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REVENUES BY PRODUCT
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES BY PRODUCT

12. REVENUES BY PRODUCT

          
   June 30, 
   2024   2025 
   US$’000   US$’000 
Sale of sugar   44,891    60,772 
Sale of rice   13,964    19,732 
Sale of oils and fats   8,021    14,519 
Sale of others   –    13 
    66,876    95,036 

 

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 four 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/(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 following table presents summary information by product type for the six-month periods ended June 30, 2024 and 2025, respectively:

                         
   For the six-month period ended
June 30, 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   44,891    13,964    8,021    –    66,876 
Gross Profit   1,131    999    787    –    2,917 

 

 

    For the six-month period ended
June 30, 2025
   

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     60,772       19,732       14,519       13       95,036  
Gross Profit     921       899       805       5       2,630  

 

The following table presents summary information by geographic region for the six-month periods ended June 30, 2024 and 2025, respectively.

          
   For the six-month period ended
June 30,		 
   2024   2025 
   US$’000   US$’000 
Africa   40,112    66,162 
China   5,762    15,232 
Vietnam   2,734    1,252 
Philippines   1,402    1,652 
Thailand   8,662    1,589 
Singapore   4,923    4,825 
Malaysia   –    2,197 
Other countries   3,281    2,127 
Total   66,876    95,036 

 

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

                   
    For the six-month period ended
June 30, 2025
    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     60,772       19,732       14,519       13       95,036  

 

 

    For the six-month period ended
June 30, 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     44,891       13,964       8,021       –       66,876  

 

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