $ 187,014,715 | $ 88,700,137 | $ 173,522,182 | $ 179,302,447 | $ 182,781,617 |
Borrowings (Details) - Schedu_9
Borrowings (Details) - Schedule of current and non- current break up - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2022 | |
Borrowings (Details) - Schedule of current and non- current break up [Line Items] | ||||||
Term loan non current | $ 1,980,670 | $ 1,782,603 | ||||
Total | 1,980,670 | $ 1,782,603 | ||||
Bonds, current | 176,925,643 | 182,781,617 | ||||
Term loan current | $ 396,134 | |||||
Promissory notes | 2,265,000 | |||||
Total | 14,539,187 | |||||
Term loan 1 [Member] | ||||||
Borrowings (Details) - Schedule of current and non- current break up [Line Items] | ||||||
Term loan current | 10,135,939 | |||||
Term loan 2 [Member] | ||||||
Borrowings (Details) - Schedule of current and non- current break up [Line Items] | ||||||
Term loan current | 2,138,248 | |||||
Term loan 3 [Member] | ||||||
Borrowings (Details) - Schedule of current and non- current break up [Line Items] | ||||||
Term loan current | ||||||
Borrowing [Member] | ||||||
Borrowings (Details) - Schedule of current and non- current break up [Line Items] | ||||||
Bonds, non current | $ 180,014,715 | |||||
Term loan non current | 74,160,950 | |||||
Total | 180,014,715 | 74,160,950 | ||||
Bonds, current | 7,000,000 | |||||
Promissory notes | 2,265,000 | |||||
Total | 7,000,000 | |||||
Borrowing [Member] | Term loan 1 [Member] | ||||||
Borrowings (Details) - Schedule of current and non- current break up [Line Items] | ||||||
Term loan non current | 68,271,743 | |||||
Term loan current | ||||||
Borrowing [Member] | Term loan 2 [Member] | ||||||
Borrowings (Details) - Schedule of current and non- current break up [Line Items] | ||||||
Term loan non current | 5,889,207 | |||||
Term loan current | ||||||
Borrowing [Member] | Term loan 3 [Member] | ||||||
Borrowings (Details) - Schedule of current and non- current break up [Line Items] | ||||||
Term loan current | $ 2,380,790 |
Borrowings (Details) - Sched_10
Borrowings (Details) - Schedule of bonds - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Bonds Abstract | |||||
Coupon rate | 8.50% | 8.50% | 8.50% | ||
Effective interest rate | 10.57% | 10.57% | 10.57% | ||
Maturity date | Refer note below | Refer note below | Refer note below | September 2015 | |
Bond net of transaction costs | $ 176,925,643 | $ 171,343,445 | $ 182,781,617 | $ 187,014,715 |
Borrowings (Details) - Sched_11
Borrowings (Details) - Schedule of bonds (Parentheticals) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Bonds Abstract | ||||
Net of transaction costs | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 |
Lease Liabilities (Details) -_5
Lease Liabilities (Details) - Schedule of lease liabilities - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of lease liabilities [Abstract] | ||||||
Balance at the beginning of the year | $ 89,781,180 | $ 87,511,733 | $ 30,779,138 | $ 30,221,426 | $ 29,670,676 | $ 29,127,095 |
Additions during the year | 55,565,863 | |||||
Interest charged during the year | 10,398,008 | 11,774,031 | 3,525,982 | 2,871,035 | 2,818,714 | 2,767,074 |
Lease rentals during the year | (2,359,250) | (2,313,323) | ||||
Balance at the end of the year | $ 90,873,411 | $ 89,781,180 | 87,511,733 | 30,779,138 | $ 30,221,426 | $ 29,670,676 |
Current | 2,591,557 | 2,154,878 | ||||
Non-Current | $ 84,920,176 | $ 28,624,260 |
Lease Liabilities (Details) -_6
Lease Liabilities (Details) - Schedule of reduction lease liability - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | $ 902,452,867 | $ 225,749,200 | $ 885,817,296 | $ 489,395,684 | $ 895,123,077 | $ 228,062,524 | $ 230,330,487 |
Finance costs | (814,941,134) | (194,970,062) | |||||
Present value of minimum lease payments | 87,511,733 | 30,779,138 | 90,873,411 | 91,923,742 | 89,781,180 | 30,221,426 | 29,670,675 |
Lease payments [Member] | Present value of minimum lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 8,533,582 | 2,359,590 | |||||
Lease payments [Member] | Later than one year and not later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 35,875,519 | 9,919,810 | 37,324,891 | 18,662,445 | 36,593,030 | 9,725,304 | 9,534,612 |
Lease payments [Member] | Later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 858,043,766 | 213,469,800 | 839,614,067 | 466,294,070 | 849,825,794 | 216,023,896 | 218,527,911 |
Present value of minimum lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 87,511,733 | 30,779,138 | 90,873,411 | 91,923,742 | 89,781,180 | 30,221,426 | 29,670,675 |
Finance costs | |||||||
Present value of minimum lease payments | 87,511,733 | 30,779,138 | 90,873,411 | 91,923,742 | 89,781,180 | 30,221,426 | 29,670,675 |
Present value of minimum lease payments [Member] | Present value of minimum lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 6,586,405 | 2,154,878 | |||||
Present value of minimum lease payments [Member] | Later than one year and not later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 20,812,094 | 7,241,240 | 17,164,474 | 8,582,236 | 18,899,037 | 7,099,256 | 6,960,054 |
Present value of minimum lease payments [Member] | Later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | $ 60,113,234 | $ 21,383,020 | $ 68,280,806 | $ 80,627,440 | $ 64,903,296 | $ 21,009,546 | $ 20,639,421 |
Employees' End of Service Ben_4
Employees' End of Service Benefits (Details) - Schedule of employees’ end of service benefits - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of employees’ end of service benefits [Abstract] | |||||||
Balance at the beginning of the year | $ 60,624 | $ 60,624 | $ 40,514 | $ 13,941 | $ 6,267 | $ 651 | $ 286 |
Provision for the year | 147,928 | 256,890 | 31,551 | 29,047 | 9,488 | 5,748 | 365 |
Paid during the year | $ (39,749) | (183,314) | (11,441) | (2,474) | (1,814) | (132) | |
Balance at the end of the year | $ 134,200 | $ 60,624 | $ 40,514 | $ 13,941 | $ 6,267 | $ 651 |
Asset Retirement Obligation (_3
Asset Retirement Obligation (Details) - Schedule of asset retirement obligation - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Asset Retirement Obligation [Abstract] | |||||
Asset retirement obligation | $ 2,056,259 | $ 2,023,329 | $ 1,990,399 | $ 873,334 | |
Total | $ 2,056,259 | $ 2,023,329 | $ 1,990,399 | $ 873,334 |
Share Capital & Share Premium_7
Share Capital & Share Premium (Details) - Schedule of share capital share premium - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Share Capital Share Premium Abstract | ||
Ordinary shares, shares | 450,000,000 | |
Ordinary shares, amount | $ 450,000,000 | |
Cash election, shares | 80,000,000 | |
Cash election, amount | $ 8,000 | |
Changes in share capital due to business combination (Note 31), shares | (1,281,695) | |
Changes in share capital due to business combination (Note 31), amount | $ (128) | |
As at December 31, 2019, shares | 9,316,948 | |
As at December 31, 2019, amount | $ 932 | |
Total, shares | 88,035,253 | |
Total, amount | $ 8,804 | |
Changes in share capital due to reverse acquisition transaction, shares | (30,000) | |
Changes in share capital due to reverse acquisition transaction, amount | $ (3) | |
As at 31 December 2020, shares | 100 | |
As at 31 December 2020, amount | $ 0.01 | |
Total, shares | 88,035,353 | |
Total, amount | $ 8,804 |
Share Capital & Share Premium_8
Share Capital & Share Premium (Details) - Schedule of additional information on escrow shares - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Additional Information On Escrow Shares Abstract | ||
As at January 01 | 101,775,834 | 1,353,285 |
Conversion of 100 warrants in ordinary shares at 1 for 1 | 1,224 | |
Ordinary shares issued on merger with Twelve Seas | 114,022,421 | |
Cash election | (13,599,872) | |
As at December 31 | 101,777,058 | 101,775,834 |
Transactions with Related Pa_10
Transactions with Related Parties (Details) - Schedule of transactions with related parties - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Schedule Of Transactions With Related Parties Abstract | ||||||||
Contributions/ (distributions) by/to the shareholders | $ (233,457) | $ 77,090,648 | $ 951,539 | $ 3,878,302 | ||||
Amounts paid on behalf of the Group by the shareholders | [1] | 1,135,484 | [1] | 7,850,431 | [2],[3] | 9,504,034 | [2] | |
Amounts paid by the Group on behalf of the shareholders | (1,669,424) | (2,296,354) | ||||||
Distributions to shareholders | (53,279,016) | (29,209,289) | ||||||
Total | $ (233,457) | $ 23,277,692 | $ (22,703,673) | $ 13,382,336 | ||||
[1]These include expenses paid on behalf of the Group which includes other operational expenses paid by the shareholders on behalf of the Group.[2] These include expenses paid on behalf of the Company including lease liability payments and other operational expenses paid by the owners on behalf of the Company. |
Transactions with Related Pa_11
Transactions with Related Parties (Details) - Schedule of transactions in shareholders account - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Transactions In Shareholders Account Abstract | ||||||
At January 01 | $ 71,017,816 | $ 70,761,998 | $ 70,995,455 | $ 47,717,763 | $ 70,421,436 | |
Net contributions (distributions) during the year | (626,029) | 255,818 | (233,457) | 23,277,692 | (22,703,673) | $ 13,382,336 |
At December 31 | 70,391,787 | 71,017,816 | 70,761,998 | 70,995,455 | $ 47,717,763 | 70,421,436 |
Expense paid on behalf of related parties | 23,463 | 57,550 | ||||
Key management remuneration | $ 1,229,114 | $ 1,242,706 | $ 1,417,266 | $ 1,160,293 | $ 163,354 |
Transactions with Related Pa_12
Transactions with Related Parties (Details) - Schedule of related party balances - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Shareholder [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | $ 70,391,787 | $ 70,442,948 | $ 71,017,816 | $ 70,761,998 | $ 70,995,455 | $ 47,717,763 |
HBS Investments LP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 10,381 | 5,300 | 4,187 | 17,479 | 13,388 | |
H Capital International LP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 9,983 | 5,302 | 4,189 | 16,975 | 11,056 | |
O2 Investments Limited as GP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 9,272 | 5,775 | 5,191 | 9,303 | 6,181 | |
SBD International LP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 50,014 | 48,470 | 47,357 | 17,851 | 13,760 | |
SD Holding Limited as GP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 21,842 | 21,842 | 19,938 | 9,850 | 6,984 | |
Gyan Investments Ltd [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 9,010 | 5,864 | 5,280 | 9,555 | 6,181 | |
Shareholder [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | $ 2,041,927 | $ 2,041,927 | $ 2,041,927 |
Contingent Liabilities (Detai_3
Contingent Liabilities (Details) - Schedule of contingent liabilities - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Contingent Liabilities [Abstract] | |||||||
Capital commitments within one year | $ 53,500,000 | $ 53,500,000 | $ 22,000,000 | $ 33,125,477 | $ 79,334,742 | $ 144,027,770 | |
Total capital commitments within one year | $ 53,500,000 | $ 53,500,000 | $ 22,000,000 | $ 33,125,477 | $ 79,334,742 | $ 160,562,646 |
Earnings Per Share (Details) _3
Earnings Per Share (Details) - Schedule of basic and diluted EPS - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Basic And Diluted Eps Abstract | ||||||
Profit / (Loss) attributable to ordinary equity holders of the parent | $ 3,894,041 | $ 27,229,285 | $ 25,690,565 | $ 2,518,668 | $ (104,689,000) | $ (13,670,708) |
Weighted average number of ordinary shares | 88,035,321 | 88,035,321 | 88,035,321 | 88,035,321 | 80,264,186 | 80,000,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | |||
Derivative financial instruments | $ 13,161,838 | $ 17,227,709 | $ 1,190,073 |
Level 1 [Member] | |||
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | |||
Derivative financial instruments | 13,161,838 | 15,709,460 | |
Level 2 [Member] | |||
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | |||
Derivative financial instruments | 1,518,249 | 1,190,073 | |
Level 3 [Member] | |||
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | |||
Derivative financial instruments |
Business Combination (Details)
Business Combination (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 20, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Combination (Details) [Line Items] | ||||
Ordinary shares issued | 114,022,421 | |||
Net assets (in Dollars) | $ 32,383,568 | |||
Recognized expense (in Dollars) | $ 101,900,000 | $ 101,900,000 | ||
Business combination, description | Shares issued to Twelve Seas as part of the Business Combination included escrow shares of 1,552,000 being 30% of the founder shares which are subject to meeting certain financial milestones as mentioned below. | Shares issued to Twelve Seas as part of the Business Combination included escrow shares of 1,552,000 being 30% of the founder shares which are subject to meeting certain financial milestones as mentioned below. | ||
Total shares issued | 98,718,035 | |||
Reduction of ordinary shares | 1,281,965 | 1,281,965 | ||
Cash election, percentage (in Dollars per share) | $ 40 | $ 40 | ||
Shares issued | 98,718,035 | |||
Twelve Seas [Member] | ||||
Business Combination (Details) [Line Items] | ||||
Ordinary shares issued | 10,869,719 | 10,869,719 | ||
Warrants issued | 21,229,000 | 21,229,000 | ||
Sale of ordinary shares | 16,997,181 | 16,997,181 | ||
(in Dollars per share) | $ 10.31 | $ 10.31 | ||
Redemption amount of ordinay shares (in Dollars) | $ 175,360,000 | $ 175,360,000 | ||
Ordinary shares, description | Twelve Seas issued a total of 100 million shares (inclusive of 20 million of escrowed shares) to BPGIC in exchange for 100 ordinary shares of BPGIC. All 100 million shares were simultaneously replaced with Brooge Energy shares at the ratio of 1:1. | Twelve Seas issued a total of 100 million shares (inclusive of 20 million of escrowed shares) to BPGIC in exchange for 100 ordinary shares of BPGIC. All 100 million shares were simultaneously replaced with Brooge Energy shares at the ratio of 1:1. | ||
Net assets (in Dollars) | $ 32,400,000 | $ 32,400,000 | ||
Recognized fair value (in Dollars) | 131,000,000 | 131,000,000 | ||
Recognized expense (in Dollars) | 98,600,000 | 98,600,000 | ||
Business administration expenses (in Dollars) | $ 3,100,000 | $ 3,100,000 | ||
Escrow [Member] | ||||
Business Combination (Details) [Line Items] | ||||
Ordinary shares issued | 1,500,000 | 1,500,000 | ||
Total shares issued | 20,000,000 | 20,000,000 | ||
Exchange shares | 20,000,000 | 20,000,000 | ||
NASDAQ [Member] | ||||
Business Combination (Details) [Line Items] | ||||
Fair value, per share (in Dollars per share) | $ 10.49 | $ 10.49 | ||
Fair value, per warrant (in Dollars per share) | $ 0.8 | $ 0.8 | ||
One Half Escrow [Member] | ||||
Business Combination (Details) [Line Items] | ||||
Escrow property, description | (a) the Annualized EBITDA (as defined in the Escrow Agreement) for any full fiscal quarter during the Escrow Period (beginning with the first full fiscal quarter beginning after the Closing) (an “Escrow Quarter”) equals or exceeds USD 175,000,000 or (b) at any time during the Escrow Period, the closing price of the Brooge Energy ordinary shares equals or exceeds $12.50 per share (subject to equitable adjustment) for any ten (10) Trading Days (as defined in the Escrow Agreement) within any twenty (20) Trading Day period during the Escrow Period. | (a) the Annualized EBITDA (as defined in the Escrow Agreement) for any full fiscal quarter during the Escrow Period (beginning with the first full fiscal quarter beginning after the Closing) (an “Escrow Quarter”) equals or exceeds USD 175,000,000 or (b) at any time during the Escrow Period, the closing price of the Brooge Energy ordinary shares equals or exceeds $12.50 per share (subject to equitable adjustment) for any ten (10) Trading Days (as defined in the Escrow Agreement) within any twenty (20) Trading Day period during the Escrow Period. | ||
All Escrow Property [Member] | ||||
Business Combination (Details) [Line Items] | ||||
Escrow property, description | (a) the Annualized EBITDA for any Escrow Quarter equals or exceeds $250,000,000 or (b) at any time during the Escrow Period, the closing price of the Brooge Energy ordinary shares equals or exceeds $14.00 per share (subject to equitable adjustment) for any ten (10) Trading Days within any twenty (20) Trading Day period during the Escrow Period. | (a) the Annualized EBITDA for any Escrow Quarter equals or exceeds $250,000,000 or (b) at any time during the Escrow Period, the closing price of the Brooge Energy ordinary shares equals or exceeds $14.00 per share (subject to equitable adjustment) for any ten (10) Trading Days within any twenty (20) Trading Day period during the Escrow Period. |
Business Combination (Details)
Business Combination (Details) - Schedule of net assets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Net Assets Abstract | ||||
Cash and cash equivalent | $ 1,015,899 | $ 1,452,316 | $ 33,064,568 | $ 33,064,568 |
Current assets | 84,000 | 84,000 | ||
Accounts payable | (765,000) | (765,000) | ||
Total | $ 32,383,568 | $ 32,383,568 |
Financial Risk Management and_8
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Lease liability | $ 90,873,411 | $ 91,923,742 | $ 89,781,180 | $ 87,511,733 | $ 225,749,200 | |
Derivative financial instruments | 1,518,249 | |||||
Accounts payable, accruals and other payables (excluding accrued interest) | 93,903,217 | 107,940,623 | 88,342,208 | 115,633,080 | $ 35,946,217 | |
Total | 358,298,810 | 360,905,005 | 86,970,181 | 434,896,048 | 364,646,641 | |
Term loans (Including accrued interest) | 91,995,519 | |||||
Previously stated [member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Bonds (Including accrued interest) | 191,264,715 | |||||
Lease liability | 89,781,180 | 87,511,733 | 30,779,138 | |||
Derivative financial instruments | ||||||
Accounts payable, accruals and other payables (excluding accrued interest) | 86,970,181 | |||||
Total | 365,746,629 | |||||
On demand [member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Lease liability | ||||||
Derivative financial instruments | ||||||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | 171,343,445 | 182,781,617 | $ 99,447,827 | |||
Term loans (Including accrued interest) | ||||||
On demand [member] | Previously stated [member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Bonds (Including accrued interest) | ||||||
Lease liability | ||||||
Derivative financial instruments | ||||||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | ||||||
Upto 1 Year [Member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Lease liability | 5,978,847 | 6,586,405 | 2,359,590 | |||
Derivative financial instruments | 1,518,249 | |||||
Accounts payable, accruals and other payables (excluding accrued interest) | 93,903,217 | 107,940,623 | 88,342,208 | 115,633,080 | ||
Total | 99,727,482 | 94,321,055 | 86,970,181 | 137,345,488 | ||
Term loans (Including accrued interest) | 17,834,569 | |||||
Upto 1 Year [Member] | Previously stated [member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Bonds (Including accrued interest) | 11,250,000 | |||||
Lease liability | 2,591,557 | |||||
Derivative financial instruments | ||||||
Accounts payable, accruals and other payables (excluding accrued interest) | 86,970,181 | |||||
Total | 100,811,738 | |||||
1 to 5 Years [Member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Lease liability | 18,899,037 | 20,812,094 | 9,919,810 | |||
Derivative financial instruments | ||||||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | 18,947,077 | 18,899,037 | 43,530,413 | |||
Term loans (Including accrued interest) | 33,610,603 | |||||
1 to 5 Years [Member] | Previously stated [member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Bonds (Including accrued interest) | 180,014,715 | |||||
Lease liability | 25,823,081 | |||||
Derivative financial instruments | ||||||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | 205,837,796 | |||||
Later than five years [member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Lease liability | 64,903,296 | 60,113,234 | 213,469,800 | |||
Derivative financial instruments | ||||||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | $ 68,280,806 | $ 64,903,296 | 254,020,147 | |||
Term loans (Including accrued interest) | $ 40,550,347 | |||||
Later than five years [member] | Previously stated [member] | ||||||
Financial Risk Management and Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Bonds (Including accrued interest) | ||||||
Lease liability | 59,097,095 | |||||
Derivative financial instruments | ||||||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | $ 59,097,095 |
Financial Risk Management and_9
Financial Risk Management and Policies (Details) - Schedule of capital management - Previously stated [member] - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Risk Management and Policies (Details) - Schedule of capital management [Line Items] | |||
Borrowings | $ 182,781,617 | $ 187,014,715 | $ 88,700,137 |
Lease liability | 89,781,180 | 87,511,733 | 30,779,138 |
Less: Cash and cash | (20,989,970) | (19,830,771) | |
equivalents | 253,536,478 | 99,648,504 | |
Net debt | 271,110,481 | 52,545,053 | 50,258,618 |
Total capital | $ 78,491,436 | $ 306,081,531 | $ 149,907,122 |
Capital and net debt | 83% | 66% |
Comparative Figures (Details)_6
Comparative Figures (Details) - Schedule of groupings of property, plant and equipment - Previously stated [member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cost: | ||
Cost at beginning | $ 277,724,918 | |
Additions during the year | 110,184,248 | |
Cost at ending | 387,909,166 | $ 277,724,918 |
Accumulated Depreciation: | ||
Accumulated Depreciation at beginning: | 14,496,330 | |
Charge for the year | 6,109,313 | |
Accumulated Depreciation at ending | 20,605,643 | 14,496,330 |
Net Carrying Value: | ||
Net Carrying Value as at December 31, 2020 | 367,303,523 | |
Net Carrying Value as at December 31, 2019 | 263,228,588 | |
Buildings [Member] | ||
Cost: | ||
Cost at beginning | 28,037,886 | |
Additions during the year | ||
Cost at ending | 28,037,886 | 28,037,886 |
Accumulated Depreciation: | ||
Accumulated Depreciation at beginning: | 2,372,081 | |
Charge for the year | 1,121,515 | |
Accumulated Depreciation at ending | 3,493,596 | 2,372,081 |
Net Carrying Value: | ||
Net Carrying Value as at December 31, 2020 | 24,544,290 | |
Net Carrying Value as at December 31, 2019 | 25,665,805 | |
Installations [Member] | ||
Cost: | ||
Cost at beginning | 65,878,129 | |
Additions during the year | 24,997 | |
Cost at ending | 65,903,126 | 65,878,129 |
Accumulated Depreciation: | ||
Accumulated Depreciation at beginning: | 5,978,336 | |
Charge for the year | 2,789,951 | |
Accumulated Depreciation at ending | 8,768,287 | 5,978,336 |
Net Carrying Value: | ||
Net Carrying Value as at December 31, 2020 | 57,134,839 | |
Net Carrying Value as at December 31, 2019 | 59,899,793 | |
Other Equipments [Member] | ||
Cost: | ||
Cost at beginning | 218,827 | |
Additions during the year | 49,916 | |
Cost at ending | 268,743 | 218,827 |
Accumulated Depreciation: | ||
Accumulated Depreciation at beginning: | 79,673 | |
Charge for the year | 50,482 | |
Accumulated Depreciation at ending | 130,155 | 79,673 |
Net Carrying Value: | ||
Net Carrying Value as at December 31, 2020 | 138,588 | |
Net Carrying Value as at December 31, 2019 | 139,154 | |
Tanks [Member] | ||
Cost: | ||
Cost at beginning | 76,100,795 | |
Additions during the year | 118,201 | |
Cost at ending | 76,218,996 | 76,100,795 |
Accumulated Depreciation: | ||
Accumulated Depreciation at beginning: | 3,312,144 | |
Charge for the year | 1,568,648 | |
Accumulated Depreciation at ending | 4,880,792 | 3,312,144 |
Net Carrying Value: | ||
Net Carrying Value as at December 31, 2020 | 71,338,204 | |
Net Carrying Value as at December 31, 2019 | 72,788,651 | |
Capital Work in Progress [Member] | ||
Cost: | ||
Cost at beginning | 79,948,312 | |
Additions during the year | 53,631,492 | |
Cost at ending | 133,579,804 | 79,948,312 |
Accumulated Depreciation: | ||
Accumulated Depreciation at beginning: | ||
Charge for the year | ||
Accumulated Depreciation at ending | ||
Net Carrying Value: | ||
Net Carrying Value as at December 31, 2020 | 133,579,804 | |
Net Carrying Value as at December 31, 2019 | 79,948,312 | |
Right of use Assets [Member] | ||
Cost: | ||
Cost at beginning | 27,540,969 | |
Additions during the year | 56,359,642 | |
Cost at ending | 83,900,611 | 27,540,969 |
Accumulated Depreciation: | ||
Accumulated Depreciation at beginning: | 2,754,096 | |
Charge for the year | 578,717 | |
Accumulated Depreciation at ending | 3,332,813 | 2,754,096 |
Net Carrying Value: | ||
Net Carrying Value as at December 31, 2020 | $ 80,567,798 | |
Net Carrying Value as at December 31, 2019 | $ 24,786,873 |
Comparative Figures (Details)_7
Comparative Figures (Details) - Schedule of statement of comprehensive income - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Statement of Comprehensive Income [Abstract] | ||||||
Direct costs (Note 7) | $ 6,244,880 | $ 12,615,658 | $ 6,806,198 | $ 5,800,007 | $ 5,785,745 | $ 5,763,150 |
CWIP | 491,042 | 926,099 | 1,142,206 | 309,306 | 233,113 | 239,144 |
Total | $ 6,735,923 | $ 13,541,757 | $ 7,948,404 | $ 6,109,313 | $ 6,018,858 | $ 6,002,294 |
Comparative Figures (Details)_8
Comparative Figures (Details) - Schedule of prior Year Restatement - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
As previously reported [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue | $ 41,831,537 | $ 44,085,374 |
Direct costs | (12,944,760) | (10,202,465) |
Gross Profit / (Loss) | 28,886,777 | 33,882,909 |
Other income | 828,332 | |
General and administration expenses | (6,456,884) | (2,608,984) |
Change in estimated fair value of derivative warrant liability | 2,547,542 | 1,273,740 |
Finance costs | (8,306,150) | (5,730,535) |
Profit for the year | 17,159,113 | (75,284,923) |
Current Assets | ||
Trade receivables | 1,507,660 | |
Other receivable and prepayments | 690,232 | 841,033 |
Total Current Assets | 40,401,956 | 22,359,108 |
Non-Current Assets | ||
Advances to contractor | 16,418,065 | 21,664,764 |
Total Non-Current Assets | 392,221,590 | 284,893,352 |
Total Assets | 432,623,546 | 307,252,460 |
Current Liabilities | ||
Trade and accounts payable | 13,829,897 | 61,115,121 |
Other payable | ||
Lease liabilities | 9,795,058 | 2,154,878 |
Total current liabilities | 43,786,799 | 95,036,895 |
Non-current liabilities | ||
Lease liabilities | 79,289,507 | 28,624,259 |
Total Non-Current Liabilities | 260,218,070 | 102,799,150 |
Equity | ||
Share capital | 8,801 | 8,804 |
Retained earnings | (46,907,568) | (64,066,681) |
Statutory reserve | 680,643 | 680,643 |
Shareholders’ account | 73,059,743 | 71,017,815 |
Total Equity | 128,618,677 | 109,416,415 |
Total Equity & Liabilities | 432,623,546 | 307,252,460 |
Restatement adjustments [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue | (14,640,361) | (28,200,155) |
Direct costs | 236,374 | (1,294,774) |
Gross Profit / (Loss) | (14,403,987) | (29,494,929) |
Other income | 4,188 | |
General and administration expenses | (207,419) | 138,559 |
Change in estimated fair value of derivative warrant liability | 80 | |
Finance costs | (29,119) | (51,895) |
Profit for the year | (14,640,445) | (29,404,077) |
Current Assets | ||
Trade receivables | (1,344,093) | |
Other receivable and prepayments | (296,363) | (362) |
Total Current Assets | (296,363) | (1,344,455) |
Non-Current Assets | ||
Advances to contractor | 40,187 | |
Total Non-Current Assets | 40,185 | |
Total Assets | (256,178) | (1,344,455) |
Current Liabilities | ||
Trade and accounts payable | 3,936,678 | 18,846 |
Other payable | 73,453,606 | 57,794,495 |
Lease liabilities | (7,203,501) | |
Total current liabilities | 70,186,777 | 57,813,341 |
Non-current liabilities | ||
Lease liabilities | 5,630,669 | |
Total Non-Current Liabilities | 5,630,669 | |
Equity | ||
Share capital | 3 | |
Retained earnings | (73,440,087) | (58,454,794) |
Statutory reserve | (335,795) | (680,643) |
Shareholders’ account | (2,297,745) | (22,360) |
Total Equity | (76,073,624) | (59,157,797) |
Total Equity & Liabilities | (256,178) | (1,344,455) |
As per the restated Financial Statement [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue | 27,191,176 | 15,885,219 |
Direct costs | (12,708,386) | (11,497,239) |
Gross Profit / (Loss) | 14,482,790 | 4,387,980 |
Other income | 828,332 | 4,188 |
General and administration expenses | (6,664,303) | (2,470,425) |
Change in estimated fair value of derivative warrant liability | 2,547,622 | 1,273,740 |
Finance costs | (8,335,269) | (5,782,430) |
Profit for the year | 2,518,668 | (104,689,000) |
Current Assets | ||
Trade receivables | 163,567 | |
Other receivable and prepayments | 393,869 | 840,671 |
Total Current Assets | 40,105,593 | 21,014,653 |
Non-Current Assets | ||
Advances to contractor | 16,458,252 | 21,664,764 |
Total Non-Current Assets | 392,261,775 | 284,893,352 |
Total Assets | 432,367,368 | 305,908,005 |
Current Liabilities | ||
Trade and accounts payable | 17,766,575 | 61,133,967 |
Other payable | 73,453,606 | 57,794,495 |
Lease liabilities | 2,591,557 | 2,154,878 |
Total current liabilities | 113,973,576 | 152,850,236 |
Non-current liabilities | ||
Lease liabilities | 84,920,176 | 28,624,260 |
Total Non-Current Liabilities | 265,848,739 | 102,799,151 |
Equity | ||
Share capital | 8,804 | 8,804 |
Retained earnings | (120,347,655) | (122,521,475) |
Statutory reserve | 344,848 | |
Shareholders’ account | 70,761,998 | 70,995,455 |
Total Equity | 52,545,053 | 50,258,618 |
Total Equity & Liabilities | $ 432,367,368 | $ 305,908,005 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets using the straight line method - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2008 |
Office Buildings [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets using the straight line method [Line Items] | |||
Cost of asset | $ 25 | ||
Tanks [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets using the straight line method [Line Items] | |||
Cost of asset | 50 | $ 50 | $ 50 |
Other Equipment [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets using the straight line method [Line Items] | |||
Cost of asset | 5 | ||
Right of use asset - Land [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets using the straight line method [Line Items] | |||
Cost of asset | 60 | 60 | |
Bottom of range [member] | Installations [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets using the straight line method [Line Items] | |||
Cost of asset | 20 | 20 | 20 |
Top of range [member] | Installations [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets using the straight line method [Line Items] | |||
Cost of asset | $ 25 | $ 25 | $ 25 |
Revenue (Details) - Schedule _4
Revenue (Details) - Schedule of revenue - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Revenue Abstract | ||||||||
Storage rental income (Note 33) | $ 27,405,640 | $ 16,413,047 | $ 77,577,633 | $ 37,467,396 | $ 23,754,376 | $ 13,397,209 | $ 5,694,418 | $ 62,995 |
Miscellaneous income (Note 6.1) | 1,681,878 | 1,558,887 | 1,294,829 | 423,094 | ||||
Ancillary services | 520,640 | 5,424,589 | 1,923,747 | 2,612,341 | 1,877,913 | 1,193,181 | 269,836 | 26,598 |
Total revenue | $ 28,399,372 | $ 23,119,734 | $ 81,540,776 | $ 41,761,615 | $ 27,191,176 | $ 15,885,219 | $ 6,387,348 | $ 89,593 |
Direct Costs (Details) - Sche_4
Direct Costs (Details) - Schedule of direct costs - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Direct Costs Abstract | ||||||
Depreciation on property, plant and equipment (Note 16) | $ 12,615,658 | $ 6,806,198 | $ 5,800,007 | $ 5,785,745 | $ 5,763,150 | $ 692,775 |
Employees’ costs | 4,232,980 | 3,891,969 | 3,482,431 | 3,074,727 | 2,808,702 | 1,518,794 |
Port expense (Note 6.1) | 2,039,396 | 1,681,878 | 1,558,887 | 1,294,829 | 423,094 | |
Spare parts and consumables used | 1,460,979 | 938,386 | 657,917 | 788,792 | 592,471 | 50,891 |
Insurance charges | 955,977 | 782,357 | 397,976 | 323,702 | 377,053 | 31,304 |
Others | 644,672 | 550,576 | 811,168 | 229,444 | 135,764 | |
Total | $ 24,691,442 | $ 14,984,022 | $ 12,708,386 | $ 11,497,239 | $ 10,100,234 | $ 2,295,809 |
Other Income (Details) - Sche_4
Other Income (Details) - Schedule of other income - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income (Details) - Schedule of other income [Line Items] | ||||||||
Other income | $ 23,154 | $ 38,196 | $ 180,345 | $ 6,237,620 | $ 828,332 | $ 4,188 | $ 8,554 | |
Miscellaneous [Member] | ||||||||
Other Income (Details) - Schedule of other income [Line Items] | ||||||||
Other income | $ 180,345 | $ 110,820 | $ 73,403 | $ 4,188 | $ 8,554 |
Listing Expenses (Details) - _2
Listing Expenses (Details) - Schedule of listing expenses - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Listing Expenses (Details) - Schedule of listing expenses [Line Items] | |||
Listing expenses | $ 101,773,877 | ||
IFRS 2 listing expense [Member] | |||
Listing Expenses (Details) - Schedule of listing expenses [Line Items] | |||
Listing expenses | 98,622,019 | ||
Other listing expenses [Member] | |||
Listing Expenses (Details) - Schedule of listing expenses [Line Items] | |||
Listing expenses | $ 3,151,858 |
General and Administration Ex_6
General and Administration Expenses (Details) - Schedule of general and administration expenses - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
schedule of general and administration expenses [Abstract] | ||||||
Employees’ cost | $ 3,292,361 | $ 2,486,933 | $ 2,014,858 | $ 1,473,335 | $ 1,210,102 | $ 287,481 |
Legal and professional | 7,383,335 | 2,877,264 | 2,594,801 | 549,702 | 177,298 | 131,313 |
Office expenses | 409,544 | 393,187 | 270,259 | 248,752 | 106,943 | 22,015 |
Repairs and maintenance | 545 | 22,149 | 247,302 | 74,542 | 75,985 | |
Sales and marketing | 3,026,399 | 60,389 | 211,383 | 70,877 | 114,682 | 37,223 |
Travelling expenses | 67,464 | 15,035 | 154,336 | 42,871 | 5,667 | 16,544 |
Rent | 166,894 | 112,306 | 177,850 | 10,346 | 22,325 | 43,380 |
Other expense | 111,378 | 36,310 | ||||
Total | $ 15,652,819 | $ 7,422,870 | $ 6,664,303 | $ 2,470,425 | $ 1,824,380 | $ 574,266 |
Finance Costs (Details) - Sch_4
Finance Costs (Details) - Schedule of finance costs - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Finance Costs Abstract | ||||||
Interest expense on term loans | $ 22,177,769 | $ 4,966,876 | $ 5,467,250 | $ 4,002,772 | $ 5,559,195 | $ 647,969 |
Interest on lease liability | 3,043,214 | 1,685,010 | 2,041,006 | 1,412,796 | 1,387,612 | 318,957 |
Bank charges | 119,347 | 89,587 | 11,696 | 314,967 | 5,116 | |
Exchange loss | 11,800 | 40,993 | 29,119 | 51,895 | ||
Total finance cost | $ 25,417,989 | $ 6,810,718 | $ 8,335,269 | $ 5,782,430 | $ 6,951,923 | $ 966,926 |
Cash and Cash Equivalents (De_5
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Cash And Cash Equivalents Abstract | ||||||
Cash in hand | $ 18,839 | $ 3,195 | $ 5,026 | $ 1,960 | $ 5,013 | $ 2,273 |
Balances in current accounts | 16,741,142 | 15,877,796 | 47,884,909 | 19,828,811 | 32,338 | |
Total | $ 16,759,981 | $ 15,880,991 | $ 47,889,935 | $ 19,830,771 | $ 37,351 |
Trade Accounts Receivable (De_3
Trade Accounts Receivable (Details) - Schedule of trade accounts receivables - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Trade Accounts Receivables Abstract | ||||||
Accounts receivables | $ 5,275,047 | $ 3,771,492 | $ 163,567 | |||
Total | $ 5,275,047 | $ 8,667,673 | $ 3,771,492 | $ 163,567 |
Inventories (Details) - Sched_4
Inventories (Details) - Schedule of inventories - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Inventories (Details) - Schedule of inventories [Line Items] | |||||||
Total inventories | $ 315,576 | $ 277,366 | $ 250,360 | $ 321,789 | $ 179,644 | $ 147,090 | $ 176,651 |
Spare parts and consumables [Member] | |||||||
Inventories (Details) - Schedule of inventories [Line Items] | |||||||
Total inventories | $ 315,576 | $ 277,366 | $ 250,360 | $ 321,789 | $ 179,644 | $ 147,090 | $ 176,651 |
Other Receivable and Prepayme_2
Other Receivable and Prepayments (Details) - Schedule of other receivable and prepayments - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
Schedule Of Other Receivable And Prepayments Abstract | |||||||
VAT receivable | $ 573,923 | $ 221,448 | |||||
Prepaid expenses | $ 247,741 | 57,543 | $ 223,490 | $ 1,284,586 | $ 289,463 | $ 289,463 | |
Due from related parties | 81,013 | 57,550 | 110,502 | 92,553 | 86,142 | 86,142 | |
Deposits | 21,537 | 15,526 | 10,352 | 320,475 | 342,921 | 99,660 | 99,660 |
Advance paid to suppliers and contractors | 136,129 | 13,028 | |||||
Total | $ 393,869 | $ 840,671 | $ 244,828 | $ 724,093 | $ 1,876,169 | $ 1,131,868 | $ 1,131,868 |
Advances to Contractor (Detai_5
Advances to Contractor (Details) - Schedule of advances to contractor - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Advances To Contractor Abstract | ||||||
Advances to contractor | $ 15,223,215 | $ 15,571,215 | $ 3,499,988 | $ 16,458,252 | $ 21,664,764 | |
Total | $ 15,223,215 | $ 15,571,215 | $ 3,499,988 | $ 16,458,252 | $ 21,664,764 |
Trade and Accounts Payable (D_5
Trade and Accounts Payable (Details) - Schedule of trade and accounts payable - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Trade and Accounts Payable [Abstract] | |||||||
Trade accounts payable | $ 9,853,157 | $ 17,627,226 | $ 9,113,183 | $ 5,216,243 | $ 25,989,965 | $ 1,566,717 | $ 1,750,774 |
Capital accruals | 31,466,080 | 5,978,220 | |||||
Accrued interest on term loans | 3,815,551 | 3,965,660 | 4,101,250 | 4,250,000 | 3,295,382 | 910,691 | |
Accrued expenses | 3,076,957 | 9,054,622 | 394,611 | 467,840 | 360,180 | 546,333 | 43,227 |
Payables to third parties | 2,041,927 | 2,041,927 | 22,360 | ||||
Total | $ 23,464,803 | $ 37,652,318 | $ 18,189,493 | $ 17,766,575 | $ 61,133,967 | $ 9,001,961 | $ 4,580,173 |
Other Payable (Details) - Sch_4
Other Payable (Details) - Schedule of other payable - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Other Payable (Details) - Schedule of other payable [Line Items] | ||||||
Other payable | $ 74,253,965 | $ 74,253,965 | $ 74,253,965 | $ 73,453,606 | $ 57,794,495 | $ 27,854,947 |
M/s Brooge International Advisory LLC [Member] | ||||||
Other Payable (Details) - Schedule of other payable [Line Items] | ||||||
Other payable | $ 74,253,965 | $ 74,253,965 | $ 74,253,965 | $ 73,453,606 | $ 57,794,495 | $ 27,854,947 |
Derivative Warrant Liability _8
Derivative Warrant Liability (Details) - Schedule of derivative warrant liability - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Derivative Warrant Liability Abstract | ||||||
Issuance of 21,229,000 warrants in connection with merger (Note 30) | $ 11,675,815 | $ 11,675,815 | $ 13,161,838 | $ 15,709,460 | $ 16,983,200 | |
Fair value remeasurement of derivative warrant liability | (4,458,069) | (7,430,035) | (1,486,023) | (2,547,622) | (1,273,740) | |
Total | $ 7,217,746 | $ 4,245,780 | $ 11,675,815 | $ 13,161,838 | $ 15,709,460 |
Derivative Warrant Liability _9
Derivative Warrant Liability (Details) - Schedule of derivative warrant liability (Parentheticals) | Dec. 31, 2019 shares |
Schedule Of Derivative Warrant Liability Abstract | |
Issuance of warrants in connection with merger (Note 30) | 21,229,000 |
Derivative Financial Instrume_8
Derivative Financial Instruments (Details) - Schedule of interest rate derivatives - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Financial Instruments (Details) - Schedule of interest rate derivatives [Line Items] | ||||
Total derivative financial instruments | $ 9,306,741 | $ 5,422,917 | $ 1,518,249 | $ 1,190,073 |
Interest Rate Swaps [Member] | ||||
Derivative Financial Instruments (Details) - Schedule of interest rate derivatives [Line Items] | ||||
Total derivative financial instruments | $ 1,518,249 | $ 1,190,073 |
Derivative Financial Instrume_9
Derivative Financial Instruments (Details) - Schedule of derivative financial instruments - Interest Rate Swaps [Member] - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Financial Instruments (Details) - Schedule of derivative financial instruments [Line Items] | |||
Interest rate swaps, Notional Amount | $ 79,253,015 | $ 83,855,305 | |
Interest rate swaps, Fair value asset | |||
Interest rate swaps, Fair value liability | $ 1,518,249 | $ 1,190,073 |
Borrowings (Details) - Sched_12
Borrowings (Details) - Schedule of borrowings - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Borrowings Abstract | |||
Secured term loans | $ 86,435,137 | $ 94,792,088 | $ 94,163,751 |
Promissory notes | 2,265,000 | ||
Bank overdraft | 3,745,048 | ||
Total | $ 88,700,137 | $ 98,537,136 |
Borrowings (Details) - Sched_13
Borrowings (Details) - Schedule of current and non- current break up - Borrowing [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non- Current | |||
Bonds, non current | $ 180,014,715 | ||
Term loan non current | 74,160,950 | ||
Current | |||
Promissory notes | 2,265,000 | ||
Term loan non current | 14,539,187 | 94,792,088 | |
Term loan 1 [Member] | |||
Non- Current | |||
Bonds, non current | 68,271,743 | ||
Current | |||
Term loan current | 10,135,939 | 82,245,595 | |
Term loan 2 [Member] | |||
Non- Current | |||
Bonds, non current | 5,889,207 | ||
Current | |||
Term loan current | 2,138,248 | 10,165,703 | |
Term loan 3 [Member] | |||
Current | |||
Term loan current | $ 2,380,790 |
Lease Liabilities (Details) -_7
Lease Liabilities (Details) - Schedule of lease liabilities - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of lease liabilities [Abstract] | |||||||
Balance at the beginning of the year | $ 89,781,180 | $ 89,781,180 | $ 87,511,733 | $ 30,779,138 | $ 30,221,426 | $ 29,670,676 | $ 29,127,095 |
Interest charged during the year | 10,398,008 | 11,774,031 | 3,525,982 | 2,871,035 | 2,818,714 | 2,767,074 | |
Repayment during the year | $ (3,056,444) | (9,305,777) | (3,377,784) | (2,313,323) | (2,267,964) | (2,223,494) | |
Balance at the end of the year | 90,873,411 | 89,781,180 | $ 87,511,733 | 30,779,138 | 30,221,426 | 29,670,676 | |
Current | 6,316,342 | 8,976,452 | 2,154,878 | 2,112,624 | 2,071,200 | ||
Non-Current | $ 84,557,069 | $ 80,804,728 | $ 28,624,260 | $ 28,108,802 | $ 27,599,476 |
Lease Liabilities (Details) -_8
Lease Liabilities (Details) - Schedule of reduction lease liability - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | $ 885,817,296 | $ 489,395,684 | $ 895,123,077 | $ 902,452,867 | $ 225,749,200 | $ 228,062,524 | $ 230,330,487 |
Finance costs | (794,943,885) | (397,471,942) | (805,341,897) | (814,941,134) | (194,970,062) | (197,841,098) | (200,659,812) |
Present value of minimum lease payments | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | 30,779,138 | 30,221,426 | 29,670,675 |
Lease payments [Member] | Not later than one year [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 8,878,338 | 4,439,169 | 8,704,253 | 8,533,582 | 2,359,590 | 2,313,324 | 2,267,964 |
Lease payments [Member] | Later than one year and not later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 37,324,891 | 18,662,445 | 36,593,030 | 35,875,519 | 9,919,810 | 9,725,304 | 9,534,612 |
Lease payments [Member] | Later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 839,614,067 | 466,294,070 | 849,825,794 | 858,043,766 | 213,469,800 | 216,023,896 | 218,527,911 |
Present value of minimum lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | 30,779,138 | 30,221,426 | 29,670,675 |
Finance costs | |||||||
Present value of minimum lease payments | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | 30,779,138 | 30,221,426 | 29,670,675 |
Present value of minimum lease payments [Member] | Not later than one year [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 5,428,131 | 2,714,066 | 5,978,847 | 6,586,405 | 2,154,878 | 2,112,624 | 2,071,200 |
Present value of minimum lease payments [Member] | Later than one year and not later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 17,164,474 | 8,582,236 | 18,899,037 | 20,812,094 | 7,241,240 | 7,099,256 | 6,960,054 |
Present value of minimum lease payments [Member] | Later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | $ 68,280,806 | $ 80,627,440 | $ 64,903,296 | $ 60,113,234 | $ 21,383,020 | $ 21,009,546 | $ 20,639,421 |
Employees_ End of Service Ben_2
Employees’ End of Service Benefits (Details) - Schedule of employees’ end of service benefits - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of employees’ end of service benefits [Abstract] | |||||||
Balance at the beginning of the year | $ 60,624 | $ 60,624 | $ 40,514 | $ 13,941 | $ 6,267 | $ 651 | $ 286 |
Provision for the year | 147,928 | 256,890 | 31,551 | 29,047 | 9,488 | 5,748 | 365 |
Paid during the year | $ (39,749) | (183,314) | (11,441) | (2,474) | (1,814) | (132) | |
Balance at the end of the year | $ 134,200 | $ 60,624 | $ 40,514 | $ 13,941 | $ 6,267 | $ 651 |
Share Capital & Share Premium_9
Share Capital & Share Premium (Details) - Schedule of share capital share premium - Previously stated [member] | 12 Months Ended |
Dec. 31, 2019 USD ($) shares | |
Share Capital & Share Premium (Details) - Schedule of share capital share premium [Line Items] | |
Ordinary shares | shares | 450,000,000 |
Ordinary shares, amount | $ | $ 450,000,000 |
Changes in share capital due to business combination (Note 31), shares | shares | 80,000,000 |
Changes in share capital due to business combination (Note 31), amount | $ | $ 8,000 |
Cash election, shares | shares | (1,281,695) |
Cash election, amount | $ | $ (128) |
Changes in share capital due to reverse acquisition transaction, shares | shares | 9,316,948 |
Changes in share capital due to reverse acquisition transaction, amount | $ | $ 932 |
As at December 31, 2019 | shares | 88,035,253 |
As at December 31, 2019 | $ | $ 8,804 |
Share Capital & Share Premiu_10
Share Capital & Share Premium (Details) - Schedule of additional information on escrow shares - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Additional Information On Escrow Shares Abstract | ||
As at January 01 | $ 1,353,285 | |
Reverse acquisition adjustment | $ 1,353,285 | |
Ordinary shares issued on merger with Twelve Seas (in Shares) | 114,022,421 | |
Cash election | $ (13,599,872) | |
As at December 31 | $ 101,775,834 | $ 1,353,285 |
Transactions with Related Pa_13
Transactions with Related Parties (Details) - Schedule of transactions with related parties - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Schedule Of Transactions With Related Parties Abstract | ||||||||
Contributions by the shareholders | $ (233,457) | $ 77,090,648 | $ 951,539 | $ 3,878,302 | ||||
Amounts paid on behalf of the Group by the shareholders* | [1] | 1,135,484 | [1] | 7,850,431 | [2],[3] | 9,504,034 | [2] | |
Amounts paid by the Group on behalf of the shareholders | (1,669,424) | (2,296,354) | ||||||
Distributions to shareholders | (53,279,016) | (29,209,289) | ||||||
Total | $ (233,457) | $ 23,277,692 | $ (22,703,673) | $ 13,382,336 | ||||
[1]These include expenses paid on behalf of the Group which includes other operational expenses paid by the shareholders on behalf of the Group.[2] These include expenses paid on behalf of the Company including lease liability payments and other operational expenses paid by the owners on behalf of the Company. |
Transactions with Related Pa_14
Transactions with Related Parties (Details) - Schedule of transactions in shareholders account - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Transactions In Shareholders Account Abstract | ||
Net contributions (distributions) during the year | $ 23,277,692 | $ (22,703,673) |
Transactions with Related Pa_15
Transactions with Related Parties (Details) - Schedule of related party balances - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Shareholder [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | $ 70,391,787 | $ 70,442,948 | $ 71,017,816 | $ 70,761,998 | $ 70,995,455 | $ 47,717,763 |
HBS Investments LP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 10,381 | 5,300 | 4,187 | 17,479 | 13,388 | |
H Capital International LP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 9,983 | 5,302 | 4,189 | 16,975 | 11,056 | |
O2 Investments Limited as GP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 9,272 | 5,775 | 5,191 | 9,303 | 6,181 | |
SBD International LP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 50,014 | 48,470 | 47,357 | 17,851 | 13,760 | |
SD Holding Limited as GP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 21,842 | 21,842 | 19,938 | 9,850 | 6,984 | |
Gyan Investments Ltd [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | $ 9,010 | $ 5,864 | $ 5,280 | $ 9,555 | $ 6,181 |
Contingent Liabilities (Detai_4
Contingent Liabilities (Details) - Schedule of contingent liabilities - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Contingent Liabilities (Details) - Schedule of contingent liabilities [Line Items] | |||||||
Capital commitments | $ 53,500,000 | $ 53,500,000 | $ 22,000,000 | $ 33,125,477 | $ 79,334,742 | $ 144,027,770 | |
Transferred from capital | $ 53,500,000 | $ 53,500,000 | $ 22,000,000 | $ 33,125,477 | 79,334,742 | 160,562,646 | |
Capital Commitments [Member] | |||||||
Contingent Liabilities (Details) - Schedule of contingent liabilities [Line Items] | |||||||
Capital commitments | $ 79,334,742 | $ 160,562,646 |
Earnings Per Share (Details) _4
Earnings Per Share (Details) - Schedule of basic and diluted EPS - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Basic And Diluted Eps Abstract | ||||||
(Loss) / profit attributable to ordinary equity holders of the parent | $ 3,894,041 | $ 27,229,285 | $ 25,690,565 | $ 2,518,668 | $ (104,689,000) | $ (13,670,708) |
Weighted average number of ordinary shares | 88,035,321 | 88,035,321 | 88,035,321 | 88,035,321 | 80,264,186 | 80,000,000 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | |||
Derivative financial instruments | $ 13,161,838 | $ 17,227,709 | $ 1,190,073 |
Level 1 of fair value hierarchy [member] | |||
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | |||
Derivative financial instruments | 13,161,838 | 15,709,460 | |
Level 2 of fair value hierarchy [member] | |||
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | |||
Derivative financial instruments | 1,518,249 | 1,190,073 | |
Level 3 of fair value hierarchy [member] | |||
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | |||
Derivative financial instruments |
Business Combination (Details_2
Business Combination (Details) - Schedule of net assets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Net Assets Abstract | ||||
Cash and cash equivalent | $ 1,015,899 | $ 1,452,316 | $ 33,064,568 | $ 33,064,568 |
Current assets | 84,000 | 84,000 | ||
Accounts payable | (765,000) | (765,000) | ||
Total | $ 32,383,568 | $ 32,383,568 |
Financial Risk Management An_10
Financial Risk Management And Policies (Details) - Schedule of contractual undiscounted payments - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Risk Management And Policies (Details) - Schedule of contractual undiscounted payments [Line Items] | ||||||
Term loans (Including accrued interest) | $ 91,995,519 | |||||
Lease liability | 225,749,200 | $ 228,062,524 | ||||
Derivative financial instruments | 1,518,249 | 1,190,073 | ||||
Accounts payable, accruals and other payables (excluding accrued interest) | $ 93,903,217 | $ 107,940,623 | $ 88,342,208 | 115,633,080 | 35,946,217 | |
Total | 358,298,810 | 360,905,005 | $ 86,970,181 | 434,896,048 | 364,646,641 | |
Bank overdraft/ Term loans | 3,745,048 | |||||
(Including accrued interest) | 95,702,779 | |||||
On Demand [Member] | ||||||
Financial Risk Management And Policies (Details) - Schedule of contractual undiscounted payments [Line Items] | ||||||
Term loans (Including accrued interest) | ||||||
Lease liability | ||||||
Derivative financial instruments | ||||||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | $ 171,343,445 | 182,781,617 | 99,447,827 | |||
Bank overdraft/ Term loans | 3,745,048 | |||||
(Including accrued interest) | 95,702,779 | |||||
Upto 1 Year [Member] | ||||||
Financial Risk Management And Policies (Details) - Schedule of contractual undiscounted payments [Line Items] | ||||||
Term loans (Including accrued interest) | 17,834,569 | |||||
Lease liability | 2,359,590 | 2,313,324 | ||||
Derivative financial instruments | 1,518,249 | 1,190,073 | ||||
Accounts payable, accruals and other payables (excluding accrued interest) | 115,633,080 | 35,946,217 | ||||
Total | 137,345,488 | 39,449,614 | ||||
Bank overdraft/ Term loans | ||||||
(Including accrued interest) | ||||||
1 to 5 Years [Member] | ||||||
Financial Risk Management And Policies (Details) - Schedule of contractual undiscounted payments [Line Items] | ||||||
Term loans (Including accrued interest) | 33,610,603 | |||||
Lease liability | 9,919,810 | 9,725,304 | ||||
Derivative financial instruments | ||||||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | 43,530,413 | 9,725,304 | ||||
Bank overdraft/ Term loans | ||||||
(Including accrued interest) | ||||||
5 Years [Member] | ||||||
Financial Risk Management And Policies (Details) - Schedule of contractual undiscounted payments [Line Items] | ||||||
Term loans (Including accrued interest) | 40,550,347 | |||||
Lease liability | 213,469,800 | 216,023,896 | ||||
Derivative financial instruments | ||||||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | $ 254,020,147 | 216,023,896 | ||||
Bank overdraft/ Term loans | ||||||
(Including accrued interest) |
Financial Risk Management An_11
Financial Risk Management And Policies (Details) - Schedule of capital includes share capital, shareholders’ accounts, general reserve and accumulated losses retained earnings - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Capital Includes Share Capital Shareholders Accounts General Reserve And Accumulated Losses Retained Earnings Abstract | |||||||
Lease liability | $ 88,700,137 | $ 94,792,088 | |||||
Less: cash and cash | 30,779,138 | 30,221,426 | |||||
equivalents | (19,830,771) | 3,707,697 | |||||
Net debt | $ 263,454,668 | $ 270,210,290 | $ 271,110,481 | $ 253,536,478 | 99,648,504 | 128,721,211 | |
Total capital | 105,094,692 | 78,491,436 | 50,258,618 | 31,246,573 | $ 67,620,954 | ||
Capital and net debt | $ 368,549,360 | $ 352,020,899 | $ 349,601,917 | $ 306,081,531 | $ 149,907,122 | $ 159,967,784 | |
Gearing ratio | 71% | 77% | 78% | 83% | 66% | 80% |
Comparative Figures (Details)_9
Comparative Figures (Details) - Schedule of groupings of property, plant and equipment - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cost: | |||||
Cost at beginning | $ 455,820,960 | $ 455,820,960 | $ 206,106,586 | ||
Additions during the year | 7,726,643 | 12,315,483 | $ 67,911,792 | 71,618,332 | |
Cost at ending | 468,136,443 | 455,820,960 | 277,724,918 | ||
Accumulated Depreciation: | |||||
Accumulated Depreciation at beginning | 8,477,472 | ||||
Charge for the year | 6,735,923 | 13,541,757 | 7,948,404 | 6,018,858 | |
Accumulated Depreciation at ending | 42,095,804 | 28,554,047 | 14,496,330 | ||
Net Carrying Value as at December 31, 2019 | 263,228,588 | ||||
Net Carrying Value as at December 31, 2018 | $ 197,629,114 | ||||
Buildings [Member] | |||||
Cost: | |||||
Cost at beginning | 28,037,886 | 28,037,886 | 28,037,886 | ||
Additions during the year | 2,775,806 | ||||
Cost at ending | 30,813,692 | 28,037,886 | 28,037,886 | ||
Accumulated Depreciation: | |||||
Accumulated Depreciation at beginning | 1,250,566 | ||||
Charge for the year | 1,214,042 | 1,121,515 | |||
Accumulated Depreciation at ending | 5,829,153 | 4,615,111 | 2,372,081 | ||
Net Carrying Value as at December 31, 2019 | 25,665,805 | ||||
Net Carrying Value as at December 31, 2018 | 26,787,320 | ||||
Installations [Member] | |||||
Cost: | |||||
Cost at beginning | 179,268,276 | 179,268,276 | 65,868,246 | ||
Additions during the year | 99,130 | 9,883 | |||
Cost at ending | 179,367,406 | 179,268,276 | 65,878,129 | ||
Accumulated Depreciation: | |||||
Accumulated Depreciation at beginning | 3,148,665 | ||||
Charge for the year | 3,752,486 | 7,558,769 | 3,518,868 | 2,829,671 | |
Accumulated Depreciation at ending | 19,845,924 | 12,287,155 | 5,978,336 | ||
Net Carrying Value as at December 31, 2019 | 59,899,793 | ||||
Net Carrying Value as at December 31, 2018 | 62,719,581 | ||||
Other Equipments [Member] | |||||
Cost: | |||||
Cost at beginning | 307,695 | 307,695 | 213,843 | ||
Additions during the year | 915,994 | 4,984 | |||
Cost at ending | 1,223,689 | 307,695 | 218,827 | ||
Accumulated Depreciation: | |||||
Accumulated Depreciation at beginning | 36,436 | ||||
Charge for the year | 185,055 | 43,237 | |||
Accumulated Depreciation at ending | 371,454 | 186,399 | 79,673 | ||
Net Carrying Value as at December 31, 2019 | 139,154 | ||||
Net Carrying Value as at December 31, 2018 | 177,407 | ||||
Tanks [Member] | |||||
Cost: | |||||
Cost at beginning | 154,532,494 | 154,532,494 | 76,100,795 | ||
Additions during the year | |||||
Cost at ending | 154,532,494 | 154,532,494 | 76,100,795 | ||
Accumulated Depreciation: | |||||
Accumulated Depreciation at beginning | 1,746,725 | ||||
Charge for the year | 1,577,334 | 3,148,604 | 1,816,490 | 1,565,419 | |
Accumulated Depreciation at ending | 9,845,886 | 6,697,282 | 3,312,144 | ||
Net Carrying Value as at December 31, 2019 | 72,788,651 | ||||
Net Carrying Value as at December 31, 2018 | 74,354,070 | ||||
Capital Work in Progress [Member] | |||||
Cost: | |||||
Cost at beginning | 8,685,182 | 8,685,182 | 8,344,847 | ||
Additions during the year | 4,174,276 | 8,524,553 | 66,784,024 | 71,603,465 | |
Cost at ending | 17,209,735 | 8,685,182 | 79,948,312 | ||
Accumulated Depreciation: | |||||
Accumulated Depreciation at beginning | |||||
Charge for the year | |||||
Accumulated Depreciation at ending | |||||
Net Carrying Value as at December 31, 2019 | 79,948,312 | ||||
Net Carrying Value as at December 31, 2018 | 8,344,847 | ||||
Right of use assets [Member] | |||||
Cost: | |||||
Cost at beginning | 27,540,969 | ||||
Additions during the year | 1,088,816 | ||||
Cost at ending | 27,540,969 | ||||
Accumulated Depreciation: | |||||
Accumulated Depreciation at beginning | 2,295,080 | ||||
Charge for the year | $ 1,435,287 | 459,016 | |||
Accumulated Depreciation at ending | 2,754,096 | ||||
Net Carrying Value as at December 31, 2019 | $ 24,786,873 | ||||
Net Carrying Value as at December 31, 2018 | $ 25,245,889 |
Comparative Figures (Details_10
Comparative Figures (Details) - Schedule of statement of comprehensive income - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Statement of Comprehensive Income [Abstract] | ||||||
Direct costs (Note 7) | $ 6,244,880 | $ 12,615,658 | $ 6,806,198 | $ 5,800,007 | $ 5,785,745 | $ 5,763,150 |
CWIP | 491,042 | 926,099 | 1,142,206 | 309,306 | 233,113 | 239,144 |
Total | $ 6,735,923 | $ 13,541,757 | $ 7,948,404 | $ 6,109,313 | $ 6,018,858 | $ 6,002,294 |
Comparative Figures (Details_11
Comparative Figures (Details) - Schedule of prior Year Restatement - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
As previously reported [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | $ 41,831,537 | $ 44,085,374 | $ 35,839,268 |
Direct costs | (12,944,760) | (10,202,465) | (9,607,360) |
Gross Profit / (Loss) | 28,886,777 | 33,882,909 | 26,231,908 |
Other Income | 828,332 | ||
General and administration expenses | (6,456,884) | (2,608,984) | (2,029,260) |
Finance costs | (8,306,150) | (5,730,535) | (6,951,923) |
Profit for the year | (17,159,113) | (75,284,923) | 16,060,652 |
ASSETS | |||
Trade receivables | 1,507,660 | 1,877,887 | |
Other receivable and prepayments | 690,232 | 841,033 | 244,828 |
Total Current Assets | 40,401,956 | 22,359,108 | 2,307,156 |
Total Assets | 432,623,546 | 307,252,460 | 199,936,632 |
LIABILITIES AND EQUITY | |||
Trade and accounts payable | 13,829,897 | 61,115,121 | 9,003,798 |
Other payable | |||
Total current liabilities | 43,786,799 | 95,036,895 | 110,843,631 |
Equity | |||
Retained Earnings / (accumulated losses) | (46,907,568) | (64,066,681) | 11,218,242 |
Statutory reserve | 680,643 | 680,643 | 680,643 |
Shareholder’s account | 73,059,743 | 71,017,815 | 47,717,763 |
Total Equity | 128,618,677 | 109,416,415 | 60,977,933 |
Total Equity & Liabilities | 432,623,546 | 307,252,460 | 199,936,632 |
Restatement Adjustment [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | (14,640,361) | (28,200,155) | (29,451,920) |
Direct costs | 236,374 | (1,294,774) | (492,874) |
Gross Profit / (Loss) | (14,403,987) | (29,494,929) | (29,944,794) |
Other Income | 4,188 | 8,554 | |
General and administration expenses | (207,419) | 138,559 | 204,880 |
Finance costs | (29,119) | (51,895) | |
Profit for the year | 14,640,445 | (29,404,077) | (29,731,360) |
ASSETS | |||
Trade receivables | (1,344,093) | (1,877,887) | |
Other receivable and prepayments | (296,363) | (362) | |
Total Current Assets | (296,363) | (1,344,455) | (1,877,887) |
Total Assets | (256,178) | (1,344,455) | (1,878,249) |
LIABILITIES AND EQUITY | |||
Trade and accounts payable | 3,936,678 | 18,846 | (1,837) |
Other payable | 73,453,606 | 57,794,495 | 27,854,947 |
Total current liabilities | 70,186,777 | 57,813,341 | 27,853,110 |
Equity | |||
Retained Earnings / (accumulated losses) | (73,440,087) | (58,454,794) | (29,050,717) |
Statutory reserve | (335,795) | (680,643) | (680,643) |
Shareholder’s account | (2,297,745) | (22,360) | |
Total Equity | (76,073,624) | (59,157,797) | (29,731,360) |
Total Equity & Liabilities | (256,178) | (1,344,455) | (1,878,249) |
As per the restated Financial Statement [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 27,191,176 | 15,885,219 | 6,387,348 |
Direct costs | (12,708,386) | (11,497,239) | (10,100,234) |
Gross Profit / (Loss) | 14,482,790 | 4,387,980 | (3,712,886) |
Other Income | 828,332 | 4,188 | 8,554 |
General and administration expenses | (6,664,303) | (2,470,425) | (1,824,380) |
Finance costs | (8,335,269) | (5,782,430) | (6,951,923) |
Profit for the year | (2,518,668) | (104,689,000) | (13,670,708) |
ASSETS | |||
Trade receivables | 163,567 | ||
Other receivable and prepayments | 393,869 | 840,671 | 244,828 |
Total Current Assets | 40,105,593 | 21,014,653 | 429,269 |
Total Assets | 432,367,368 | 305,908,005 | 198,058,383 |
LIABILITIES AND EQUITY | |||
Trade and accounts payable | 17,766,575 | 61,133,967 | 9,001,961 |
Other payable | 73,453,606 | 57,794,495 | 27,854,947 |
Total current liabilities | 113,973,576 | 152,850,236 | 138,696,741 |
Equity | |||
Retained Earnings / (accumulated losses) | (120,347,655) | (122,521,475) | (17,832,475) |
Statutory reserve | 344,848 | ||
Shareholder’s account | 70,761,998 | 70,995,455 | 47,717,763 |
Total Equity | 52,545,053 | 50,258,618 | 31,246,573 |
Total Equity & Liabilities | $ 432,367,368 | $ 305,908,005 | $ 198,058,383 |
Legal Status, Owners Manageme_2
Legal Status, Owners Management and Business Activity (Details) - Schedule of owners of the company | 12 Months Ended |
Dec. 31, 2018 USD ($) shares | |
Legal Status, Owners Management and Business Activity (Details) - Schedule of owners of the company [Line Items] | |
Number of Shares | shares | 5,000,000 |
% of Shares | 100% |
Value in USD | $ | $ 1,361,285 |
HH Sheikh Mohammed Khalifa Zayed Al Nahyan [Member] | |
Legal Status, Owners Management and Business Activity (Details) - Schedule of owners of the company [Line Items] | |
Number of Shares | shares | 1,000,000 |
% of Shares | 20% |
Value in USD | $ | $ 272,257 |
M/s. AL Brooge Capital Providing for Oil and Gas LLC [Member] | |
Legal Status, Owners Management and Business Activity (Details) - Schedule of owners of the company [Line Items] | |
Number of Shares | shares | 1,000,000 |
% of Shares | 20% |
Value in USD | $ | $ 272,257 |
M/s. Emirates Investment LLC FZC [Member] | |
Legal Status, Owners Management and Business Activity (Details) - Schedule of owners of the company [Line Items] | |
Number of Shares | shares | 3,000,000 |
% of Shares | 60% |
Value in USD | $ | $ 816,771 |
Application of New and Revise_3
Application of New and Revised International Financial Reporting Standards (IFRS) (Details) - Schedule of financial statements | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Financial Statements [Abstract] | |
IFRS 15 - Revenue from Contracts with Customers | Jan. 01, 2018 |
IFRS 9 - Financial Instruments | Jan. 01, 2018 |
IFRIC 22 - Foreign Currency Transactions and Advance Consideration | Jan. 01, 2018 |
Amendments to IAS 40 Transfers of Investment Property; | Jan. 01, 2018 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2008 |
Buildings [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | $ 25 | $ 25 | |
Tanks [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | $ 50 | 50 | 50 |
Other Equipment [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | 5 | 5 | |
Right of use asset - Land [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | 60 | 60 | |
Bottom of range [member] | Installations [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | 20 | 20 | 20 |
Top of range [member] | Installations [Member] | |||
Summary of Significant Accounting Policies (Details) - Schedule of depreciation is charged to write off the cost of assets [Line Items] | |||
Cost of asset | $ 25 | $ 25 | $ 25 |
Revenue (Details) - Schedule _5
Revenue (Details) - Schedule of storage rental income miscellaneous income - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Storage Rental Income Miscellaneous Income Abstract | ||||||||
Storage rental income (Note 24) | $ 27,405,640 | $ 16,413,047 | $ 77,577,633 | $ 37,467,396 | $ 23,754,376 | $ 13,397,209 | $ 5,694,418 | $ 62,995 |
Miscellaneous income (Note 8.1) | 473,092 | 1,282,098 | 2,039,396 | 1,681,878 | 423,094 | |||
Ancillary services | 520,640 | 5,424,589 | 1,923,747 | 2,612,341 | 1,877,913 | 1,193,181 | 269,836 | 26,598 |
Total | $ 28,399,372 | $ 23,119,734 | $ 81,540,776 | $ 41,761,615 | $ 27,191,176 | $ 15,885,219 | $ 6,387,348 | $ 89,593 |
Direct Costs (Details) - Sche_5
Direct Costs (Details) - Schedule of direct costs - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Direct Costs Abstract | ||||||
Depreciation on property, plant and equipment (Note 17) | $ 12,615,658 | $ 6,806,198 | $ 5,800,007 | $ 5,785,745 | $ 5,763,150 | $ 692,775 |
Operations staff salary | 4,232,980 | 3,891,969 | 3,482,431 | 3,074,727 | 2,808,702 | 1,518,794 |
Port expenses (Note 8.1) | 2,039,396 | 1,681,878 | 1,558,887 | 1,294,829 | 423,094 | |
Spare parts and consumables (Note 15) | 1,460,979 | 938,386 | 657,917 | 788,792 | 592,471 | 50,891 |
Insurance charges | 955,977 | 782,357 | 397,976 | 323,702 | 377,053 | 31,304 |
Maintenance charges | 2,741,780 | 332,658 | 95,357 | |||
Operations pickup charges | 10,352 | |||||
Repairs & maintenance consumables | 5,049 | |||||
License fees | 7,907 | |||||
Power and electricity | 1,247 | |||||
Other expenses | 15,852 | 2,045 | ||||
Total | $ 24,691,442 | $ 14,984,022 | $ 12,708,386 | $ 11,497,239 | $ 10,100,234 | $ 2,295,809 |
Other Income (Details) - Sche_5
Other Income (Details) - Schedule of other income - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income (Details) - Schedule of other income [Line Items] | ||||||||
Other income | $ 23,154 | $ 38,196 | $ 180,345 | $ 6,237,620 | $ 828,332 | $ 4,188 | $ 8,554 | |
Miscellaneous [Member] | ||||||||
Other Income (Details) - Schedule of other income [Line Items] | ||||||||
Other income | $ 180,345 | $ 110,820 | $ 73,403 | $ 4,188 | $ 8,554 |
General and Administration Ex_7
General and Administration Expenses (Details) - Schedule of general and administration expenses - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
schedule of general and administration expenses [Abstract] | ||||||
Employees’ cost | $ 3,292,361 | $ 2,486,933 | $ 2,014,858 | $ 1,473,335 | $ 1,210,102 | $ 287,481 |
Legal and professional | 7,383,335 | 2,877,264 | 2,594,801 | 549,702 | 177,298 | 131,313 |
Sales and marketing | 3,026,399 | 60,389 | 211,383 | 70,877 | 114,682 | 37,223 |
Office expenses | 409,544 | 393,187 | 270,259 | 248,752 | 106,943 | 22,015 |
Repairs and maintenance | 545 | 22,149 | 247,302 | 74,542 | 75,985 | |
Rent | 166,894 | 112,306 | 177,850 | 10,346 | 22,325 | 43,380 |
Other expenses | 111,378 | 36,310 | ||||
Travelling expenses | 67,464 | 15,035 | 154,336 | 42,871 | 5,667 | 16,544 |
Total | $ 15,652,819 | $ 7,422,870 | $ 6,664,303 | $ 2,470,425 | $ 1,824,380 | $ 574,266 |
Finance Costs (Details) - Sch_5
Finance Costs (Details) - Schedule of finance costs - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Finance Costs Abstract | ||||||
Interest expense | $ 22,177,769 | $ 4,966,876 | $ 5,467,250 | $ 4,002,772 | $ 5,559,195 | $ 647,969 |
Interest on lease liability | 3,043,214 | 1,685,010 | 2,041,006 | 1,412,796 | 1,387,612 | 318,957 |
Bank charges | 119,347 | 89,587 | 11,696 | 314,967 | 5,116 | |
Total finance costs | $ 25,417,989 | $ 6,810,718 | $ 8,335,269 | $ 5,782,430 | $ 6,951,923 | $ 966,926 |
Changes in Fair Value of Deriva
Changes in Fair Value of Derivative Financial Instruments (Details) - Schedule of derivative financial instruments - Interest rate swaps [Member] | 12 Months Ended |
Dec. 31, 2018 USD ($) | |
Changes in Fair Value of Derivative Financial Instruments (Details) - Schedule of derivative financial instruments [Line Items] | |
Notional Amount | $ 83,855,305 |
Fair value asset | |
Fair value liability | $ 1,190,073 |
Cash and Cash Equivalents (De_6
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Cash And Cash Equivalents Abstract | ||||||
Cash in hand | $ 18,839 | $ 3,195 | $ 5,026 | $ 1,960 | $ 5,013 | $ 2,273 |
Balance in local currency account | 32,338 | |||||
Total | $ 19,830,771 | $ 37,351 | $ 2,273 |
Inventories (Details) - Sched_5
Inventories (Details) - Schedule of inventories - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Inventories (Details) - Schedule of inventories [Line Items] | |||||||
Total inventories | $ 315,576 | $ 277,366 | $ 250,360 | $ 321,789 | $ 179,644 | $ 147,090 | $ 176,651 |
Spare parts and consumables [Member] | |||||||
Inventories (Details) - Schedule of inventories [Line Items] | |||||||
Total inventories | $ 315,576 | $ 277,366 | $ 250,360 | $ 321,789 | $ 179,644 | $ 147,090 | $ 176,651 |
Other Receivables (Details) - S
Other Receivables (Details) - Schedule of other Receivables - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Other Receivables Abstract | |||||||
VAT receivable | $ 497,083 | $ 120,566 | $ 221,448 | ||||
Deposits | 940,925 | 10,352 | 448,952 | ||||
Advance paid to suppliers and contractors | 13,028 | 133,633 | |||||
Total | $ 5,274 | $ 3,720 | $ 244,828 | $ 582,585 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - Schedule of Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 USD ($) | |
Cost: | |
As at January 01, 2018 (Re-stated) | $ 197,914,049 |
Additions during the year | 8,192,537 |
As at December 31, 2018 | 206,106,586 |
Accumulated Depreciation: | |
As at January 01, 2018 (Re-stated) | 2,475,178 |
Charge for the year | 6,002,294 |
As at December 31, 2018 | 8,477,472 |
Net Carrying Amount: | |
As at December 31, 2018 | 197,629,114 |
As at December 31, 2017 (Restated) | 195,438,871 |
Buildings [Member] | |
Cost: | |
As at January 01, 2018 (Re-stated) | 28,037,886 |
Additions during the year | |
As at December 31, 2018 | 28,037,886 |
Accumulated Depreciation: | |
As at January 01, 2018 (Re-stated) | 129,051 |
Charge for the year | 1,121,515 |
As at December 31, 2018 | 1,250,566 |
Net Carrying Amount: | |
As at December 31, 2018 | 26,787,320 |
As at December 31, 2017 (Restated) | 27,908,835 |
Installations [Member] | |
Cost: | |
As at January 01, 2018 (Re-stated) | 65,860,351 |
Additions during the year | 7,895 |
As at December 31, 2018 | 65,868,246 |
Accumulated Depreciation: | |
As at January 01, 2018 (Re-stated) | 325,525 |
Charge for the year | 2,823,140 |
As at December 31, 2018 | 3,148,665 |
Net Carrying Amount: | |
As at December 31, 2018 | 62,719,581 |
As at December 31, 2017 (Restated) | 65,534,826 |
Other Equipment [Member] | |
Cost: | |
As at January 01, 2018 (Re-stated) | 79,645 |
Additions during the year | 134,198 |
As at December 31, 2018 | 213,843 |
Accumulated Depreciation: | |
As at January 01, 2018 (Re-stated) | 3,232 |
Charge for the year | 33,204 |
As at December 31, 2018 | 36,436 |
Net Carrying Amount: | |
As at December 31, 2018 | 177,407 |
As at December 31, 2017 (Restated) | 76,413 |
Tanks [Member] | |
Cost: | |
As at January 01, 2018 (Re-stated) | 76,100,795 |
Additions during the year | |
As at December 31, 2018 | 76,100,795 |
Accumulated Depreciation: | |
As at January 01, 2018 (Re-stated) | 181,306 |
Charge for the year | 1,565,419 |
As at December 31, 2018 | 1,746,725 |
Net Carrying Amount: | |
As at December 31, 2018 | 74,354,070 |
As at December 31, 2017 (Restated) | 75,919,489 |
Capital Work in Progress [Member] | |
Cost: | |
As at January 01, 2018 (Re-stated) | 294,403 |
Additions during the year | 8,050,444 |
As at December 31, 2018 | 8,344,847 |
Accumulated Depreciation: | |
As at January 01, 2018 (Re-stated) | |
Charge for the year | |
As at December 31, 2018 | |
Net Carrying Amount: | |
As at December 31, 2018 | 8,344,847 |
As at December 31, 2017 (Restated) | 294,403 |
Right - of Use Asset (land) [Member] | |
Cost: | |
As at January 01, 2018 (Re-stated) | 27,540,969 |
Additions during the year | |
As at December 31, 2018 | 27,540,969 |
Accumulated Depreciation: | |
As at January 01, 2018 (Re-stated) | 1,836,064 |
Charge for the year | 459,016 |
As at December 31, 2018 | 2,295,080 |
Net Carrying Amount: | |
As at December 31, 2018 | 25,245,889 |
As at December 31, 2017 (Restated) | $ 25,704,905 |
Property, Plant and Equipment_4
Property, Plant and Equipment (Details) - Schedule of statement of comprehensive income - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Statement of Comprehensive Income [Abstract] | ||
Direct costs (Note 9) | $ 5,763,150 | $ 692,775 |
Property, plant and equipment CWIP | 239,144 | 405,647 |
Total | $ 6,002,294 | $ 1,098,422 |
Trade and Accounts payable (D_6
Trade and Accounts payable (Details) - Schedule of trade and accounts payable - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Trade and Accounts Payable [Abstract] | |||||||
Trade accounts payable | $ 9,853,157 | $ 17,627,226 | $ 9,113,183 | $ 5,216,243 | $ 25,989,965 | $ 1,566,717 | $ 1,750,774 |
Capital accruals | 4,450,313 | 31,466,080 | 5,978,220 | ||||
Accrued expenses | 3,076,957 | 9,054,622 | 394,611 | 467,840 | 360,180 | 546,333 | 43,227 |
Accrued interest on term loans | 910,691 | 2,620,150 | |||||
Advance from customers | 6,222,055 | 2,417,956 | 1,340,252 | 166,022 | |||
Total | $ 23,464,803 | $ 37,652,318 | $ 18,189,493 | $ 17,766,575 | $ 61,133,967 | $ 9,001,961 | $ 4,580,173 |
Borrowings (Details) - Sched_14
Borrowings (Details) - Schedule of borrowings - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Borrowings Abstract | |||||
Bank overdraft | $ 3,745,048 | $ 164,175 | |||
Secured term loans | 94,792,088 | 94,163,751 | $ 86,435,137 | ||
Total of borrowings | $ 98,537,136 | $ 94,327,926 | $ 182,781,617 | $ 187,014,715 |
Employees' End of Service Ben_5
Employees' End of Service Benefits (Details) - Schedule of employees’ end of service benefits - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of employees’ end of service benefits [Abstract] | |||||||
Balance at the beginning of the year | $ 60,624 | $ 60,624 | $ 40,514 | $ 13,941 | $ 6,267 | $ 651 | $ 286 |
Provision for the year | 147,928 | 256,890 | 31,551 | 29,047 | 9,488 | 5,748 | 365 |
Paid during the year | $ (39,749) | (183,314) | (11,441) | (2,474) | (1,814) | (132) | |
Balance at the end of the year | $ 134,200 | $ 60,624 | $ 40,514 | $ 13,941 | $ 6,267 | $ 651 |
Lease Liabilities (Details) -_9
Lease Liabilities (Details) - Schedule of lease liabilities - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of lease liabilities [Abstract] | |||||||
Balance at the beginning of the year | $ 89,781,180 | $ 89,781,180 | $ 87,511,733 | $ 30,779,138 | $ 30,221,426 | $ 29,670,676 | $ 29,127,095 |
Interest charge | 10,398,008 | 11,774,031 | 3,525,982 | 2,871,035 | 2,818,714 | 2,767,074 | |
Repayment during the year | $ (3,056,444) | (9,305,777) | (3,377,784) | (2,313,323) | (2,267,964) | (2,223,494) | |
Balance at the end of the year | 90,873,411 | 89,781,180 | $ 87,511,733 | 30,779,138 | 30,221,426 | 29,670,676 | |
Current | 6,316,342 | 8,976,452 | 2,154,878 | 2,112,624 | 2,071,200 | ||
Non-Current | $ 84,557,069 | $ 80,804,728 | $ 28,624,260 | $ 28,108,802 | $ 27,599,476 |
Lease Liabilities (Details) _10
Lease Liabilities (Details) - Schedule of reduction lease liability - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Not later than one year | $ 885,817,296 | $ 489,395,684 | $ 895,123,077 | $ 902,452,867 | $ 225,749,200 | $ 228,062,524 | $ 230,330,487 |
Finance costs | (794,943,885) | (397,471,942) | (805,341,897) | (814,941,134) | (194,970,062) | (197,841,098) | (200,659,812) |
Present value of minimum lease payments | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | 30,779,138 | 30,221,426 | 29,670,675 |
Present value of minimum lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Not later than one year | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | 30,779,138 | 30,221,426 | 29,670,675 |
Finance costs | |||||||
Present value of minimum lease payments | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | 30,779,138 | 30,221,426 | 29,670,675 |
Previously stated [member] | Lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Not later than one year | 228,062,523 | ||||||
Finance costs | (197,841,098) | ||||||
Present value of minimum lease payments | 30,221,425 | ||||||
Previously stated [member] | Present value of minimum lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Not later than one year | 30,221,425 | ||||||
Finance costs | |||||||
Present value of minimum lease payments | 30,221,425 | ||||||
Not later than one year [member] | Lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Not later than one year | 8,878,338 | 4,439,169 | 8,704,253 | 8,533,582 | 2,359,590 | 2,313,324 | 2,267,964 |
Not later than one year [member] | Present value of minimum lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Not later than one year | 5,428,131 | 2,714,066 | 5,978,847 | 6,586,405 | 2,154,878 | 2,112,624 | 2,071,200 |
Not later than one year [member] | Previously stated [member] | Lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Not later than one year | 2,313,323 | ||||||
Not later than one year [member] | Previously stated [member] | Present value of minimum lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Not later than one year | 2,112,624 | ||||||
Later than one year and not later than five years [member] | Lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Not later than one year | 37,324,891 | 18,662,445 | 36,593,030 | 35,875,519 | 9,919,810 | 9,725,304 | 9,534,612 |
Later than one year and not later than five years [member] | Present value of minimum lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Not later than one year | 17,164,474 | 8,582,236 | 18,899,037 | 20,812,094 | 7,241,240 | 7,099,256 | 6,960,054 |
Later than one year and not later than five years [member] | Previously stated [member] | Lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Not later than one year | 9,725,304 | ||||||
Later than one year and not later than five years [member] | Previously stated [member] | Present value of minimum lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Not later than one year | 7,099,255 | ||||||
Later than five years [member] | Lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Not later than one year | 839,614,067 | 466,294,070 | 849,825,794 | 858,043,766 | 213,469,800 | 216,023,896 | 218,527,911 |
Later than five years [member] | Present value of minimum lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Not later than one year | $ 68,280,806 | $ 80,627,440 | $ 64,903,296 | $ 60,113,234 | $ 21,383,020 | 21,009,546 | $ 20,639,421 |
Later than five years [member] | Previously stated [member] | Lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Not later than one year | 216,023,896 | ||||||
Later than five years [member] | Previously stated [member] | Present value of minimum lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Not later than one year | $ 21,009,546 |
Share Capital (Details) - Sched
Share Capital (Details) - Schedule of share capital share - Share capital [Member] - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Share Capital (Details) - Schedule of share capital share [Line Items] | ||
100 ordinary shares of USD 13,612.85 each | 1,361,285 | 1,361,285 |
Share capital | $ 1,361,285 | $ 1,361,285 |
Share Capital (Details) - Sch_2
Share Capital (Details) - Schedule of share capital share (Parentheticals) - Share capital [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share Capital (Details) - Schedule of share capital share (Parentheticals) [Line Items] | ||
Number of ordinary shares | 100 | 100 |
Ordinary shares Issued | $ 13,612.85 | $ 13,612.85 |
Transactions with Related Pa_16
Transactions with Related Parties (Details) - Schedule of transactions with related parties - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Schedule Of Transactions With Related Parties Abstract | ||||||||
Contributions by the owners | $ (233,457) | $ 77,090,648 | $ 951,539 | $ 3,878,302 | ||||
Amounts paid on behalf of the Company by the owners | [1] | 1,135,484 | [1] | 7,850,431 | [2],[3] | 9,504,034 | [2] | |
Amounts paid by the Company on behalf of the owners | (1,669,424) | (2,296,354) | ||||||
Distributions to owners | (53,279,016) | (29,209,289) | ||||||
Total | $ (233,457) | $ 23,277,692 | $ (22,703,673) | $ 13,382,336 | ||||
[1]These include expenses paid on behalf of the Group which includes other operational expenses paid by the shareholders on behalf of the Group.[2] These include expenses paid on behalf of the Company including lease liability payments and other operational expenses paid by the owners on behalf of the Company. |
Transactions with Related Pa_17
Transactions with Related Parties (Details) - Schedule of changes in owners - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Changes In Owners Abstract | ||||||
At 1 January | $ 47,717,763 | $ 70,421,436 | $ 57,039,100 | |||
Net (distributions) contributions during the year | $ (626,029) | $ 255,818 | $ (233,457) | $ 23,277,692 | (22,703,673) | 13,382,336 |
At December 31 | $ 47,717,763 | $ 70,421,436 |
Prior Year Restatement (Detai_2
Prior Year Restatement (Details) - Schedule of statement of comprehensive income - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
As previously reported [Member] | Incorrect determination of functional currency [Member] | |||||
Prior Year Restatement (Details) - Schedule of statement of comprehensive income [Line Items] | |||||
Direct costs | $ (2,292,082) | ||||
Gross Profit / (Loss) | (2,202,489) | ||||
Finance costs | (1,007,305) | ||||
Profit / Loss and total comprehensive profit / (loss) for the year | (3,784,060) | ||||
Restatement adjustments [Member] | |||||
Prior Year Restatement (Details) - Schedule of statement of comprehensive income [Line Items] | |||||
Other income | $ 4,188 | $ 8,554 | |||
General and administrative expenses | (207,419) | 138,559 | 204,880 | ||
Finance costs | (29,119) | (51,895) | |||
Revenue | $ (14,640,361) | $ (28,200,155) | (29,451,920) | ||
Restatement adjustments [Member] | Incorrect determination of functional currency [Member] | |||||
Prior Year Restatement (Details) - Schedule of statement of comprehensive income [Line Items] | |||||
Direct costs | (3,727) | ||||
Gross Profit / (Loss) | (3,727) | ||||
Finance costs | 40,379 | ||||
Profit / Loss and total comprehensive profit / (loss) for the year | 36,652 | ||||
Restated [Member] | Incorrect determination of functional currency [Member] | |||||
Prior Year Restatement (Details) - Schedule of statement of comprehensive income [Line Items] | |||||
Direct costs | (2,295,809) | ||||
Gross Profit / (Loss) | (2,206,216) | ||||
Finance costs | (966,926) | ||||
Profit / Loss and total comprehensive profit / (loss) for the year | (3,747,408) | ||||
Other Payable [Member] | As previously reported [Member] | |||||
Prior Year Restatement (Details) - Schedule of statement of comprehensive income [Line Items] | |||||
Direct costs | (9,607,360) | (2,295,809) | |||
Gross Profit / (Loss) | 26,231,908 | (2,206,216) | |||
Other income | |||||
General and administrative expenses | (2,029,260) | (574,266) | |||
Profit / Loss and total comprehensive profit / (loss) for the year | 16,060,652 | (3,747,408) | |||
Revenue | 35,839,268 | 89,593 | |||
Other Payable [Member] | Restatement adjustments [Member] | |||||
Prior Year Restatement (Details) - Schedule of statement of comprehensive income [Line Items] | |||||
Direct costs | (492,874) | ||||
Gross Profit / (Loss) | (29,944,794) | ||||
Other income | 8,554 | ||||
General and administrative expenses | 204,880 | ||||
Profit / Loss and total comprehensive profit / (loss) for the year | (29,731,360) | ||||
Revenue | (29,451,920) | ||||
Other Payable [Member] | Restated [Member] | |||||
Prior Year Restatement (Details) - Schedule of statement of comprehensive income [Line Items] | |||||
Direct costs | (10,100,234) | (2,295,809) | |||
Gross Profit / (Loss) | (3,712,886) | (2,206,216) | |||
Other income | 8,554 | ||||
General and administrative expenses | (1,824,380) | 574,266 | |||
Profit / Loss and total comprehensive profit / (loss) for the year | (13,670,708) | 3,747,408 | |||
Revenue | $ 6,387,348 | $ 89,593 |
Prior Year Restatement (Detai_3
Prior Year Restatement (Details) - Schedule of statement of financial position - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
As previously reported [Member] | ||||||
Non-Current Assets | ||||||
Property, plant and equipment | $ 427,266,913 | $ 367,303,523 | $ 263,228,588 | $ 197,629,114 | ||
Total Non-current assets | 444,689,818 | 392,261,775 | 284,893,352 | 197,629,114 | ||
Total current assets | 12,534,711 | 40,105,593 | 21,014,653 | 429,269 | ||
Total Assets | 457,224,529 | 432,367,368 | 305,908,005 | 198,058,383 | ||
Current Liabilities | ||||||
Accounts payable, accruals and other payables | 18,189,493 | 17,766,575 | 61,133,967 | 9,001,961 | ||
Lease liability (current portion) | 8,976,452 | 2,591,557 | 2,154,878 | 2,112,624 | ||
Other payable | 182,781,617 | 7,000,000 | 14,539,187 | 98,537,136 | ||
Total Current Liabilities | 295,877,342 | 113,973,576 | 152,850,236 | 138,696,741 | ||
Non-Current Liabilities | ||||||
Lease liability (non-current portion) | 80,804,728 | 84,920,176 | 28,624,260 | 28,108,802 | ||
Total Non-Current Liabilities | 82,855,751 | 265,848,739 | 102,799,151 | 28,115,069 | ||
Equity | ||||||
Retained Earnings / (accumulated losses) | (94,992,885) | (120,347,655) | (122,521,475) | (17,832,475) | ||
Total Equity | 78,491,436 | 52,545,053 | 50,258,618 | 31,246,573 | ||
Total Liabilities and Equity | $ 457,224,529 | 432,367,368 | 305,908,005 | 198,058,383 | ||
As previously reported [Member] | Incorrect determination of functional currency [Member] | ||||||
Non-Current Assets | ||||||
Property, plant and equipment | $ 193,987,928 | $ 168,024,215 | ||||
Total Non-current assets | 193,987,928 | 168,024,215 | ||||
Total Assets | 194,680,205 | 169,004,835 | ||||
Current Liabilities | ||||||
Term loans (current portion) | 7,849,739 | |||||
Accounts payable, accruals and other payables | 4,995,806 | 6,103,266 | ||||
Lease liability (current portion) | 2,061,785 | 2,021,358 | ||||
Total Current Liabilities | 14,907,330 | 8,124,624 | ||||
Non-Current Liabilities | ||||||
Term loans (non-current portion) | 86,314,012 | 77,497,507 | ||||
Lease liability (non-current portion) | 25,874,561 | 25,396,678 | ||||
Total Non-Current Liabilities | 112,188,573 | 102,894,185 | ||||
Total Liabilities | 127,095,903 | 111,018,809 | ||||
Equity | ||||||
Accumulated losses | (4,198,419) | (414,359) | ||||
Total Equity | 67,584,302 | 57,986,026 | ||||
Total Liabilities and Equity | 194,680,205 | 169,004,835 | ||||
Restatement adjustments [Member] | ||||||
Non-Current Assets | ||||||
Total Non-current assets | 40,185 | |||||
Trade receivables | (1,344,093) | (1,877,887) | ||||
Total current assets | (296,363) | (1,344,455) | (1,877,887) | |||
Total Assets | (256,178) | (1,344,455) | (1,878,249) | |||
Current Liabilities | ||||||
Accounts payable, accruals and other payables | 3,936,678 | 18,846 | (1,837) | |||
Lease liability (current portion) | (7,203,501) | |||||
Other payable | 73,453,606 | 57,794,495 | 27,854,947 | |||
Total Current Liabilities | 70,186,777 | 57,813,341 | 27,853,110 | |||
Non-Current Liabilities | ||||||
Lease liability (non-current portion) | 5,630,669 | |||||
Total Non-Current Liabilities | 5,630,669 | |||||
Equity | ||||||
Retained Earnings / (accumulated losses) | (73,440,087) | (58,454,794) | (29,050,717) | |||
Total Equity | (76,073,624) | (59,157,797) | (29,731,360) | |||
Total Liabilities and Equity | $ (256,178) | $ (1,344,455) | (1,878,249) | |||
Restatement adjustments [Member] | Incorrect determination of functional currency [Member] | ||||||
Non-Current Assets | ||||||
Property, plant and equipment | 1,450,943 | 1,709,059 | ||||
Total Non-current assets | 1,450,943 | 1,709,059 | ||||
Total Assets | 1,450,943 | 1,709,059 | ||||
Current Liabilities | ||||||
Term loans (current portion) | 86,314,012 | 77,497,507 | ||||
Accounts payable, accruals and other payables | (320,039) | |||||
Lease liability (current portion) | 9,415 | 9,230 | ||||
Total Current Liabilities | 86,003,388 | 77,506,737 | ||||
Non-Current Liabilities | ||||||
Term loans (non-current portion) | (86,314,012) | (77,497,507) | ||||
Lease liability (non-current portion) | 1,724,915 | 1,699,829 | ||||
Total Non-Current Liabilities | (84,589,097) | (75,797,678) | ||||
Total Liabilities | 1,414,291 | 1,709,059 | ||||
Equity | ||||||
Accumulated losses | 36,652 | |||||
Total Equity | 36,652 | |||||
Total Liabilities and Equity | 1,450,943 | |||||
Restated [Member] | Incorrect determination of functional currency [Member] | ||||||
Non-Current Assets | ||||||
Property, plant and equipment | 195,438,871 | 169,733,274 | ||||
Total Non-current assets | 195,438,871 | 169,733,274 | ||||
Total Assets | 196,131,148 | 170,713,894 | ||||
Current Liabilities | ||||||
Term loans (current portion) | 94,163,751 | 77,497,507 | ||||
Accounts payable, accruals and other payables | 4,675,767 | 6,103,266 | ||||
Lease liability (current portion) | 2,071,200 | 2,030,588 | ||||
Total Current Liabilities | 100,910,718 | 85,631,361 | ||||
Non-Current Liabilities | ||||||
Term loans (non-current portion) | ||||||
Lease liability (non-current portion) | 27,599,476 | 27,096,507 | ||||
Total Non-Current Liabilities | 27,599,476 | 27,096,507 | ||||
Total Liabilities | 128,510,194 | 112,727,868 | ||||
Equity | ||||||
Accumulated losses | (4,161,767) | (414,359) | ||||
Total Equity | 67,620,954 | 57,986,026 | ||||
Total Liabilities and Equity | 196,131,148 | $ 170,713,894 | ||||
Other Payable [Member] | As previously reported [Member] | ||||||
Non-Current Assets | ||||||
Trade receivables | 1,877,887 | |||||
Total current assets | 2,307,156 | 761,501 | ||||
Total Assets | 199,936,270 | 196,200,380 | ||||
Current Liabilities | ||||||
Other payable | ||||||
Total Current Liabilities | 110,841,794 | 100,979,299 | ||||
Equity | ||||||
Retained Earnings / (accumulated losses) | 11,218,242 | (4,161,767) | ||||
Statutory reserve | 680,643 | |||||
Total Equity | 60,977,933 | 67,620,954 | ||||
Total Liabilities and Equity | 199,936,270 | 196,200,380 | ||||
Other Payable [Member] | Restatement adjustments [Member] | ||||||
Non-Current Assets | ||||||
Trade receivables | (1,877,887) | |||||
Total current assets | (1,877,887) | |||||
Total Assets | (1,877,887) | |||||
Current Liabilities | ||||||
Other payable | 27,854,947 | |||||
Total Current Liabilities | 27,854,947 | |||||
Equity | ||||||
Retained Earnings / (accumulated losses) | (29,050,717) | |||||
Statutory reserve | (680,643) | |||||
Total Equity | (29,731,360) | |||||
Total Liabilities and Equity | (1,877,887) | |||||
Other Payable [Member] | Restated [Member] | ||||||
Non-Current Assets | ||||||
Trade receivables | ||||||
Total current assets | 429,269 | 761,501 | ||||
Total Assets | 198,058,383 | 196,200,380 | ||||
Current Liabilities | ||||||
Other payable | 27,854,947 | |||||
Total Current Liabilities | 138,696,741 | 100,979,299 | ||||
Equity | ||||||
Retained Earnings / (accumulated losses) | (17,832,475) | (4,161,767) | ||||
Statutory reserve | ||||||
Total Equity | 31,246,573 | 67,620,954 | ||||
Total Liabilities and Equity | $ 198,058,383 | $ 196,200,380 |
Contingent Liabilities (Detai_5
Contingent Liabilities (Details) - Schedule of contingent liabilities - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Contingent Liabilities [Abstract] | |||||||
Within one year | $ 53,500,000 | $ 53,500,000 | $ 22,000,000 | $ 33,125,477 | $ 79,334,742 | $ 144,027,770 | |
More than 1 year and less than 5 years | 16,534,876 | ||||||
At 31 December | $ 53,500,000 | $ 53,500,000 | $ 22,000,000 | $ 33,125,477 | $ 79,334,742 | $ 160,562,646 |
Revenue (Details) - Schedule _6
Revenue (Details) - Schedule of revenue - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Revenue Abstract | ||||||||
Storage rental income | $ 27,405,640 | $ 16,413,047 | $ 77,577,633 | $ 37,467,396 | $ 23,754,376 | $ 13,397,209 | $ 5,694,418 | $ 62,995 |
Miscellaneous income | 473,092 | 1,282,098 | 2,039,396 | 1,681,878 | 423,094 | |||
Ancillary services | 520,640 | 5,424,589 | 1,923,747 | 2,612,341 | 1,877,913 | 1,193,181 | 269,836 | 26,598 |
Total revenue | $ 28,399,372 | $ 23,119,734 | $ 81,540,776 | $ 41,761,615 | $ 27,191,176 | $ 15,885,219 | $ 6,387,348 | $ 89,593 |
Cash and Cash Equivalents (De_7
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents - Cash Equivalent [Member] - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents [Line Items] | ||
Cash in hand | $ 12,141 | $ 3,195 |
Balances in current accounts | 12,325,931 | 15,877,796 |
Total | 12,338,072 | 15,880,991 |
Restricted bank balance | 8,500,000 | 8,500,000 |
Total | 8,500,000 | 8,500,000 |
Cash and Cash Equivalents | 1,015,899 | 1,452,316 |
Restricted bank balance | 2,822,173 | 5,928,675 |
Total | $ 3,838,072 | $ 7,380,991 |
Trade Accounts Receivable (De_4
Trade Accounts Receivable (Details) - Schedule of trade accounts receivables - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Trade Accounts Receivables Abstract | ||||||
Trade accounts receivable | $ 8,667,673 | $ 3,771,492 | ||||
Total | $ 5,275,047 | $ 8,667,673 | $ 3,771,492 | $ 163,567 |
Inventories (Details) - Sched_6
Inventories (Details) - Schedule of inventories - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Inventories (Details) - Schedule of inventories [Line Items] | |||||||
Total inventories | $ 315,576 | $ 277,366 | $ 250,360 | $ 321,789 | $ 179,644 | $ 147,090 | $ 176,651 |
Spare parts and consumables [Member] | |||||||
Inventories (Details) - Schedule of inventories [Line Items] | |||||||
Total inventories | $ 315,576 | $ 277,366 | $ 250,360 | $ 321,789 | $ 179,644 | $ 147,090 | $ 176,651 |
Other Receivable and Prepayme_3
Other Receivable and Prepayments (Details) - Schedule of other receivables and prepayments - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Other Receivables And Prepayments Abstract | ||||||||
Prepaid expenses | $ 1,284,586 | $ 289,463 | $ 223,490 | $ 289,463 | $ 247,741 | $ 57,543 | ||
Due from shareholder | 504,214 | 34,136 | 504,214 | |||||
Due from related parties | 92,553 | 86,142 | 110,502 | 86,142 | 81,013 | 57,550 | ||
Staff advances | 152,389 | 152,389 | 30,216 | 152,389 | 6,288 | |||
Deposits | 342,921 | 99,660 | 320,475 | 99,660 | 21,537 | 15,526 | 10,352 | |
Other receivable | 3,720 | 5,274 | 244,828 | $ 582,585 | ||||
Total | $ 1,876,169 | $ 1,131,868 | $ 724,093 | $ 1,131,868 | $ 393,869 | $ 840,671 | $ 244,828 |
Derivative financial instrum_10
Derivative financial instruments (Details) - Schedule of financial instruments - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative financial instruments (Details) - Schedule of financial instruments [Line Items] | ||||
Total derivative financial instruments | $ 7,364,829 | $ 5,422,917 | $ 1,518,249 | |
Call option [Member] | ||||
Derivative financial instruments (Details) - Schedule of financial instruments [Line Items] | ||||
Total derivative financial instruments | $ 7,364,829 | $ 5,422,917 |
Advances to Contractor (Detai_6
Advances to Contractor (Details) - Schedule of advances to contractor - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Advances To Contractor Abstract | ||||||
Advances to contractor | $ 15,223,215 | $ 15,571,215 | $ 3,499,988 | $ 16,458,252 | $ 21,664,764 | |
Total | $ 15,223,215 | $ 15,571,215 | $ 3,499,988 | $ 16,458,252 | $ 21,664,764 |
Trade and Accounts Payable (D_7
Trade and Accounts Payable (Details) - Schedule of trade and accounts payable - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Trade and Accounts Payable [Abstract] | |||||||
Trade accounts payable | $ 9,853,157 | $ 17,627,226 | $ 9,113,183 | $ 5,216,243 | $ 25,989,965 | $ 1,566,717 | $ 1,750,774 |
Accrued interest on borrowings | 3,815,551 | 3,965,660 | 4,101,250 | 4,250,000 | 3,295,382 | 910,691 | |
Advances from customer | 4,876,252 | 2,417,956 | |||||
Accrued expenses | 3,076,957 | 9,054,622 | 394,611 | 467,840 | 360,180 | 546,333 | 43,227 |
Due to a related party (Note 21) | 2,041,927 | 2,041,927 | 2,041,927 | ||||
VAT payable | 20,766 | 20,566 | |||||
Payables to third parties | 65,865 | 22,360 | |||||
Total | $ 23,464,803 | $ 37,652,318 | $ 18,189,493 | $ 17,766,575 | $ 61,133,967 | $ 9,001,961 | $ 4,580,173 |
Other Payable (Details) - Sch_5
Other Payable (Details) - Schedule of other payable - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Other Payable (Details) - Schedule of other payable [Line Items] | ||||||
Other payable | $ 74,253,965 | $ 74,253,965 | $ 74,253,965 | $ 73,453,606 | $ 57,794,495 | $ 27,854,947 |
M/s Brooge International Advisory LLC [Member] | ||||||
Other Payable (Details) - Schedule of other payable [Line Items] | ||||||
Other payable | $ 74,253,965 | $ 74,253,965 | $ 74,253,965 | $ 73,453,606 | $ 57,794,495 | $ 27,854,947 |
Derivative Warrant Liability_10
Derivative Warrant Liability (Details) - Schedule of derivative warrant liability - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Derivative Warrant Liability Abstract | ||||||
Issuance of 21,228,900 warrants in connection with merger | $ 11,675,815 | $ 11,675,815 | $ 13,161,838 | $ 15,709,460 | $ 16,983,200 | |
Fair value remeasurement of derivative warrant liability | (4,458,069) | (7,430,035) | (1,486,023) | (2,547,622) | (1,273,740) | |
Total | $ 7,217,746 | $ 4,245,780 | $ 11,675,815 | $ 13,161,838 | $ 15,709,460 |
Derivative Warrant Liability_11
Derivative Warrant Liability (Details) - Schedule of derivative warrant liability (Parentheticals) - shares | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Derivative Warrant Liability Abstract | |||||
Issuance of warrants | 21,228,900 | 21,228,900 | 21,228,900 | 21,228,900 | 21,228,900 |
Borrowings (Details) - Sched_15
Borrowings (Details) - Schedule of borrowings - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Borrowings Abstract | |||||
Term loan | $ 2,178,737 | $ 2,376,804 | |||
Bonds | 171,343,445 | 176,925,643 | 182,781,617 | $ 187,014,715 | |
Total | $ 173,522,182 | $ 179,302,447 | $ 182,781,617 | $ 187,014,715 | $ 88,700,137 |
Borrowings (Details) - Sched_16
Borrowings (Details) - Schedule of current and non- current break up - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2020 | |
Schedule Of Current And Non Current Break Up Abstract | |||||
Term loan | $ 1,980,670 | $ 1,782,603 | |||
Term loan non current | 1,980,670 | 1,782,603 | |||
Term loan | 396,134 | ||||
Bonds | 176,925,643 | 182,781,617 | |||
Term loan current | $ 177,321,777 | $ 182,781,617 | $ 171,739,579 | $ 7,000,000 |
Borrowings (Details) - Sched_17
Borrowings (Details) - Schedule of bonds - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Bonds Abstract | |||||
Coupon rate % | 8.50% | 8.50% | 8.50% | ||
Effective interest rate % | 10.57% | 10.57% | 10.57% | ||
Maturity date | Refer note below | Refer note below | Refer note below | September 2015 | |
Bond net of transaction costs | $ 176,925,643 | $ 171,343,445 | $ 182,781,617 | $ 187,014,715 |
Borrowings (Details) - Sched_18
Borrowings (Details) - Schedule of bonds (Parentheticals) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Bonds Abstract | ||||
Bond net of transaction costs | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 |
Lease Liabilities (Details) _11
Lease Liabilities (Details) - Schedule of lease liabilities - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of lease liabilities [Abstract] | |||||||
Balance at the beginning of the period / year | $ 89,781,180 | $ 89,781,180 | $ 87,511,733 | ||||
Rent waiver | (6,126,800) | ||||||
Interest charged during the period / year | 5,199,006 | 11,774,031 | |||||
Repayment during the period / year | (3,056,444) | $ (9,305,777) | (3,377,784) | $ (2,313,323) | $ (2,267,964) | $ (2,223,494) | |
Balance at the end of the period / year | 91,923,742 | 89,781,180 | $ 87,511,733 | ||||
Current | 9,872,066 | 8,976,452 | |||||
Non-Current | $ 82,051,676 | $ 80,804,728 |
Lease Liabilities (Details) _12
Lease Liabilities (Details) - Schedule of reduction lease liability - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | $ 885,817,296 | $ 489,395,684 | $ 895,123,077 | $ 902,452,867 | $ 225,749,200 | $ 228,062,524 | $ 230,330,487 |
Finance costs | (794,943,885) | (397,471,942) | (805,341,897) | (814,941,134) | (194,970,062) | (197,841,098) | (200,659,812) |
Present value of minimum lease payments | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | 30,779,138 | 30,221,426 | 29,670,675 |
Lease payments [Member] | Not later than one year [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 8,878,338 | 4,439,169 | 8,704,253 | 8,533,582 | 2,359,590 | 2,313,324 | 2,267,964 |
Lease payments [Member] | Later than one year and not later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 37,324,891 | 18,662,445 | 36,593,030 | 35,875,519 | 9,919,810 | 9,725,304 | 9,534,612 |
Lease payments [Member] | Later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 839,614,067 | 466,294,070 | 849,825,794 | 858,043,766 | 213,469,800 | 216,023,896 | 218,527,911 |
Present value of minimum lease payments [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | 30,779,138 | 30,221,426 | 29,670,675 |
Finance costs | |||||||
Present value of minimum lease payments | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | 30,779,138 | 30,221,426 | 29,670,675 |
Present value of minimum lease payments [Member] | Not later than one year [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 5,428,131 | 2,714,066 | 5,978,847 | 6,586,405 | 2,154,878 | 2,112,624 | 2,071,200 |
Present value of minimum lease payments [Member] | Later than one year and not later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | 17,164,474 | 8,582,236 | 18,899,037 | 20,812,094 | 7,241,240 | 7,099,256 | 6,960,054 |
Present value of minimum lease payments [Member] | Later than five years [Member] | |||||||
Lease Liabilities (Details) - Schedule of reduction lease liability [Line Items] | |||||||
Total maturity lease liability | $ 68,280,806 | $ 80,627,440 | $ 64,903,296 | $ 60,113,234 | $ 21,383,020 | $ 21,009,546 | $ 20,639,421 |
Employees' End of Service Ben_6
Employees' End of Service Benefits (Details) - Schedule of employees’ end of service benefits - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of employees’ end of service benefits [Abstract] | |||||||
Balance at the beginning of the period / year | $ 60,624 | $ 60,624 | $ 40,514 | ||||
Provision for the period / year | 147,928 | 256,890 | 31,551 | $ 29,047 | $ 9,488 | $ 5,748 | $ 365 |
Paid during the period / year | (39,749) | $ (183,314) | (11,441) | (2,474) | $ (1,814) | $ (132) | |
Balance at the end of the period / year | $ 168,803 | $ 60,624 | $ 40,514 |
Asset Retirement Obligation (_4
Asset Retirement Obligation (Details) - Schedule of asset retirement obligation - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Asset Retirement Obligation [Abstract] | |||||
Asset retirement obligation | $ 2,056,259 | $ 2,023,329 | $ 1,990,399 | $ 873,334 | |
Total | $ 2,056,259 | $ 2,023,329 | $ 1,990,399 | $ 873,334 |
Share Capital & Share Premiu_11
Share Capital & Share Premium (Details) - Schedule of share capital share premium - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Share Capital Share Premium Abstract | ||||
Ordinary shares | 450,000,000 | |||
Ordinary value | $ 250,000,000 | $ 450,000,000 | $ 250,000,000 | |
Share Capital | ||||
Share Capital beginning balance, shares | 88,035,353 | |||
Share Capital beginning balance | $ 8,804 | $ 8,804 | ||
Share Capital end balance, shares | 88,035,353 | 88,035,353 | ||
Share Capital end balance | $ 8,804 |
Share Capital & Share Premiu_12
Share Capital & Share Premium (Details) - Schedule of escrow period represents the period commencing - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Escrow Period Represents The Period Commencing Abstract | ||
As at January 01 | $ 101,777,058 | $ 101,777,058 |
As at June 30 / December 31 | $ 101,777,058 | $ 101,777,058 |
Transactions with Related Pa_18
Transactions with Related Parties (Details) - Schedule of transactions with related parties - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Transactions With Related Parties Abstract | ||||
(Repayments to) / Contributions by the shareholders | $ (574,868) | $ (626,029) | $ 255,818 | $ (233,457) |
Total | $ (574,868) | $ (626,029) | $ 255,818 | $ (233,457) |
Transactions with Related Pa_19
Transactions with Related Parties (Details) - Schedule of transactions in shareholders account - Previously stated [member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Transactions with Related Parties (Details) - Schedule of transactions in shareholders account [Line Items] | ||
At January 01 | $ 71,017,816 | $ 70,761,998 |
Net contributions (distributions) during the period / year | (574,868) | 255,818 |
At June 30 / December 31 | 70,442,948 | 71,017,816 |
Expense paid on behalf of related parties | 6,411 | 5,129 |
Key management remuneration | $ 654,633 | $ 509,343 |
Transactions with Related Pa_20
Transactions with Related Parties (Details) - Schedule of related party balances - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Shareholder [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | $ 70,391,787 | $ 70,442,948 | $ 71,017,816 | $ 70,761,998 | $ 70,995,455 | $ 47,717,763 |
BPGIC Holdings [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 34,136 | 504,214 | ||||
HBS Investments LP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 10,381 | 5,300 | 4,187 | 17,479 | 13,388 | |
H Capital International LP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 9,983 | 5,302 | 4,189 | 16,975 | 11,056 | |
O2 Investments Limited as GP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 9,272 | 5,775 | 5,191 | 9,303 | 6,181 | |
SBD International LP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 50,014 | 48,470 | 47,357 | 17,851 | 13,760 | |
SD Holding Limited as GP [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 21,842 | 21,842 | 19,938 | 9,850 | 6,984 | |
Gyan Investments Ltd [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | 9,010 | 5,864 | 5,280 | 9,555 | 6,181 | |
Shareholder [Member] | ||||||
Transactions with Related Parties (Details) - Schedule of related party balances [Line Items] | ||||||
Related party balances | $ 2,041,927 | $ 2,041,927 | $ 2,041,927 |
Contingent Liabilities (Detai_6
Contingent Liabilities (Details) - Schedule of contingent liabilities - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Contingent Liabilities [Abstract] | |||||||
Capital commitments within one year | $ 53,500,000 | $ 53,500,000 | $ 22,000,000 | $ 33,125,477 | $ 79,334,742 | $ 144,027,770 | |
Total capital commitments within one year | $ 53,500,000 | $ 53,500,000 | $ 22,000,000 | $ 33,125,477 | $ 79,334,742 | $ 160,562,646 |
Earnings Per Share (Details) _5
Earnings Per Share (Details) - Schedule of basic and diluted EPS - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Basic And Diluted Eps Abstract | ||||||
Profit attributable to ordinary equity holders of the parent | $ 3,894,041 | $ 27,229,285 | $ 25,690,565 | $ 2,518,668 | $ (104,689,000) | $ (13,670,708) |
Weighted average number of ordinary shares | 88,035,321 | 88,035,321 | 88,035,321 | 88,035,321 | 80,264,186 | 80,000,000 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | |||||
Derivative warrant liability | $ 4,245,780 | $ 7,217,746 | $ 11,675,815 | $ 2,547,622 | $ 1,273,740 |
Borrowings | 171,343,445 | 176,925,643 | 182,781,617 | ||
Derivative financial instruments | 9,306,741 | 7,364,829 | 5,422,917 | ||
Level 1 of fair value hierarchy [member] | |||||
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | |||||
Derivative warrant liability | 4,245,780 | 7,217,746 | 11,675,815 | ||
Borrowings | |||||
Derivative financial instruments | |||||
Level 2 of fair value hierarchy [member] | |||||
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | |||||
Derivative warrant liability | |||||
Borrowings | 171,343,445 | 176,925,643 | 182,781,617 | ||
Derivative financial instruments | 9,306,741 | 7,364,829 | 5,422,917 | ||
Level 3 of fair value hierarchy [member] | |||||
Fair Value of Financial Instruments (Details) - Schedule of liabilities measured at fair value [Line Items] | |||||
Derivative warrant liability | |||||
Borrowings | |||||
Derivative financial instruments |
Financial Risk Management An_12
Financial Risk Management And Policies (Details) - Schedule of maturity profile of the group’s financial liabilities - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Risk Management And Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Bonds (Including accrued interest) | $ 183,268,107 | $ 182,781,617 | $ 173,522,182 | $ 191,264,715 | ||
Lease liability | 91,923,742 | 89,781,180 | 90,873,411 | |||
Accounts payable, accruals and other payables (excluding accrued interest) | $ 107,940,623 | $ 88,342,208 | 93,903,217 | $ 115,633,080 | $ 35,946,217 | |
Total | 383,132,472 | 360,905,005 | ||||
On demand [member] | ||||||
Financial Risk Management And Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Bonds (Including accrued interest) | $ 176,925,643 | $ 182,781,617 | 171,343,445 | |||
Lease liability | ||||||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | 176,925,643 | 182,781,617 | ||||
Upto 1 Year [Member] | ||||||
Financial Risk Management And Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Bonds (Including accrued interest) | $ 4,361,794 | 396,134 | 11,250,000 | |||
Lease liability | 9,872,066 | 5,978,847 | 5,428,131 | |||
Accounts payable, accruals and other payables (excluding accrued interest) | $ 107,940,623 | $ 88,342,208 | 93,903,217 | 115,633,080 | ||
Total | 122,174,483 | 94,321,055 | ||||
1 to 5 Years [Member] | ||||||
Financial Risk Management And Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Bonds (Including accrued interest) | $ 1,980,670 | |||||
Lease liability | 18,899,037 | |||||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | 1,980,670 | 18,899,037 | ||||
> 5 Years [Member] | ||||||
Financial Risk Management And Policies (Details) - Schedule of maturity profile of the group’s financial liabilities [Line Items] | ||||||
Bonds (Including accrued interest) | ||||||
Lease liability | 82,051,676 | 64,903,296 | 68,280,806 | |||
Accounts payable, accruals and other payables (excluding accrued interest) | ||||||
Total | 82,051,676 | 64,903,296 |
Financial Risk Management An_13
Financial Risk Management And Policies (Details) - Schedule of capital management - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Capital Management Abstract | ||||||
Borrowing | $ 173,522,182 | $ 179,302,447 | $ 182,781,617 | $ 187,014,715 | ||
Lease liability | 90,873,411 | 91,923,742 | 89,781,180 | 87,511,733 | $ 225,749,200 | |
Less: cash and cash equivalents | (1,015,899) | (1,452,316) | (33,064,568) | (33,064,568) | ||
Net debt | 263,454,668 | 270,210,290 | 271,110,481 | 253,536,478 | 99,648,504 | $ 128,721,211 |
Total capital | 105,094,692 | 81,810,609 | 78,491,436 | 52,545,053 | ||
Capital and net debt | $ 368,549,360 | $ 352,020,899 | $ 349,601,917 | $ 306,081,531 | $ 149,907,122 | $ 159,967,784 |
Gearing ratio | 71% | 77% | 78% | 83% | 66% | 80% |
Comparative Figures (Details_12
Comparative Figures (Details) - Schedule of groupings of property, plant and equipment - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Comparative Figures (Details) - Schedule of groupings of property, plant and equipment [Line Items] | ||||
As at January 01, 2022 | $ 455,820,962 | $ 455,820,962 | ||
Additions during the period | 7,726,643 | 12,315,483 | $ 67,911,792 | $ 71,618,332 |
As at June 30, 2022 | 463,547,605 | 455,820,962 | ||
As at January 01, 2022 | 28,554,048 | 28,554,048 | ||
Charge for the period | 6,735,923 | 13,541,757 | 7,948,404 | 6,018,858 |
As at June 30, 2022 | 35,289,971 | 28,554,048 | ||
As at June 30, 2022 | 428,257,635 | |||
As at December 31, 2021 | 427,266,913 | |||
Buildings [Member] | ||||
Comparative Figures (Details) - Schedule of groupings of property, plant and equipment [Line Items] | ||||
As at January 01, 2022 | 28,037,886 | 28,037,886 | ||
Additions during the period | 2,775,806 | |||
As at June 30, 2022 | 30,813,692 | 28,037,886 | ||
As at January 01, 2022 | 4,615,112 | 4,615,112 | ||
Charge for the period | 597,768 | 1,121,515 | ||
As at June 30, 2022 | 5,212,880 | 4,615,112 | ||
As at June 30, 2022 | 25,600,812 | |||
As at December 31, 2021 | 23,422,774 | |||
Installations [Member] | ||||
Comparative Figures (Details) - Schedule of groupings of property, plant and equipment [Line Items] | ||||
As at January 01, 2022 | 179,268,276 | 179,268,276 | ||
Additions during the period | 99,130 | 9,883 | ||
As at June 30, 2022 | 179,268,276 | 179,268,276 | ||
As at January 01, 2022 | 12,287,155 | 12,287,155 | ||
Charge for the period | 3,752,486 | 7,558,769 | 3,518,868 | 2,829,671 |
As at June 30, 2022 | 16,039,641 | 12,287,155 | ||
As at June 30, 2022 | 163,228,635 | |||
As at December 31, 2021 | 166,981,121 | |||
Other Equipments [Member] | ||||
Comparative Figures (Details) - Schedule of groupings of property, plant and equipment [Line Items] | ||||
As at January 01, 2022 | 307,697 | 307,697 | ||
Additions during the period | 776,561 | 38,952 | ||
As at June 30, 2022 | 1,084,258 | 307,697 | ||
As at January 01, 2022 | 186,398 | 186,398 | ||
Charge for the period | 90,691 | 56,244 | ||
As at June 30, 2022 | 277,089 | 186,398 | ||
As at June 30, 2022 | 807,169 | |||
As at December 31, 2021 | 121,298 | |||
Tanks [Member] | ||||
Comparative Figures (Details) - Schedule of groupings of property, plant and equipment [Line Items] | ||||
As at January 01, 2022 | 154,532,494 | 154,532,494 | ||
Additions during the period | ||||
As at June 30, 2022 | 154,532,494 | 154,532,494 | ||
As at January 01, 2022 | 6,697,283 | 6,697,283 | ||
Charge for the period | 1,577,334 | 3,148,604 | 1,816,490 | 1,565,419 |
As at June 30, 2022 | 8,274,617 | 6,697,283 | ||
As at June 30, 2022 | 146,257,877 | |||
As at December 31, 2021 | 147,835,211 | |||
Capital Work in Progress [Member] | ||||
Comparative Figures (Details) - Schedule of groupings of property, plant and equipment [Line Items] | ||||
As at January 01, 2022 | 8,685,182 | 8,685,182 | ||
Additions during the period | 4,174,276 | 8,524,553 | 66,784,024 | 71,603,465 |
As at June 30, 2022 | 12,859,458 | 8,685,182 | ||
As at January 01, 2022 | ||||
Charge for the period | ||||
As at June 30, 2022 | ||||
As at June 30, 2022 | 12,859,458 | |||
As at December 31, 2021 | 8,685,182 | |||
Right of use Assets [Member] | ||||
Comparative Figures (Details) - Schedule of groupings of property, plant and equipment [Line Items] | ||||
As at January 01, 2022 | 84,989,427 | 84,989,427 | ||
Additions during the period | ||||
As at June 30, 2022 | 84,989,427 | 84,989,427 | ||
As at January 01, 2022 | 4,768,100 | 4,768,100 | ||
Charge for the period | 717,644 | $ 1,435,287 | ||
As at June 30, 2022 | 5,485,744 | $ 4,768,100 | ||
As at June 30, 2022 | 79,503,684 | |||
As at December 31, 2021 | $ 80,221,327 |
Comparative Figures (Details_13
Comparative Figures (Details) - Schedule of statement of comprehensive income - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Statement of Comprehensive Income [Abstract] | ||||||
Direct costs | $ 6,244,880 | $ 12,615,658 | $ 6,806,198 | $ 5,800,007 | $ 5,785,745 | $ 5,763,150 |
CWIP | 491,042 | 926,099 | 1,142,206 | 309,306 | 233,113 | 239,144 |
Total | $ 6,735,923 | $ 13,541,757 | $ 7,948,404 | $ 6,109,313 | $ 6,018,858 | $ 6,002,294 |