v3.26.3
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2026
Disclosure of operating segments [abstract]  
SEGMENT REPORTING
  16. SEGMENT REPORTING

 

  i) Basis for segmentation

 

The Group has the following strategic divisions which are its operating and also reportable segments. These segments offer different products and services, and are generally managed separately from a commercial, technological, marketing, operational and regulatory perspective. The Group’s chief executive officer (the Chief Operating Decision Maker or CODM) reviews performance of each segment on a monthly basis for purposes of business management, resource allocation, operating decision making and performance evaluation.

The following summary describes the operations of each reportable segment:

 

Reportable segments   Operations
IFM services   Encompass cleaning services, property and facility management, and security guard services, delivered as part of a unified service package. Cleaning services include commercial, hospitality, industrial, and disinfection work, while property and facility management covers maintenance, landscaping, administrative support, and compliance functions. Security services include on-site monitoring, safety inspection, and related support.
Manpower outsourcing services   Providing casual workers by comprehensively understanding the corporate customers’ requirements and matching their requirements with qualified casual workers from various kinds of work including, but not limited to, Food & Beverage Crews, Kitchen helper, retail assistant and etc.
Other services   Including web design and development, digital marketing, and rental income from investment properties.

 

  ii) Information about reportable segment 

 

The CODM evaluates operating segments based on revenue and Segment profit/(loss). Total revenue for reportable segments equals consolidated revenue for the Group. Segment (loss)/profit is defined as net profit or loss of each operating segment excluding the unallocated overhead cost.

 

   IFM services   Manpower outsourcing services   Other services   Unallocated   Total 
   $   $   $   $   $ 
June 30, 2026                    
Segment revenue   16,062,712    15,551,050    1,045,474    -    32,659,236 
Cost of revenue   (14,761,197)   (14,115,616)   (482,576)   -    (29,359,389)
Other income   447,403    94,946    158,432    3,102    703,883 
Selling and marketing expenses   (47,038)   (58,909)   (29,285)   (1,017,290)   (1,152,522)
General and administrative expenses   (4,274,354)   (1,298,909)   (414,705)   (1,915,001)   (7,902,969)
Other expenses   (53,060)   (53,788)   (5,517)   942    (111,423)
Change in fair value of investment property   -    -    (44,079)   -    (44,079)
Net loss on convertible notes designated at
  FVTPL		   -    -    -    (2,617,807)   (2,617,807)
Net gain on warrant liabilities   -    -    -    1,726,802    1,726,802 
Finance cost   (404,330)   (136,295)   14,867    (339,515)   (865,273)
Income tax expenses   (40,674)   (18,581)   (40,017)   -    (99,272)
Segment (loss)/profit   (3,070,538)   (36,102)   202,594    (4,158,767)   (7,062,813)
                          
June 30, 2025                         
Segment revenue   14,458,114    9,578,180    1,718,179    -    25,754,473 
Cost of revenue   (12,642,786)   (7,974,014)   (869,538)   -    (21,486,338)
Other income   619,491    99,646    95,320    -    814,457 
Selling and marketing expenses   (44,011)   (102,815)   (59,380)   (1,356,071)   (1,562,277)
General and administrative expenses   (2,880,204)   (894,279)   (612,822)   (2,719,695)   (7,107,000)
Other expenses   (19,964)   (11,954)   -    -    (31,918)
Finance cost   (301,581)   (57,933)   (7,038)   (718)   (367,270)
Change in fair value of warrant liability   -    -    -    (24,075)   (24,075)
Impairment loss on intangible asset   -    -    (4,063,000)   -    (4,063,000)
Income tax expenses   (43,972)   (58,715)   (20,351)   -    (123,038)
Segment (loss)/profit   (854,913)   578,116    (3,818,630)   (4,100,559)   (8,195,986)
                          

 

Assets and liabilities are predominantly reviewed by the CODM at a consolidated level and not at a segment level. Within the Group’s non-current assets are property and equipment which are primarily located in Singapore. Other non-current assets such as right-of-use assets are predominantly regional assets that are not attributed to a segment.

 

Segment assets and liabilities

 

   IFM
services		   Manpower
and
outsourcing
services		   Other
services		   Unallocated   Total 
   $   $   $   $   $ 
2026 H1                    
Total assets   12,131,447    13,852,007    11,919,301    118,361    38,021,116 
Total liabilities   8,928,440    1,646,536    1,100,218    983,014    12,658,208 
                          
2025                         
Total assets   13,738,045    13,340,845    7,156,405    106,306    34,341,601 
Total liabilities   13,944,319    2,398,246    1,307,519    3,081,799    20,731,883 

 

Geographic allocation

 

All business units of the Group are operating in Singapore, Malaysia, Hong Kong, Thailand, Vietnam, Netherlands, Germany, United Arab Emirates and Australia. The Group allocates revenue on the basis of the location of the customer. The geographic revenue generates majority from Singapore, Malaysia and Hong Kong, while less than 10% of the Group’ revenue generated from other countries.