v3.26.1
ACCOUNTS RECEIVABLE, NET
 12 Months Ended
Dec. 31, 2025
Credit Loss [Abstract]  
ACCOUNTS RECEIVABLE, NET

NOTE－4 ACCOUNTS RECEIVABLE, NET

 

Accounts receivable, net consisted of the following:

 

   2025   2024 
   As of December 31, 
   2025   2024 
   $’000   $’000 
         
Accounts receivable:          
Accounts receivable – Third parties   10,513    13,078 
Accounts receivable – Related parties   2,630    3,140 
Less: allowance for current expected credit losses   (2,578)   (1,665)
           
Accounts receivable, net   10,565    14,553 

 

   2025   2024 
   As of December 31, 
   2025   2024 
   $’000   $’000 
         
Current   3,633    3,891 
Between 1 and 30 days   2,512    

2,294

 
Between 31 and 60 days   1,300    1,451 
Between 61 and 90 days   481    542 
Between 91 and 120 days   246    468 
Between 121 and 365 days   983    1,438 
Over 365 days   3,987    6,134 
           
Accounts receivable   13,142    16,218 

 

The following table presents the activities in the allowance for current expected credit losses as of December 31, 2025 and 2024.

 

   2025   2024 
   As of December 31, 
   2025   2024 
   $’000   $’000 
         
Beginning balance   1,665    774 
Additions   800    907 
Foreign exchange translation adjustment   113    (16)
           
Ending balance   2,578    1,665 

 

For the financial years ended December 31, 2025, 2024 and 2023, the Company made provision for estimated credit losses of approximately $0.8 million, $0.9 million and $0.3 million for the financial years ended December 31, 2025, 2024 and 2023, respectively.

 

The Company generally conducts its business with creditworthy third parties. The Company determines, on a continuing basis, the probable losses and an allowance for current expected credit losses, based on several factors including internal risk ratings, customer credit quality, payment history, historical bad debt/write-off experience and forecasted economic and market conditions. Accounts receivable are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible.