| REVENUES BY SEGMENT |
NOTE－
15 REVENUES BY SEGMENT
SCHEDULE
OF REVENUES BY SEGMENT
| | |
|
|
|
|
2024 | | |
2025 | |
| | |
Year ended December 31, | |
| | |
2023 |
|
|
2024 | | |
2025 | |
| | |
S$’000
|
|
|
S$’000 | | |
S$’000 | |
| | |
|
|
|
|
| | |
| |
| Sale of heavy equipment and parts | |
|
56,449 |
|
|
| 45,763 | | |
| 61,234 | |
| Engineering consultancy service income | |
|
7,032 |
|
|
| 2,190 | | |
| 2,178 | |
| Rental income | |
|
9,301 |
|
|
| 10,543 | | |
| 12,766 | |
| Revenues by segment | |
|
72,782 |
|
|
| 58,496 | | |
| 76,178 | |
In
accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial
information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group,
in deciding how to allocate resources and in assessing performance. The Company uses the “management approach” in determining
reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s
chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s
reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different
services. Based on management’s assessment, the Company has determined that it has three operating segments as defined by ASC 280
as follow:
| |
1. |
Sale
of heavy equipment and parts |
| |
2. |
Engineering
consultancy service income |
| |
3. |
Rental
income |
Information
regarding the results of each reportable segment is included below. Performance is measured based on segment revenue and gross profit/(loss),
as included in the internal management reports that are reviewed by the Company’s CODM. Both segment revenue and gross profit/(loss)
are used to measure performance as management believes that such information is the most relevant in evaluating the level of activities
and results of these segments.
The
Group does not allocate any operating costs or assets to its business segments as the Group’s CODM does not use this information
to measure the performance of the operating segments.
The
following tables present summary information by product type for the year ended December 31, 2023, 2024 and 2025,
respectively:
SUMMARY
OF SEGMENT INFORMATION BY PRODUCT
| |
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
| |
|
For the year ended December 31, 2023 |
|
| |
|
Sale
of
heavy
equipment
and parts |
|
|
Engineering
consultancy service |
|
|
Rental
income |
|
|
Total |
|
| |
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
| Revenue |
|
|
56,449 |
|
|
|
7,032 |
|
|
|
9,301 |
|
|
|
72,782 |
|
| Cost
of revenues |
|
|
(46,352 |
) |
|
|
(5,240 |
) |
|
|
(5,408 |
) |
|
|
(57,000 |
) |
| Gross
Profit |
|
|
10,097 |
|
|
|
1,792 |
|
|
|
3,893 |
|
|
|
15,782 |
|
| | |
S$’000 | | |
S$’000 | | |
S$’000 | | |
S$’000 | |
| | |
For the year ended December 31, 2024 | |
| | |
Sale of
heavy
equipment
and parts | | |
Engineering
consultancy
service | | |
Rental
income | | |
Total | |
| | |
S$’000 | | |
S$’000 | | |
S$’000 | | |
S$’000 | |
| Net revenues | |
| 45,763 | | |
| 2,190 | | |
| 10,543 | | |
| 58,496 | |
| Cost of revenues | |
| (41,489 | ) | |
| (1,428 | ) | |
| (4,921 | ) | |
| (47,838 | ) |
| Gross Profit | |
| 4,274 | | |
| 762 | | |
| 5,622 | | |
| 10,658 | |
| |
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
| |
|
For the year ended December 31, 2025 |
|
| |
|
Sale
of
heavy
equipment
and parts |
|
|
Engineering
consultancy
service |
|
|
Rental
income |
|
|
Total |
|
| |
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
| Net revenues |
|
|
61,234 |
|
|
|
2,178 |
|
|
|
12,766 |
|
|
|
76,178 |
|
| Cost of revenues |
|
|
(51,939 |
) |
|
|
(620 |
) |
|
|
(5,003 |
) |
|
|
(57,562 |
) |
| Gross
Profit |
|
|
9,295 |
|
|
|
1,558 |
|
|
|
7,763 |
|
|
|
18,616 |
|
In
the following table, revenue is disaggregated by the timing of revenue recognition.
SCHEDULE
OF REVENUE DISAGGREGATED BY TIMING OF REVENUE RECOGNITION
| |
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
| |
|
For the year ended December 31, 2023 |
|
| |
|
Sale of
heavy
equipment
and parts |
|
|
Engineering
consultancy service |
|
|
Rental
income |
|
|
Total |
|
| |
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
| Timing
of revenue recognition: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Point
in time |
|
|
56,449 |
|
|
|
7,032 |
|
|
|
- |
|
|
|
63,481 |
|
| Over
time |
|
|
- |
|
|
|
- |
|
|
|
9,301 |
|
|
|
9,301 |
|
| Total
net revenues |
|
|
56,449 |
|
|
|
7,032 |
|
|
|
9,301 |
|
|
|
72,782 |
|
| |
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
| |
|
For the year ended December 31, 2024 |
|
| |
|
Sale of
heavy
equipment
and parts |
|
|
Engineering
consultancy
service |
|
|
Rental
income |
|
|
Total |
|
| |
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
| Timing
of revenue recognition: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Point
in time |
|
|
45,763 |
|
|
|
2,190 |
|
|
|
- |
|
|
|
47,953 |
|
| Over
time |
|
|
- |
|
|
|
- |
|
|
|
10,543 |
|
|
|
10,543 |
|
| Total net revenues | |
| 45,763 | | |
| 2,190 | | |
| 10,543 | | |
| 58,496 | |
| |
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
| |
|
For the year ended December 31, 2025 |
|
| |
|
Sale
of
heavy
equipment
and parts |
|
|
Engineering
consultancy
service |
|
|
Rental
income |
|
|
Total |
|
| |
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
| Timing
of revenue recognition: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Point
in time |
|
|
61,234 |
|
|
|
2,178 |
|
|
|
- |
|
|
|
63,412 |
|
| Over
time |
|
|
- |
|
|
|
- |
|
|
|
12,766 |
|
|
|
12,766 |
|
| Total
net revenues |
|
|
61,234 |
|
|
|
2,178 |
|
|
|
12,766 |
|
|
|
76,178 |
|
The
following table presents the depreciation expenses of property and equipment in cost of revenues by segment for the years ended December
31, 2023, 2024 and 2025:
SCHEDULE
OF DEPRECIATION EXPENSES OF PROPERTY AND EQUIPMENT
| |
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
| |
|
For the year ended December 31, 2023 |
|
| |
|
Sale
of
heavy
equipment
and
parts |
|
|
Engineering
consultancy
service |
|
|
Rental
income |
|
|
Total |
|
| |
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
| Total
depreciation expenses of property and equipment |
|
|
- |
|
|
|
- |
|
|
|
3,611 |
|
|
|
3,611 |
|
| |
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
| | |
For the year ended December 31, 2024 | |
| | |
Sale of heavy equipment and parts | | |
Engineering consultancy service | | |
Rental income | | |
Total | |
| | |
S$’000 | | |
S$’000 | | |
S$’000 | | |
S$’000 | |
| Total depreciation expenses of property and equipment | |
| - | | |
| - | | |
| 4,094 | | |
| 4,094 | |
| |
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
|
S$’000 |
|
| | |
For the year ended December 31, 2025 | |
| | |
Sale of heavy equipment and parts | | |
Engineering consultancy service | | |
Rental income | | |
Total | |
| | |
S$’000 | | |
S$’000 | | |
S$’000 | | |
S$’000 | |
| Total depreciation expenses of property and equipment | |
| - | | |
| - | | |
| 4,494 | | |
| 4,494 | |
The
following table presents revenue by geography area, Singapore and other countries based on the geography location for the year ended
December 31, 2023, 2024 and 2025.
SCHEDULE
OF FINANCIAL INFORMATION OF GEOGRAPHIC SEGMENTS
| | |
|
|
|
|
2024 | | |
2025 | |
| | |
Year ended December 31, | |
| | |
2023 |
|
|
2024 | | |
2025 | |
| | |
S$’000 |
|
|
| S$’000 | | |
| S$’000 | |
| | |
|
|
|
|
| | | |
| | |
| Singapore | |
|
69,735 |
|
|
| 54,836 | | |
| 73,134 | |
| | |
|
|
|
|
| | | |
| | |
| Other countries(1) | |
|
3,047 |
|
|
| 3,660 | | |
| 3,044 | |
| | |
|
|
|
|
| | | |
| | |
| Total
net revenues | |
|
72,782 |
|
|
| 58,496 | | |
| 76,178 | |
| (1) | | Other countries
include Indonesia, China and Hong Kong. |
|