Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

25 Segment 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, 2023, and 2022:

	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		105,695,648			Nil			Nil			105,695,648			81,540,776			Nil			Nil			81,540,776
Inter-segment		Nil			884,835			(884,835	)		Nil						612,578			(612,578	)		Nil
Total Revenue		105,695,648			884,835			(884,835	)		105,695,648			81,540,776			612,578			(612,578	)		81,540,776
Depreciation of property, plant and equipment		(13,289,473	)		(111,032	)		744,449			(12,656,056	)		(12,523,131	)		(92,527	)		Nil			(12,615,658	)
Interest on borrowings		(17,424,761	)		(182,234	)					(17,606,995	)		(22,048,383	)		(129,386	)		Nil			(22,177,769	)
Interest on lease liabilities		(3,392,118	)		Nil			305,438			(3,086,680	)		(3,043,214	)		Nil			Nil			(3,043,214	)
Changes in fair value of derivative financial instruments		(3,653,296	)		Nil			Nil			(3,653,296	)		3,840,379			Nil			Nil			3,840,379
Asset retirement obligation - accretion expense		(68,040	)		Nil			Nil			(68,040	)		(65,859	)		Nil			Nil			(65,859	)
Litigation settlement		(55,746,035	)		Nil			Nil			(55,746,035	)		Nil			Nil			Nil			Nil
Expected credit losses of trade accounts receivables		(18,202,132	)		Nil			Nil			(18,202,132	)		Nil			Nil			Nil			Nil
Write-off of advances to contractor		(15,006,262	)		Nil			Nil			(15,006,262	)		Nil			Nil			Nil			Nil
Write-off of trade accounts receivables		(927,519	)		Nil			Nil			(927,519	)		Nil			Nil			Nil			Nil
Change in estimated fair value of derivative warrant liability		3,931,592			Nil			Nil			3,931,592			7,430,035			Nil			Nil			7,430,035
(Loss) / profit for the year		(48,626,082	)		65,830			232,057			(48,328,195	)		27,230,804			(1,519	)		Nil			27,229,285
Assets of the segment		559,911,354			3,371,209			(77,298,516	)		485,984,047			549,054,357			3,185,417			(78,637,927	)		473,601,847
Liabilities of the segment		430,135,412			1,846,198			(2,764,060	)		429,217,550			366,384,681			2,190,538			(68,064	)		368,507,155
Other disclosures
Capital expenditures		13,278,355			Nil			Nil			13,278,355			19,193,314			Nil			Nil			19,193,314

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

In 2023, the Group generated 80% of its revenues from five major customers (2022: 59%).