CEO’s Enthusiasm Causes Misstatement of Brooge Energy Financials, Draws Henry Ford’s Attention
emetns of assumptions underlying any of the foregoing.
Interviewer: “Ms. Saheb, thank you for taking this interview. Your disclosure states that Brooge Energy reported unaudited 2022 total revenue of US$79.2 million and 2023 total revenue is forecasted to exceed US$125 million, an increase of approximately 58% year-over-year. Can you shed some light as to why the two most important points may not be entirely truthful?”
Ms. Saheb: “Certainly. I’m embarrassed to say that the two most important points I disclosed about Brooge Energy’s 2022 financial performance and 2023 revenue may not be entirely truthful. The reason for the misstatement was my enthusiasm. When I first saw the results of our performance I was elated and couldn’t contain my excitement. I began to tell everyone who would listen that our 2023 revenue was going to be much higher than what was actually projected.
I believed that we had already secured contracts to fulfill the sizable increase. In reality, we had not. I was so passionate about our ambitious goals, I allowed my enthusiasm to get in the way of caution and accuracy.
Perhaps, the most humorous thing that happened was that when I was describing our projected revenue increase to a group of investors and extolling our capabilities to Henry Ford - who actually made a cameo appearance - he shouted out ‘If you think you can do it, you can!’ And it caught me off guard so much, I gave them my highest projection numbers instead of the most realistic.
Needless to say, that was an embarrassing and regrettable mistake, but one I believe we can recover from. We are now in the process of seeking new potential contracts that would help us exceed our original goal of US$125 million in 2023.”
Original Release: https://www.globenewswire.com/news-release/2023/02/27/2616179/0/en/Brooge-Energy-Ltd-Announces-Unaudited-2022-Financial-Results-and-2023-Revenue-Guidance-for-Operating-Subsidiary-BPGIC-FZE.html