v3.26.1
BUSINESS SEGMENT AND DISAGGREGATION OF REVENUE
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
BUSINESS SEGMENT AND DISAGGREGATION OF REVENUE

NOTE – 3 BUSINESS SEGMENT AND DISAGGREGATION OF REVENUE

 

The Company has disaggregated its revenue from contracts with customers into categories based on the nature of the revenue in the following table:

 

The following tables present the Company’s revenue disaggregated by business segment and geography, based on management’s assessment of available data:

 

   2025   2024   2023 
   Financial Years Ended December 31, 
   2025   2024   2023 
   $’000   $’000   $’000 
             
Revenue                
On-Highway Business   24,511    25,837    26,900 
Off-Highway Business   29,330    31,315    32,621 
Engineering Services   4,584    5,589    3,172 
                
Revenue from external customers   58,425    62,741    62,693 
                
Cost of revenue               
On-Highway Business   18,867    20,247    21,349 
Off-Highway Business   24,446    26,436    26,731 
Engineering Services   3,891    3,756    2,617 
                
Cost of revenue   47,204    50,439    50,697 
                
Gross profit               
On-Highway Business   5,644    5,589    5,551 
Off-Highway Business   4,884    4,879    5,890 
Engineering Services   693    1,834    555 
                
Gross profit   11,221    12,302    11,996 
                
Selling and distribution               
On-Highway Business   

581

    

662

    

593

 
Off-Highway Business   

501

    

970

    

830

 
Engineering Services   

85

    

55

    

25

 
                
Selling and distribution   

1,167

    

1,687

    

1,448

 
                
General and administrative               
On-Highway Business   4,391    4,526    3,840 
Off-Highway Business   4,176    3,983    3,118 
Engineering Services   1,538    857    735 
                
General and administrative   10,105    9,366    7,693 
                
(Loss) profit from operations               
On-Highway Business   672    774    1,118 
Off-Highway Business   207    (447)   1,942 
Engineering Services   (930)   922    (205)
                
(Loss) profit from operations   (51)   1,249    2,855 
                
Other expense               
On-Highway Business   

251

    

46

    

258

 
Off-Highway Business   

669

    

622

    

362

 
Engineering Services   

82

    

80

    

90

 
                
Other expense   

1,002

    

748

    

710

 
                
Segment (loss) profit               
On-Highway Business   

421

    

728

    

860

 
Off-Highway Business   

(462

)   

(1,069

)   

1,580

 
Engineering Services   

(1,012

)   

842

    

(295

)
                
Segment (loss) profit   

(1,053

)   

501

    

2,145

 
                
Segment assets               
On-Highway Business   14,942    14,847    15,254 
Off-Highway Business   19,470    25,380    23,778 
Engineering Services   7,006    5,548    5,129 
                
Segment assets   41,418    45,775    44,161 

 

In accordance with ASC 280, Segment Reporting (“ASC 280”), we have three (3) reporting business segments. Sales are based on the countries in which the customer is located.