Financial Risk Management and Policies (Tables)

12 Months Ended

Dec. 31, 2024

Financial Risk Management and Policies [Abstract]

Schedule of Demonstrates the Sensitivity to a Reasonably Possible Change in 3 Months EIBOR

The following table demonstrates the sensitivity to a reasonably possible change in 3 months EIBOR, with all other variables held constant:

		Increase/ (decrease) of 3 months EIBOR				Effect on profit for the year

2024			+1	%			55,459
			-1	%			(55,459	)

2023			+1	%			71,304
			-1	%			(71,304	)

Schedule of Maturity Profile of the Group’s Financial Liabilities

The table below summarizes the maturity profile of the Group’s financial liabilities at December 31 based on contractual undiscounted payments:

		On demand				Less than 3 months				3 to 12 months				1-5 years				> 5 years				Total
As at December 31, 2024
Borrowings (including accrued interest)			152,358,319				133,695				386,231				1,126,506				Nil				154,004,751
Other payables			135,285,479				Nil				Nil				Nil				Nil				135,285,479
Lease liabilities			Nil				2,605,178				6,578,285				38,832,816				619,298,259				667,314,538
Trade and accounts payables (excluding accrued interest)			Nil				35,046,724				Nil				Nil				Nil				35,046,724
			287,643,798				37,785,597				6,964,516				39,959,322				619,298,259				991,651,492

As at December 31, 2023
Borrowings (including accrued interest)			163,606,250				127,882				373,983				1,550,206				Nil				165,658,321
Other payables			130,000,000				Nil				Nil				Nil				Nil				130,000,000
Lease liabilities			Nil				2,760,377				6,118,649				46,895,151				824,315,184				880,089,361
Trade and accounts payables (excluding accrued interest)			Nil				36,733,961				Nil				Nil				Nil				36,733,961
Derivative warrant liability			Nil				Nil				314,188				Nil				Nil				314,188
			293,606,250				39,622,220				6,806,820				48,445,357				824,315,184				1,212,795,831

Schedule of Liabilities Arising from Financing Activities

Below is the movement of liabilities arising from financing activities of the Group for the years ended December 31:

		As at January 1				Cash inflow				Cash outflow				Interest paid				Others*				As at December 31

2024
Borrowings (including accrued interest)			165,402,251				Nil				(14,396,134	)			(13,880,392	)			16,629,906				153,755,631
Lease liabilities			91,991,314				Nil				(6,370,879	)			Nil				8,116,212				93,736,647

2023
Borrowings (including accrued interest)			177,294,288				Nil				(14,396,134	)			(15,102,898	)			17,606,995				165,402,251
Lease liabilities			90,873,411				Nil				(4,137,362	)			Nil				5,255,265				91,991,314

*

The “Others” column mainly represents interest accrued, amortizations and costs associated with the organization of borrowings.

Schedule of Net Debt Divided by Total Capital Plus Net Debt

		2024				2023

Borrowings (including accrued interest)			153,755,631				165,402,251
Lease liabilities			93,736,647				91,991,314
Less: restricted bank balances, cash and cash equivalents			(28,845,746	)			(28,414,502	)
Net debt			218,646,532				228,979,063

Total equity			61,205,407				56,766,497
Total equity and net debt			279,851,939				285,745,560

Gearing ratio			78	%			80	%

Schedule of Reconciliation of Adjusted EBITDA to Profit or Loss

Reconciliation of adjusted EBITDA to profit or loss

				2024				2023

Profit / (loss) before tax					4,470,236				(48,328,195	)
Adjustments for:
Depreciation of property, plant and equipment		7			12,665,993				12,656,056
Interest on borrowings		9			16,629,906				17,606,995
Interest on BIA		9			5,285,479				Nil
Interest on lease liabilities		9			3,142,114				3,086,680
Sublease costs and legal settlement		8, 9			7,853,049				Nil
Changes in fair value of derivative financial instruments		13			3,349,664				3,653,296
Asset retirement obligation - accretion expense		9			70,291				68,040
Litigation settlement		18			Nil				55,746,035
(Reversal) / provision of expected credit losses of trade accounts receivables		8			(3,162,470	)			18,202,132
Write-off of advances to contractor		8, 14			Nil				15,006,262
SEC settlement charges		8			Nil				5,000,000
Write-off of other receivables		8			272,257				Nil
Write-off of trade accounts receivables		8			Nil				927,519
Legal costs					2,932,216				Nil
Other legal and professional costs					2,875,827				Nil
Other income					(1,792,252	)			Nil
Change in estimated fair value of derivative warrant liability					(314,188	)			(3,931,592	)
Adjusted EBITDA					54,278,122				79,693,228