v3.25.2
Revenue and Segment Information
12 Months Ended
Dec. 31, 2024
Revenue and Segment Information [Abstract]  
Revenue and segment information

18. Revenue and segment information

 

Segment information

 

The Group’s primary business activities include offering farm solutions, as well as selling fresh produce cultivated from the CEA vertical farms. For management purposes, the Group operates in one business unit based on its products and has one reportable segment which is offering of farm solutions and selling fresh produce.

 

Since most of the Group’s revenue was generated from offering of farm solutions as well as selling fresh produce from the CEA vertical farms in Malaysia, no geographical segment information is presented.

 

Revenue

 

The Group’s revenue is primarily derived from offering CEA vertical farm solutions and selling fresh produce from CEA vertical farms operated.

 

(a) Disaggregation of revenue

 

The Group disaggregates its revenue from contracts by service types, as the Group believes it best depicts how the nature, amount, timing, and uncertainty of the revenue and cash flows are affected by economic factors. The summary of the Group’s disaggregation of revenue by service types for the year ended December 31, 2023 and 2024 are as follows:

 

    For the year ended December 31, 
    2023   2024 
    MYR   MYR   USD 
Offering farm solutions                
- from third parties    12,412,500    19,434,500    4,348,249 
- from related parties    4,000,000    1,400,174    313,273 
     16,412,500    20,834,674    4,661,522 
Sales of fresh produce                
- from third parties    585,553    19,993,366    4,473,289 
- from related parties    1,473,219    32,842    7,348 
     2,058,772    20,026,208    4,480,637 
                 
Total revenue    18,471,272    40,860,882    9,142,159 

 

    For the year ended December 31, 
    2023   2024 
    MYR   MYR   USD 
Timing of revenue recognition             
- Point in time    18,371,272    37,460,882    8,381,448 
- Over time    100,000    3,400,000    760,711 
Revenue from contracts with customers    18,471,272    40,860,882    9,142,159 

(b) Revenue expected to be recognized in the future arising from contracts with customers in existence at the reporting dates

 

There is no unsatisfied performance obligations as of December 31, 2023 and 2024.

 

As of December 31, 2023 and 2024, no contract liabilities were recognized.

 

(c) Revenue from major customers

 

    For the year ended December 31, 
    2023   2024 
          
Offering of farm solutions           
Customer A    
*   
*
Customer B    34.7%   
*
Customer C**    21.7%   
*
Customer D    21.1%   
*
Customer E    10.8%   
*
Customer F    
*   42.7%
            
Sales of fresh produce           
Customer G***    
*   19.5%
Customer H    
*   
*
Customer I    
*   14.6%
Customer J    
*   14.0%

 

* The corresponding revenue did not contribute over 10.0% of the total revenue of the Group in the particular period.

 

** Customer C is a related party of the Group.
   
*** Customer G was a related party of the Group during the year ended December 31, 2023. It ceased to be a related party of the Group in January 2024.