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 
Significant segment expenses:               
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 
                
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   4,241    4,367    3,658 
Off-Highway Business   3,628    3,568    2,829 
Engineering Services   1,418    769    610 
                
General and administrative   9,287    8,704    7,097 
                
Depreciation and amortization         
On-Highway Business   150    158    181 
Off-Highway Business   548    416    290 
Engineering Services   120    88    125 
                
Depreciation and amortization   818    662    596 
                
Segment operating (loss) income                
On-Highway Business   672    403    1,119 
Off-Highway Business   207    (75)   1,941 
Engineering Services   (930)   921    (205)
                
Segment Operating (Loss) income    (51)   1,249    2,855 
                
Reconciliation to (loss) income before income taxes:               
Interest expenses, net            
On-Highway Business   350    377    384 
Off-Highway Business   838    865    647 
Engineering Services   102    125    85 
                
Interest expenses, net   1,290    1,367    1,116 
                
Other segment items(1)               
On-Highway Business    99    330    126 
Off-Highway Business    169    243    285 
Engineering Services    20    46    (5)
                
   288    619    406 
                
(Loss) income before income taxes               
On-Highway Business   

421

    

356

    

861

 
Off-Highway Business   

(462

)   

(697

)   

1,579

 
Engineering Services   

(1,012

)   

842

    

(295

)
                
(Loss) income before income taxes   

(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 
                
   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.