| Segment Reporting |
Geographic allocation The Company’s chief operating decision maker (“CODM”), the Chief Executive Officer, assesses the performance of the operating segments and allocates resources based on segment revenue and segment profit/(loss). Segment profit/(loss) is measured as the profit or loss after income tax of each operating segment and includes all items of income and expense attributable or allocated to the segment, including the corporate costs of the Company, which are reported within “Cayman and others”. Accordingly, the total of segment profit/(loss) equals consolidated net profit and no reconciling items arise. Revenue is allocated based on the geographical location of the operations. The six reportable segments are Saudi Arabia, Singapore, Malaysia, Thailand, Indonesia, and Cayman and others. “Cayman and others” comprises the Company’s corporate activities in the Cayman Islands (country of domicile) and the operations in Brunei and, until its deregistration on October 1, 2025, Australia. The specified amounts below are those included in the measure of segment profit/(loss) reviewed by the CODM. Year ended March 31, 2026 (Successor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Saudi
Arabia |
|
|
Singapore |
|
|
Malaysia |
|
|
Thailand |
|
|
Indonesia |
|
|
Cayman
and
others |
|
|
Total |
|
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
2026 (Successor) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
91,846 |
|
|
|
28,839 |
|
|
|
12,803 |
|
|
|
13,308 |
|
|
|
15,677 |
|
|
|
3,116 |
|
|
|
165,589 |
|
Inter-segment revenue |
|
|
(85 |
) |
|
|
(9,572 |
) |
|
|
(22 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,679 |
) |
Revenue from external customers |
|
|
91,761 |
|
|
|
19,267 |
|
|
|
12,781 |
|
|
|
13,308 |
|
|
|
15,677 |
|
|
|
3,116 |
|
|
|
155,910 |
|
Segment profit/(loss) |
|
|
25,665 |
|
|
|
4,066 |
|
|
|
2,668 |
|
|
|
2,071 |
|
|
|
2,653 |
|
|
|
(3,245 |
) |
|
|
33,878 |
|
Included in the measure of segment profit/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
(64,062 |
) |
|
|
(13,368 |
) |
|
|
(8,176 |
) |
|
|
(10,238 |
) |
|
|
(10,873 |
) |
|
|
(1,963 |
) |
|
|
(108,680 |
) |
Selling, general and administrative expenses |
|
|
(1,513 |
) |
|
|
(4,278 |
) |
|
|
(1,111 |
) |
|
|
(297 |
) |
|
|
(1,378 |
) |
|
|
(3,796 |
) |
|
|
(12,373 |
) |
Finance income (interest revenue) |
|
|
1,705 |
|
|
|
490 |
|
|
|
153 |
|
|
|
126 |
|
|
|
186 |
|
|
|
933 |
|
|
|
3,593 |
|
Finance cost (interest expense) |
|
|
(52 |
) |
|
|
(215 |
) |
|
|
(24 |
) |
|
|
(49 |
) |
|
|
(57 |
) |
|
|
(7 |
) |
|
|
(404 |
) |
Other income/expenses, net |
|
(168 |
) |
|
2,655 |
|
|
(400 |
) |
|
(690 |
) |
|
(1,133 |
) |
|
85 |
|
|
349 |
|
Income tax expense |
|
|
(2,006 |
) |
|
|
(485 |
) |
|
|
(555 |
) |
|
|
(89 |
) |
|
|
231 |
|
|
|
(1,613 |
) |
|
|
(4,517 |
) |
Depreciation and amortization* |
|
|
1,221 |
|
|
|
688 |
|
|
|
494 |
|
|
|
546 |
|
|
|
480 |
|
|
|
2,937 |
|
|
|
6,366 |
|
Segment assets as of March 31, 2026 |
|
|
104,472 |
|
|
|
33,662 |
|
|
|
14,894 |
|
|
|
17,601 |
|
|
|
14,544 |
|
|
|
51,967 |
|
|
|
237,140 |
|
Segment liabilities as of March 31, 2026 |
|
|
12,355 |
|
|
|
15,309 |
|
|
|
2,525 |
|
|
|
2,105 |
|
|
|
3,241 |
|
|
|
4,214 |
|
|
|
39,749 |
|
Year ended March 31, 2025 (Successor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Saudi
Arabia |
|
|
Singapore |
|
|
Malaysia |
|
|
Thailand |
|
|
Indonesia |
|
|
Cayman
and
others |
|
|
Total |
|
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
2025 (Successor) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
141,084 |
|
|
|
92,114 |
|
|
|
15,274 |
|
|
|
11,452 |
|
|
|
13,555 |
|
|
|
2,897 |
|
|
|
276,376 |
|
Inter-segment revenue |
|
|
— |
|
|
|
(72,707 |
) |
|
|
(9 |
) |
|
|
(53) |
|
|
|
— |
|
|
|
— |
|
|
|
(72,769 |
) |
Revenue from external customers |
|
|
141,084 |
|
|
|
19,407 |
|
|
|
15,265 |
|
|
|
11,399 |
|
|
|
13,555 |
|
|
|
2,897 |
|
|
|
203,607 |
|
Segment profit/(loss) |
|
|
34,295 |
|
|
|
6,571 |
|
|
|
3,797 |
|
|
|
1,934 |
|
|
|
1,247 |
|
|
|
(867 |
) |
|
|
46,977 |
|
Included in the measure of segment profit/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
(96,515 |
) |
|
|
(9,566 |
) |
|
|
(8,445 |
) |
|
|
(8,989 |
) |
|
|
(9,242 |
) |
|
|
(1,863 |
) |
|
|
(134,620 |
) |
Selling, general and administrative expenses |
|
|
(1,258 |
) |
|
|
(3,680 |
) |
|
|
(1,397 |
) |
|
|
(536 |
) |
|
|
(1,173 |
) |
|
|
(1,078 |
) |
|
|
(9,122 |
) |
Finance income (interest revenue) |
|
|
— |
|
|
|
199 |
|
|
|
14 |
|
|
|
12 |
|
|
|
114 |
|
|
|
— |
|
|
|
339 |
|
Finance cost (interest expense) |
|
|
(50 |
) |
|
|
(71 |
) |
|
|
(37 |
) |
|
|
(17 |
) |
|
|
(35 |
) |
|
|
(74 |
) |
|
|
(284 |
) |
Other income/expenses, net |
|
(391 |
) |
|
1,870 |
|
|
(332 |
) |
|
(588 |
) |
|
(1,072 |
) |
|
759 |
|
|
246 |
|
Income tax expense |
|
|
(8,575 |
) |
|
|
(1,588 |
) |
|
|
(1,271 |
) |
|
|
653 |
|
|
|
(900 |
) |
|
|
(1,508 |
) |
|
|
(13,189 |
) |
Depreciation and amortization* |
|
|
1,008 |
|
|
|
725 |
|
|
|
463 |
|
|
|
434 |
|
|
|
508 |
|
|
|
1,069 |
|
|
|
4,207 |
|
Segment assets as of March 31, 2025 |
|
|
75,886 |
|
|
|
34,694 |
|
|
|
12,467 |
|
|
|
11,346 |
|
|
|
14,646 |
|
|
|
21,466 |
|
|
|
170,505 |
|
Segment liabilities as of March 31, 2025 |
|
|
10,712 |
|
|
|
13,007 |
|
|
|
3,577 |
|
|
|
2,667 |
|
|
|
3,983 |
|
|
|
1,972 |
|
|
|
35,918 |
|
Period from June 16, 2023 through March 31, 2024 (Successor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Saudi
Arabia |
|
|
Singapore |
|
|
Malaysia |
|
|
Thailand |
|
|
Indonesia |
|
|
Cayman
and
others |
|
|
Total |
|
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
2024 (Successor) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
112,015 |
|
|
|
82,372 |
|
|
|
11,109 |
|
|
|
7,604 |
|
|
|
11,154 |
|
|
|
2,382 |
|
|
|
226,636 |
|
Inter-segment revenue |
|
|
— |
|
|
|
(63,361 |
) |
|
|
(7 |
) |
|
|
(1) |
|
|
|
— |
|
|
|
— |
|
|
|
(63,369 |
) |
Revenue from external customers |
|
|
112,015 |
|
|
|
19,011 |
|
|
|
11,102 |
|
|
|
7,603 |
|
|
|
11,154 |
|
|
|
2,382 |
|
|
|
163,267 |
|
Segment profit/(loss) |
|
|
23,351 |
|
|
|
6,773 |
|
|
|
1,957 |
|
|
|
1,316 |
|
|
|
2,311 |
|
|
|
46,380 |
|
|
|
82,088 |
|
Included in the measure of segment profit/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
(78,303 |
) |
|
|
(12,816 |
) |
|
|
(8,693 |
) |
|
|
(5,915 |
) |
|
|
(7,078 |
) |
|
|
(1,720 |
) |
|
|
(114,525 |
) |
Bargain purchase gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
49,429 |
|
|
|
49,429 |
|
Selling, general and administrative expenses |
|
|
(584 |
) |
|
|
(3,481 |
) |
|
|
(1,046 |
) |
|
|
(436 |
) |
|
|
(1,590 |
) |
|
|
(1,437 |
) |
|
|
(8,574 |
) |
Finance income (interest revenue) |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
5 |
|
|
|
49 |
|
|
|
— |
|
|
|
55 |
|
Finance cost (interest expense) |
|
|
(40 |
) |
|
|
(1 |
) |
|
|
(41 |
) |
|
|
(17 |
) |
|
|
(48 |
) |
|
|
(768 |
) |
|
|
(915 |
) |
Other income/expenses, net |
|
(796 |
) |
|
2,285 |
|
|
(451 |
) |
|
(68 |
) |
|
(773 |
) |
|
578 |
|
|
775 |
|
Income tax expense |
|
|
(8,941 |
) |
|
|
1,775 |
|
|
|
1,085 |
|
|
|
144 |
|
|
|
597 |
|
|
|
(2,084 |
) |
|
|
(7,424 |
) |
Depreciation and amortization* |
|
|
710 |
|
|
|
166 |
|
|
|
374 |
|
|
|
296 |
|
|
|
391 |
|
|
|
2,990 |
|
|
|
4,927 |
|
Segment assets as of March 31, 2024 |
|
|
66,015 |
|
|
|
36,495 |
|
|
|
10,594 |
|
|
|
8,806 |
|
|
|
10,634 |
|
|
|
20,888 |
|
|
|
153,432 |
|
Segment liabilities as of March 31, 2024 |
|
|
18,064 |
|
|
|
37,478 |
|
|
|
5,073 |
|
|
|
2,423 |
|
|
|
2,499 |
|
|
|
7,541 |
|
|
|
73,078 |
|
Period from April 1, 2023 through June 15, 2023 (Predecessor)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Saudi
Arabia |
|
|
Singapore |
|
|
Malaysia |
|
|
Thailand |
|
|
Indonesia |
|
|
Cayman
and
others |
|
|
Total |
|
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
2024 (Predecessor) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
3,544 |
|
|
|
6,264 |
|
|
|
3,422 |
|
|
|
2,367 |
|
|
|
3,740 |
|
|
|
552 |
|
|
|
19,889 |
|
Inter-segment revenue |
|
|
— |
|
|
|
(1,687 |
) |
|
|
(20 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,707 |
) |
Revenue from external customers |
|
|
3,544 |
|
|
|
4,577 |
|
|
|
3,402 |
|
|
|
2,367 |
|
|
|
3,740 |
|
|
|
552 |
|
|
|
18,182 |
|
Segment profit/(loss) |
|
|
247 |
|
|
|
810 |
|
|
|
857 |
|
|
|
515 |
|
|
|
(188 |
) |
|
|
134 |
|
|
|
2,375 |
|
Included in the measure of segment profit/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
(2,656 |
) |
|
|
(3,112 |
) |
|
|
(1,995 |
) |
|
|
(1,673 |
) |
|
|
(3,424 |
) |
|
|
(295 |
) |
|
|
(13,155 |
) |
Selling, general and administrative expenses |
|
|
(424 |
) |
|
|
(822 |
) |
|
|
(252 |
) |
|
|
28 |
|
|
|
(157 |
) |
|
|
(163 |
) |
|
|
(1,790 |
) |
Finance income (interest revenue) |
|
|
— |
|
|
|
63 |
|
|
|
1 |
|
|
|
— |
|
|
|
9 |
|
|
|
1 |
|
|
|
74 |
|
Finance cost (interest expense) |
|
|
(12 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(9 |
) |
|
|
(171 |
) |
|
|
(200 |
) |
Other income/expenses, net |
|
(91 |
) |
|
398 |
|
|
(101 |
) |
|
(50 |
) |
|
(110 |
) |
|
(125 |
) |
|
(79 |
) |
Income tax expense |
|
|
(114 |
) |
|
|
(294 |
) |
|
|
(195 |
) |
|
|
(152 |
) |
|
|
(237 |
) |
|
|
335 |
|
|
|
(657 |
) |
Depreciation and amortization* |
|
|
234 |
|
|
|
16 |
|
|
|
10 |
|
|
|
98 |
|
|
|
16 |
|
|
|
23 |
|
|
|
397 |
|
* Depreciation and amortization is included in cost of revenue and selling, general and administrative expenses above, and is not an additional expense. Entity-wide disclosures Non-current assets by geographic area — non-current assets other than financial instruments and deferred tax assets, by country in which the assets are located, including the country of domicile (Cayman Islands):
|
|
|
|
|
|
|
|
|
|
|
2026 |
|
|
2025 |
|
|
|
US$’000 |
|
|
US$’000 |
|
Cayman and others |
|
12,604 |
|
|
15,453 |
|
Saudi Arabia |
|
|
9,849 |
|
|
|
11,006 |
|
Singapore |
|
|
8,739 |
|
|
|
8,663 |
|
Malaysia |
|
902 |
|
|
1,237 |
|
Thailand |
|
|
1,491 |
|
|
|
911 |
|
Indonesia |
|
|
2,556 |
|
|
|
2,914 |
|
Total |
|
|
36,141 |
|
|
|
40,184 |
|
Major customer — Revenue from one customer amounted to US$89.5 million (57% of revenue) for the year ended March 31, 2026 and US$137.2 million (67% of revenue) for the year ended March 31, 2025, US$109.7 million (67% of revenue) for the Successor period from June 16, 2023 through March 31, 2024 and US$2.4 million (12% of revenue) for the Predecessor period from April 1, 2023 through June 15, 2023. This revenue is reported in the Saudi Arabia segment. No other single customer accounted for 10% or more of revenue in any period presented. |