Wed 01-07-2020 23:44 PM
NEW YORK,1st July 2020 (WAM) -- Brooge Energy Limited, today announced its financial results for the full year ended December 31, 2019.
Revenue for the full year 2019 increased 23% to $44 million, compared to $36 million in the full year 2018. Gross profit for the full year 2019 was $34 million, resulting in gross margin of 77%, compared to $26 million for the full year 2018.
"We are pleased to report record financial results for the full year 2019," said Nicolaas L. Paardenkooper, Chief Executive Officer of Brooge Energy.
"Our impressive 23% revenue growth for 2019 was driven by our multi-year agreement with an offtake customer for our Phase I terminals, which operated at full capacity throughout the whole year. Furthermore, we have secured a multi-year contract for 100% of our Phase II storage facility with the same customer. Phase II is expected to be operational and in a position to start generating significant revenues starting in the second half of 2020. The launch of our Phase II operations will also expand our storage capabilities to now include crude oil, as well as adding more capacity for fuel oil and clean products.
"The disruption to oil markets caused by COVID-19 showed the high strategic value of having well-located storage assets, and we are pleased that our Phase I facilities remain fully operational at this time, having experienced limited impact from the COVID-19 pandemic. We continue to advance our strategy to build out the largest oil storage facility in the Port of Fujairah and have made meaningful progress toward this goal in recent weeks, including signing an agreement to commence a Front End Engineering Design (FEED) study and advancing negotiations with a potential customer for the Phase III capacity. Once Phase III is complete, which is anticipated to be in late 2022, we will have storage capacity for approximately 4.5 million m3," he added,