v3.26.3
ACCOUNTS RECEIVABLE, NET
 6 Months Ended
Jun. 30, 2026
Credit Loss [Abstract]  
ACCOUNTS RECEIVABLE, NET

NOTE－4 ACCOUNTS RECEIVABLE, NET

 

Accounts receivable, net consisted of the following:

 

   As of June 30, 2026   As of December 31, 2025 
   $’000   $’000 
         
Current assets:          
Accounts receivable – third parties   11,414    10,513 
Accounts receivable – related parties   2,849    2,630 
Less: allowance for doubtful accounts   (2,560)   (2,578)
           
Accounts receivable, net   11,703    10,565 

 

   As of June 30, 2026   As of December 31, 2025 
   $’000   $’000 
         
Current   3,778    3,633 
Between 1 and 30 days   2,135    2,512 
Between 31 and 60 days   913    1,300 
Between 61 and 90 days   396    481 
Between 91 and 120 days   596    246 
Between 121 and 365 days   1,412    983 
Over 365 days   5,033    3,987 
           
Accounts receivable   14,263    13,142 

 

The following table presents the activities in the allowance for doubtful accounts as of June 30, 2026 and December 31, 2025.

 

   As of June 30, 2026   As of December 31, 2025 
   $’000   $’000 
         
Balance at January 1,   2,578    1,665 
Additions   -    800 
Foreign exchange translation adjustment   (18)   113 
           
Ending balance   2,560    2,578 

 

For the six months ended June 30, 2026 and 2025, the Company made provision for estimated credit losses. The Company has not experienced any significant bad debt write-offs of accounts receivable in the past.

 

The Company generally conducts its business with creditworthy third parties. The Company determines, on a continuing basis, the probable losses and an allowance for doubtful accounts, 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. In addition, receivable balances are monitored on an ongoing basis and its exposure to bad debts is not significant.

 

As of June 30, 2026 and December 31, 2025, no outstanding accounts are 30 days past due.