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REVENUES BY SEGMENT
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
REVENUES BY SEGMENT

NOTE－ 15 REVENUES BY SEGMENT

 

   2023   2024 
   Year ended December 31, 
   2023   2024 
   S$’000   S$’000 
Sale of heavy equipment and parts   56,449    45,763 
Engineering consultancy service income   7,032    2,190 
Rental income   9,301    10,543 
Revenues by segment   72,782    58,496 

 

In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different services. Based on management’s assessment, the Company has determined that it has three operating segments as defined by ASC 280 as follow:

 

  1. Sale of heavy equipment and parts
  2. Engineering consultancy service income
  3. Rental income

 

Information regarding the results of each reportable segment is included below. Performance is measured based on segment revenue and gross profit/(loss), as included in the internal management reports that are reviewed by the Company’s CODM. Both segment revenue and gross profit/(loss) are used to measure performance as management believes that such information is the most relevant in evaluating the level of activities and results of these segments.

 

 

The following tables present summary information by product type for the year ended December 31, 2023 and 2024, respectively:

 

   S$’000   S$’000   S$’000   S$’000 
       For the year ended December 31, 2023 
  

Sale of

heavy equipment and parts

   Engineering consultancy service   Rental income   Total 
   S$’000   S$’000   S$’000   S$’000 
Revenue   56,449    7,032    9,301    72,782 
Gross Profit   10,097    1,792    3,893    15,782 

 

   S$’000   S$’000   S$’000   S$’000 
       For the year ended December 31, 2024 
  

Sale of

heavy equipment and parts

   Engineering consultancy service   Rental income   Total 
   S$’000   S$’000   S$’000   S$’000 
Revenue   45,763    2,190    10,543    58,496 
Gross Profit   4,275    762    5,621    10,658 

 

In the following table, revenue is disaggregated by the timing of revenue recognition.

 

   S$’000   S$’000   S$’000   S$’000 
       For the year ended December 31, 2023 
    Sale of heavy equipment and parts   Engineering consultancy service   Rental income   Total 
   S$’000   S$’000   S$’000   S$’000 
Timing of revenue recognition:                    
Point in time   56,449    7,032    -    63,481 
Over time   -    -    9,301    9,301 

 

   S$’000   S$’000   S$’000   S$’000 
       For the year ended December 31, 2024 
  

Sale of

heavy equipment and parts

   Engineering consultancy service   Rental income   Total 
   S$’000   S$’000   S$’000   S$’000 
Timing of revenue recognition:                    
Point in time   45,763    2,190    -    47,953 
Over time   -    -    10,543    10,543 

 

No segmental analysis of segment assets is disclosed because there is no asset information provided to the CODM.