v3.25.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting
25Segment Reporting

 

The Group determines its operating segments based on the nature of their operations. The performance of the operating segments is assessed by management on a regular basis.

 

At the reporting dates, the Group has only one reportable segment - oil storage and related services.

 

The remaining operating segments (investment properties and renewable energy) have been aggregated and presented as other operating segment due to their insignificance.

 

Substantially all of the Group’s operations and assets are located in the United Arab Emirates.

The following table represents information about revenues and net profit / (loss), assets and liabilities of operating segments of the Group for the years ended December 31, 2024, and 2023:

 

   Oil storage and related services   Other operating segment   Adjustments and eliminations   Consoli-dated   Oil storage and related services   Other operating segment   Adjustments and eliminations   Consoli-dated 
Revenue                                
External customers   76,472,340    Nil    Nil    76,472,340    105,695,648    Nil    Nil    105,695,648 
Inter-segment   Nil    816,771    (816,771)   Nil    Nil    884,835    (884,835)   Nil 
Total Revenue   76,472,340    816,771    (816,771)   76,472,340    105,695,648    884,835    (884,835)   105,695,648 
                                         
Depreciation of property, plant and equipment   (13,147,925)   (111,032)   592,964    (12,665,993)   (13,289,473)   (111,032)   744,449    (12,656,056)
Interest on borrowings   (16,479,569)   (150,337)   Nil    (16,629,906)   (17,424,761)   (182,234)   Nil    (17,606,995)
Interest on BIA   (5,285,479)   Nil    Nil    (5,285,479)   Nil    Nil    Nil    Nil 
Interest on lease liabilities   (3,398,975)   Nil    256,861    (3,142,114)   (3,392,118)   Nil    305,438    (3,086,680)
Changes in fair value of derivative financial instruments   (3,349,664)   Nil    Nil    (3,349,664)   (3,653,296)   Nil    Nil    (3,653,296)
Asset retirement obligation - accretion expense   (70,291)   Nil    Nil    (70,291)   (68,040)   Nil    Nil    (68,040)
Litigation settlement   Nil    Nil    Nil    Nil    (55,746,035)   Nil    Nil    (55,746,035)
Reversal / (provision) of expected credit losses of trade accounts receivables   3,162,470    Nil    Nil    3,162,470    (18,202,132)   Nil    Nil    (18,202,132)
Write-off of other receivables   (272,257)   Nil    Nil    (272,257)   Nil    Nil    Nil    Nil 
Write-off of advances to contractor   Nil    Nil    Nil    Nil    (15,006,262)   Nil    Nil    (15,006,262)
Write-off of trade accounts receivables   Nil    Nil    Nil    Nil    (927,519)   Nil    Nil    (927,519)
Other income   1,792,252    Nil    Nil    1,792,252    Nil    Nil    Nil    Nil 
Change in estimated fair value of derivative warrant liability   314,188    Nil    Nil    314,188    3,931,592    Nil    Nil    3,931,592 
Profit / (loss) for the year   4,065,138    340,718    33,054    4,438,910    (48,626,082)   65,830    232,057    (48,328,195)
                                         
Assets of the segment   557,172,227    3,519,788    (75,055,405)   485,636,610    559,911,354    3,371,209    (77,298,516)   485,984,047 
Liabilities of the segment   424,782,261    1,864,299    (2,215,357)   424,431,203    430,135,412    1,846,198    (2,764,060)   429,217,550 
                                         
Other disclosures                                        
Capital expenditures   5,535,296    Nil    Nil    5,535,296    13,278,355    Nil    Nil    13,278,355 

 

Inter-segment revenues are eliminated upon consolidation and reflected in the ‘adjustments and eliminations’ column.

 

In 2024, the Group generated 86% of its revenues from five major customers (2023: 80%).