v3.26.1
REVENUES AND SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES AND SEGMENT INFORMATION

12. REVENUES AND SEGMENT INFORMATION

 

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company’s chief operating decision maker in order to allocate resources and assess performance of the segment.

 

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’s CODM has been identified as the Company’s Chief Executive Officer, who uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s CODM for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the CODM, reviews operation results by the revenue of different products. Based on management’s assessment, the Company has determined that it has four operating segments as defined by ASC 280 as follows:

 

  1. Sale of sugar
  2. Sale of rice
  3. Sale of oil and fat products
  4. Sale of others

            
   December 31, 
   2023   2024   2025 
   US$’000   US$’000   US$’000 
Sale of sugar   116,443    86,599    127,676 
Sale of rice   26,440    18,680    34,080 
Sale of oils and fats products   47,623    26,642    22,421 
Sale of others   218    448    40 
    190,724    132,369    184,217 

 

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 table presents summary information by product type for the years ended December 31, 2023, 2024 and 2025, respectively:

 

   For the year ended
December 31, 2023		 
  

Sale of

sugar

   Sale of rice   Sale of oil and fat products  

 

Sale of others

   Total 
   US$’000   US$’000   US$’000   US$’000   US$’000 
Revenue  116,443   26,440   47,623   218   190,724 
Gross Profit   3,333    1,115    2,558    23    7,029 

 

   For the year ended
December 31, 2024		 
  

Sale of

sugar

   Sale of rice   Sale of oil and fat products  

 

Sale of others

   Total 
   US$’000   US$’000   US$’000   US$’000   US$’000 
Revenue  86,599   18,680   26,642   448   132,369 
Gross Profit   1,209    98    969    49    2,325 
                    
   For the year ended
December 31, 2025		 
  

Sale of

sugar

   Sale of rice   Sale of oil and fat products   Sale of others   Total 
   US$’000   US$’000   US$’000   US$’000   US$’000 
Revenue   127,676    34,080    22,421    40    184,217 
Gross Profit/(Loss)   916    1,423    549    (20)   2,868 

The following table presents summary information by geographic region for the fiscal years ended December 31, 2023, 2024 and 2025, respectively.

            
   For the year ended
December 31,		 
   2023   2024   2025 
   US$’000   US$’000   US$’000 
Africa   80,637    68,448    110,478 
China   17,731    11,957    37,118 
Indonesia   22,502    12,672    2 
Vietnam   9,109    6,999    1,060 
Philippines   19,372    2,850    2,832 
Thailand   13,119    12,989    7,662 
Singapore   18,889    10,105    10,259 
Other countries   9,365    6,349    14,806 
Total   190,724    132,369    184,217 

 

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

 

   For the year ended
December 31, 2023		 
   Sale of sugar   Sale of rice   Sale of oil and fat products   Sale of others   Total 
   US$’000   US$’000   US$’000   US$’000   US$’000 
Timing of revenue recognition:                    
Point in time   116,443    26,440    47,623    218    190,724 

 

   For the year ended
December 31, 2024		 
   Sale of sugar   Sale of rice   Sale of oil and fat products   Sale of others   Total 
   US$’000   US$’000   US$’000   US$’000   US$’000 
Timing of revenue recognition:                    
Point in time   86,599    18,680    26,642    448    132,369 

                    
   For the year ended
December 31, 2025		 
   Sale of sugar   Sale of rice   Sale of oil and fat products  

 

Sale of others

   Total 
   US$’000   US$’000   US$’000   US$’000   US$’000 
Timing of revenue recognition:                         
Point in time   127,676    34,080    22,421    40    184,217 

 

All assets and operations of the Company are located in Singapore, and accordingly, no segmental analysis of segment assets is presented.