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REVENUES BY PRODUCT
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUES BY PRODUCT

13. REVENUES BY PRODUCT

            
   December 31, 
   2022   2023   2024 
   US$’000   US$’000   US$’000 
Sale of sugar   154,757    116,443    86,599 
Sale of rice   34,200    26,440    18,680 
Sale of oils and fats products   17,568    47,623    26,642 
Sale of others   192    218    448 
    206,717    190,724    132,369 

 

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company’s chief operating decision maker in order to allocate resources and assess performance of the segment.

 

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 sugar
  2. Sale of rice
  3. Sale of oil and fat products
  4. Sale of others

 

Information regarding the results of each reportable segment is included below. Performance is measured based on segment revenue and gross profit, as included in the internal management reports that are reviewed by the Company’s CODM. Both segment revenue and gross profit 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 following table presents summary information by product type for the years ended December 31, 2024, 2023 and 2022, respectively:

                    
   For the year ended
December 31, 2024		 
  

Sale of

sugar

   Sale of rice   Sale of oil and fat products   Sale of others   Total 
   US$’000   US$’000   US$’000   US$’000   US$’000 
Revenue   86,599    18,680    26,642    448    132,369 
Gross Profit   1,209    98    969    49    2,325 

  

   For the year ended
December 31, 2023		 
  

Sale of

sugar

   Sale of rice   Sale of oil and fat products  

 

Sale of others

   Total 
   US$’000   US$’000   US$’000   US$’000   US$’000 
Revenue   116,443    26,440    47,623    218    190,724 
Gross Profit   3,333    1,115    2,558    23    7,029 

 

   For the year ended
December 31, 2022		 
  

Sale of

sugar

   Sale of rice   Sale of oil and fat products  

 

Sale of others

   Total 
   US$’000   US$’000   US$’000   US$’000   US$’000 
Revenue   154,757    34,200    17,568    192    206,717 
Gross Profit   9,686    2,100    1,079    12    12,877 

 

The following table presents summary information by geographic region for the fiscal years ended December 31, 2022, 2023 and 2024, respectively.

            
   For the year ended
December 31,		 
   2022   2023   2024 
   US$’000   US$’000   US$’000 
Africa   56,863    80,637    68,448 
China   16,629    17,731    11,957 
Indonesia   79,645    22,502    12,672 
Vietnam   28,663    9,109    6,999 
Philippines   3,237    19,372    2,850 
Thailand   1,980    13,119    12,989 
Singapore   8,808    18,889    10,105 
Other countries   10,892    9,365    6,349 
Total   206,717    190,724    132,369 

 

In the following table, revenue is disaggregated by the timing of revenue recognition.

                    
   For the year ended
December 31, 2024		 
   Sale of sugar   Sale of rice   Sale of oil and fat products  

 

Sale of others

   Total 
   US$’000   US$’000   US$’000   US$’000   US$’000 
Timing of revenue recognition:                         
Point in time   86,599    18,680    26,642    448    132,369 

 

   For the year ended
December 31, 2023		 
   Sale of sugar   Sale of rice   Sale of oil and fat products   Sale of others   Total 
   US$’000   US$’000   US$’000   US$’000   US$’000 
Timing of revenue recognition:                         
Point in time   116,443    26,440    47,623    218    190,724 

 

   For the year ended
December 31, 2022		 
   Sale of sugar   Sale of rice   Sale of oil and fat products   Sale of others   Total 
   US$’000   US$’000   US$’000   US$’000   US$’000 
Timing of revenue recognition:                         
Point in time   154,757    34,200    17,568    192    206,717 

 

All assets and operations of the Company are located in Singapore, and accordingly, no segmental analysis of segment assets is presented.