v3.25.1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
12Property, Plant and Equipment

 

   Buildings   Installations   Other
Equipments		   Tanks   Capital
Work in
Progress		   Right of
use Assets		   Total 
                             
Cost:                            
As at January 1, 2024   30,966,603    179,536,861    1,609,865    155,041,198    52,971,792    84,989,427    505,115,746 
Additions   Nil    Nil    24,880    1,156,381    10,583,556    Nil    11,764,817 
Transfers from capital work in progress   Nil    Nil    Nil    1,162,735    (1,162,735)   Nil    Nil 
As at December 31, 2024   30,966,603    179,536,861    1,634,745    157,360,314    62,392,613    84,989,427    516,880,563 
                                    
Accumulated Depreciation:                                   
As at January 1, 2024   7,067,282    27,444,202    894,781    12,653,981    Nil    7,602,258    55,662,504 
Charge for the year   1,238,664    7,578,442    234,898    3,120,254    Nil    1,419,833    13,592,091 
As at December 31, 2024   8,305,946    35,022,644    1,129,679    15,774,235    Nil    9,022,091    69,254,595 
                                    
Net Book Value:                                   
As at December 31, 2024   22,660,657    144,514,217    505,066    141,586,079    62,392,613    75,967,336    447,625,968 
As at December 31, 2023   23,899,321    152,092,659    715,084    142,387,217    52,971,792    77,387,169    449,453,242 

 

Capital work in progress as of December 31, 2024, mostly relates to the Group’s cost pertaining to the Early Preparation Works and Terminal Connectivity under development. As of the reporting date, the estimated overall progress of the BPGIC Phase 3 (storage) tank project is approximately 22%. The construction project is expected to be completed by the end of 2026.

Land lease agreement and the moveable assets of the Group are pledged as security against borrowings obtained in 2020 (Note 15).

 

Total amount of borrowing costs capitalised during the year ended December 31, 2024, was USD 8,585,234 (December 31, 2023: USD 7,820,010). It includes an amount of USD 7,659,136 related to finance charge of lease liabilities and an amount of USD 926,098 related to depreciation charge on right-of-use asset capitalised. The rate used to determine the amount of borrowing costs eligible for capitalisation was 13%.

 

The depreciation charge for the year is allocated to the consolidated statement of comprehensive income (within profit and loss) and capital work in progress as follows:

 

   2024   2023 
Direct costs (Note 7)   12,665,993    12,656,056 
CWIP   926,098    910,644 
    13,592,091    13,566,700