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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Disclosure of operating segments [abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
5(a)    Basis of segments
Each segment engages in business activities which generate revenues and incur expenses. Based upon the information provided to our Company’s chief operating decision maker (“CODM”) to make decisions on resource allocation and operating performance evaluation, our Company has determined that it has three reportable segments.
Our Company organizes its business segments along reporting lines and has three operating segments, consisting of the North Asia region, the Thailand region and the Rest of the World (“ROW”) region. Our Company considers the economic characteristics similarity in determining the reportable segments.
As the three operating segments exceed the quantitative thresholds, they are also reportable segments. Segment results are evaluated based on reported operating profit or loss from each segment. The accounting policies for segment information, including transactions entered between segments are generally the same as those described in the summary of material accounting policies.
Inter-segment revenues are eliminated upon consolidation and reflected in the “adjustments and eliminations” column. All other adjustments and eliminations are part of detailed reconciliations presented further below.
5(b)    Information about reportable segments
Year ended
December 31, 2024		North
Asia		Thailand ROW Total
segments		Corporate
expense
adjustments
and
eliminations		Consolidated
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Revenues
External customers72,608 172,793 227,271 472,672 — 472,672 
Inter-segment— — — — — — 
Cost of sales and selling expenses (excluding depreciation and amortization)68,554 160,784 215,486 444,824 — 444,824 
Segment operating profit/(loss)(445)7,134 5,197 11,886 (2,646)9,240 
Depreciation and amortization (including depreciation from right of use assets)(1,509)(3,049)(1,447)(6,005)(81)(6,086)
Impairment loss on financial assets(91)(552)58 (585)— (585)
Interest income77 93 34 204 4 208 
Interest expense(20)(1,242)(904)(2,166)(2)(2,168)
Income tax (expense)/benefit(35)(1,036)(1,353)(2,424)(385)(2,809)
Other disclosures
Capital expenditure868 2,799 590 4,257 14 4,271 
5.    SEGMENT INFORMATION (continued)
5(b)    Information about reportable segments (continued)
Year ended
December 31, 2023		North
Asia		Thailand ROW Total
segments		Corporate
expense
adjustments
and
eliminations		Consolidated
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Revenues
External customers58,649 166,925 200,198 425,772 — 425,772 
Inter-segment— 8 — 8 (8)— 
Cost of sales and selling expenses (excluding depreciation and amortization)55,341 164,712 185,178 405,231 — 405,231 
Segment operating profit/(loss)1,794 (2,119)8,628 8,303 (2,548)5,755 
Depreciation and amortization (including depreciation from right of use assets)(1,506)(3,202)(1,424)(6,132)(79)(6,211)
Impairment loss on financial assets(10)(4,530)(100)(4,640)— (4,640)
Interest income103 86 11 200 5 205 
Interest expense(30)(1,590)(775)(2,395)(4)(2,399)
Income tax (expense)/benefit26 (39)(632)(645)483 (162)
Other disclosures
Capital expenditure1,952 1,629 710 4,291 3 4,294 
5.    SEGMENT INFORMATION (continued)
5(b)    Information about reportable segments (continued)
Year ended
December 31, 2022		North
Asia		Thailand ROW Total
segments		Corporate
expense
adjustments
and
eliminations		Consolidated
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
Revenues
External customers77,329 171,841 184,723 433,893 — 433,893 
Inter-segment— (5)— (5)5 — 
Cost of sales and selling expenses (excluding depreciation and amortization)75,253 164,504 171,341 411,099 — 411,099 
Segment operating profit/(loss)241 2,636 7,768 10,645 (3,093)7,552 
Depreciation and amortization (including depreciation from right of use assets)(1,247)(3,058)(1,448)(5,753)(82)(5,835)
Interest income68 49 2 119 1 120 
Interest expense(91)(787)(608)(1,486)(2)(1,488)
Income tax expense(354)(420)(1,979)(2,753)(55)(2,808)
Other disclosures
Capital expenditure1,486 1,780 541 3,807 1 3,808 
Adjustments and eliminations
Corporate expenses, and share of gain (loss) of associates are not allocated to individual segments as the underlying instruments are managed on a group basis.
5.    SEGMENT INFORMATION (continued)
5(c)    Reconciliation of segment operating profit (loss)
For the year ended December 31,
202420232022
US$’000 US$’000 US$’000
Segment operating profit/(loss)11,886 8,303 10,645 
Corporate expenses and others(2,646)(2,548)(3,093)
9,240 5,755 7,552 
Other operating income1,365 433 1,026 
Other operating expenses(12)— (3)
Net impairment loss on financial and contract assets(585)(4,640)(508)
Operating profit/(loss)10,008 1,548 8,067 
Finance costs(2,304)(2,527)(1,650)
Finance income208 205 120 
Share of loss of associates(2)(2)(1)
Exchange gain/(loss)823 679 143 
Other income878 570 889 
Other expense(234)(9)(3)
Profit/(loss) before tax9,377 464 7,565 
5(d)    Segment assets and liabilities
North
Asia		ThailandROWTotal
segments		Corporate
adjustments
and
eliminations		Consolidated
US$’000US$’000US$’000US$’000US$’000US$’000
As of December 31, 2024
Total segment assets45,789 157,053 126,272 329,114 9,999 339,113 
Asset classified as held for sale747 — — 747 — 747 
Total assets46,535 157,053 126,272 329,861 9,999 339,860 
Total liabilities6,945 48,722 61,636 117,303 7,192 124,495 
As of December 31, 2023
Total assets52,519 167,888 133,437 353,844 12,820 366,664 
Total liabilities10,320 66,385 68,365 145,070 6,973 152,043 
5.    SEGMENT INFORMATION (continued)
5(d)    Segment assets and liabilities (continued)
Reconciliation of assets:
As of December 31,
20242023
US$’000US$’000
Segment operating assets329,861 353,844 
Corporate and other assets2,508 4,211 
Investment in associates807 810 
Deferred tax assets6,684 7,799 
Total assets339,860 366,664 
Reconciliation of liabilities:
As of December 31,
20242023
US$’000US$’000
Segment operating liabilities117,303 145,070 
Corporate liabilities3,113 3,133 
Deferred tax liabilities4,079 3,840 
Total liabilities124,495 152,043 
5(e)    Disaggregated revenues and geographical information
(i)Revenue from external customers is summarized as the following major categories:
Year ended
December 31, 2024		North
Asia		ThailandROWTotal
segments		Corporate
expense
adjustments
and
eliminations		Consolidated
US$’000US$’000US$’000US$’000US$’000US$’000
Revenue from external customers
Power— 70,947 158,445 229,392 — 229,392 
Enamel68,980 82,333 — 151,313 — 151,313 
SDI3,501 — 59,887 63,388 — 63,388 
Others*127 19,513 8,939 28,579 — 28,579 
72,608 172,793 227,271 472,672 — 472,672 
Timing of revenue recognition
At a point in time69,107 172,766 185,319 427,192 — 427,192 
Over time3,501 27 41,952 45,480 — 45,480 
72,608 172,793 227,271 472,672 — 472,672 
*include revenues from fabrication service contracts, and sale of other wires and cables products.
5.    SEGMENT INFORMATION (continued)
5(e)    Disaggregated revenues and geographical information (continued)
(i)Revenue from external customers is summarized as the following major categories (continued):
Year ended
December 31, 2023		North
Asia		ThailandROWTotal
segments		Corporate
expense
adjustments
and
eliminations		Consolidated
US$’000US$’000US$’000US$’000US$’000US$’000
Revenue from external customers
Power9 80,564 140,501 221,074 — 221,074 
Enamel55,959 79,510 1,972 137,441 — 137,441 
SDI2,667 — 55,028 57,695 — 57,695 
Others*14 6,851 2,697 9,562 — 9,562 
58,649 166,925 200,198 425,772 — 425,772 
Timing of revenue recognition
At a point in time55,982 166,832 173,004 395,818 — 395,818 
Over time2,667 93 27,194 29,954 — 29,954 
58,649 166,925 200,198 425,772 — 425,772 
*include revenues from fabrication service contracts, and sale of other wires and cables products.
Year ended
December 31, 2022		North
Asia		ThailandROWTotal
segments		Corporate
expense
adjustments
and
eliminations		Consolidated
US$’000US$’000US$’000US$’000US$’000US$’000
Revenue from external customers
Power92 46,340 135,739 182,171 — 182,171 
Enamel76,002 102,122 — 178,124 — 178,124 
SDI1,209 — 44,722 45,931 — 45,931 
Others*26 23,379 4,262 27,667 — 27,667 
77,329 171,841 184,723 433,893 — 433,893 
Timing of revenue recognition
At a point in time77,287 171,613 158,510 407,410 — 407,410 
Over time42 228 26,213 26,483 — 26,483 
77,329 171,841 184,723 433,893 — 433,893 
*include revenues from fabrication service contracts, and sale of other wires and cables products.
5.    SEGMENT INFORMATION (continued)
5(e)    Disaggregated revenues and geographical information (continued)
(ii)Revenue from external customers is attributed to individual countries based on the customer’s country of domicile and is summarized as follows:
For the year ended Current period end
202420232022
US$’000US$’000US$’000
Revenues from external customers
Thailand158,135 152,437 153,164 
Singapore154,379 135,227 118,789 
Australia67,106 62,139 60,299 
China, Hong Kong, and Taiwan76,146 62,239 82,187 
India923 973 779 
Southeast Asia15,983 12,741 18,663 
Northeast Asia— 16 12 
472,672 425,772 433,893 
Countries in the Southeast Asia region include Cambodia, Vietnam, Indonesia, Brunei, Laos, Malaysia and Myanmar; countries in the Northeast Asia region include Japan and South Korea.
(iii)Major customer information
Revenue from one customer in the ROW region amounted to $94,499 in 2024 representing 19.99% of 2024 consolidated revenue. Revenue from one customer in the ROW region amounted to $80,862 in 2023 represening 18.99% of 2023 consolidated revenue. Revenue from one customer in the ROW region amounted to $66,858 in 2022 representing 15.41% of 2022 consolidated revenue.
5(f)    Non-current assets information
The total non-current assets other than financial instruments and deferred tax assets broken down by the country of domicile are summarized as follow:
As of December 31,
20242023
US$’000US$’000
Non-current assets by country:
Thailand35,938 36,252 
Singapore4,371 5,002 
China, Hong Kong, and Taiwan8,546 10,132 
Australia6,894 7,058 
Other67 132 
Total non-current assets55,816 58,576