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BUSINESS SEGMENT AND DISAGGREGATION OF REVENUE
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
BUSINESS SEGMENT AND DISAGGREGATION OF REVENUE

NOTE – 3 BUSINESS SEGMENT AND DISAGGREGATION OF REVENUE

 

The Company has disaggregated its revenue from contracts with customers into categories based on the nature of the revenue in the following table:

 

The following tables present the Company’s revenue disaggregated by business segment and geography, based on management’s assessment of available data:

 SCHEDULE OF DISAGGREGATION OF REVENUE BY BUSINESS SEGMENT

                
   Financial Years Ended December 31, 
   2024   2023   2022 
   $’000   $’000   $’000 
             
Revenue from external customers               
On-Highway business   25,750    26,830    24,304 
Off-Highway business   32,496    32,621    26,994 
Services (shipping charges)   87    70    147 
                
Revenue from external customers   58,333    59,521    51,445 
                
Cost of revenue               
On-Highway business   20,598    21,593    19,718 
Off-Highway business   26,810    27,018    22,447 
                
Cost of revenue   47,408    48,611    42,165 
                
Gross profit               
On-Highway business   5,152    5,237    4,586 
Off-Highway business   5,686    5,603    4,547 
Services (shipping charges)   87    70    147 
                
Gross profit   10,925    10,910    9,280 
                
Operating expenses               
On-Highway business   5,188    4,434    4,176 
Off-Highway business   4,953    3,948    3,494 
                
Operating expenses   10,141    8,382    7,670 
                
Segment results               
On-Highway business   (36)   803    410 
Off-Highway business   733    1,655    1,053 
Services (shipping charges)   87    70    147 
                
Segment results   784    2,528    1,610 
                
Segment assets               
On-Highway business   14,847    15,254    16,056 
Off-Highway business   24,745    23,802    24,277 
                
   39,592    39,056    40,333 

 

In accordance with ASC 280, Segment Reporting (“ASC 280”), we have two reportable business segments. Sales are based on the countries in which the customer is located. Summarized financial information concerning our geographic segments is shown in the following tables: