| SCHEDULE OF DISAGGREGATION OF REVENUE BY BUSINESS SEGMENT |
The
Company has disaggregated its revenue from contracts with customers into categories based on the nature of the revenue in the following
table:
SCHEDULE
OF DISAGGREGATION OF REVENUE BY BUSINESS SEGMENT
| | |
2026 | | |
2025 | |
| | |
Six Months ended June 30, | |
| | |
2026 | | |
2025 | |
| | |
$’000 | | |
$’000 | |
| | |
| | |
| |
| Sale of products, at a single point in time | |
| | | |
| | |
| INNEOVA Automotive Division | |
| 8,094 | | |
| 12,394 | |
| INNEOVA Industrial Division | |
| 16,024 | | |
| 15,446 | |
| INNEOVA Engineering Division | |
| 1,677 | | |
| 2,730 | |
| |
| | | |
| | |
| Sale of products, at a single point in time | |
| 25,795 | | |
| 30,570 | |
| Other (shipping charges) | |
| - | | |
| 201 | |
| | |
| | | |
| | |
| Revenue | |
| 25,795 | | |
| 30,771 | |
The
following tables present the Company’s revenue disaggregated by business segment and geography, based on management’s assessment
of available data:
| | |
2026 | | |
2025 | |
| | |
Six Months ended June 30, | |
| | |
2026 | | |
2025 | |
| | |
$’000 | | |
$’000 | |
| | |
| | |
| |
| Revenue from external customers | |
| | | |
| | |
| INNEOVA Automotive Division | |
| 8,094 | | |
| 12,394 | |
| INNEOVA Industrial Division | |
| 16,024 | | |
| 15,446 | |
| INNEOVA Engineering Division | |
| 1,677 | | |
| 2,730 | |
| Other (shipping charges) | |
| - | | |
| 201 | |
| | |
| | | |
| | |
| Revenue from external
customers | |
| 25,795 | | |
| 30,771 | |
| | |
| | | |
| | |
| Cost of revenue | |
| | | |
| | |
| INNEOVA Automotive Division | |
| 8,770 | | |
| 9,770 | |
| INNEOVA Industrial Division | |
| 9,910 | | |
| 12,926 | |
| INNEOVA Engineering Division | |
| 1,682 | | |
| 2,149 | |
| | |
| | | |
| | |
| Cost of revenue | |
| 20,362 | | |
| 24,845 | |
| | |
| | | |
| | |
| Selling and distribution | |
| | | |
| | |
| INNEOVA Automotive Division | |
| 281 | | |
| 301 | |
| INNEOVA Industrial Division | |
| 320 | | |
| 488 | |
| INNEOVA Engineering Division | |
| 24 | | |
| 42 | |
| | |
| | | |
| | |
| Selling and distribution | |
| 625 | | |
| 831 | |
| | |
| | | |
| | |
| General and administrative | |
| | | |
| | |
| INNEOVA Automotive Division | |
| 1,520 | | |
| 1,722 | |
| INNEOVA Industrial Division | |
| 1,215 | | |
| 1,259 | |
| INNEOVA Engineering Division | |
| 682 | | |
| 432 | |
| INNEOVA Corporate Division | |
| - | | |
| 184 | |
| | |
| | | |
| | |
| General and administrative | |
| 3,417 | | |
| 3,597 | |
| | |
| | | |
| | |
| Depreciation and amortization | |
| | | |
| | |
| INNEOVA Automotive Division | |
| 178 | | |
| 66 | |
| INNEOVA Industrial Division | |
| 416 | | |
| 270 | |
| INNEOVA Engineering Division | |
| 84 | | |
| 60 | |
| | |
| | | |
| | |
| Depreciation and amortization | |
| 678 | | |
| 396 | |
| | |
| | | |
| | |
| Segment operating income | |
| | | |
| | |
| INNEOVA Automotive Division | |
| (2,655 | ) | |
| 535 | |
| INNEOVA Industrial Division | |
| 4,162 | | |
| 503 | |
| INNEOVA Engineering Division | |
| (795 | ) | |
| 47 | |
| INNEOVA Corporate Division | |
| - | | |
| 17 | |
| | |
| | | |
| | |
| Segment operating
income | |
| 712 | | |
| 1,102 | |
| | |
| | | |
| | |
| Reconciliation to income before income taxes | |
| | | |
| | |
| Interest expenses, net | |
| | | |
| | |
| INNEOVA Automotive Division | |
| 150 | | |
| 172 | |
| INNEOVA Industrial Division | |
| 341 | | |
| 456 | |
| INNEOVA Engineering Division | |
| 83 | | |
| 75 | |
| INNEOVA Corporate Division | |
| - | | |
| 2 | |
| | |
| | | |
| | |
| Interest expenses,
net | |
| 574 | | |
| 705 | |
| | |
| | | |
| | |
| Other segment item | |
| | | |
| | |
| INNEOVA Automotive Division | |
| 262 | | |
| 249 | |
| INNEOVA Industrial Division | |
| (116 | ) | |
| (126 | ) |
| INNEOVA Engineering Division | |
| (9 | ) | |
| (110 | ) |
| INNEOVA Corporate Division | |
| - | | |
| 55 | |
| | |
| | | |
| | |
| Other
segment item | |
| 137 | | |
| 68 | |
| | |
| | | |
| | |
| | |
| | | |
| | |
| | |
| | | |
| | |
| Segment assets | |
| | | |
| | |
| INNEOVA Automotive Division | |
| 13,258 | | |
| 14,513 | |
| INNEOVA Industrial Division | |
| 27,946 | | |
| 25,293 | |
| INNEOVA Engineering Division | |
| 6,348 | | |
| 12,778 | |
| | |
| | | |
| | |
| Segment assets | |
| 47,552 | | |
| 52,584 | |
In
accordance with ASC 280, Segment Reporting (“ASC 280”), we have two reportable business segments. Sales are based on the
countries in which the customer is located. Summarized financial information concerning our geographic segments is shown in the following
tables:
| | |
2026 | | |
2025 | |
| | |
Six Months ended June 30, | |
| | |
2026 | | |
2025 | |
| | |
$’000 | | |
$’000 | |
| | |
| | |
| |
| Asia Pacific | |
| 22,495 | | |
| 25,540 | |
| Middle East, Europe and Africa | |
| 827 | | |
| 2,480 | |
| Americas | |
| 2,472 | | |
| 2,751 | |
| | |
| | | |
| | |
| Revenue from external
customers | |
| 25,795 | | |
| 30,771 | |
|