Segment information

12 Months Ended

Dec. 31, 2023

Segment information

Segment information

Note 3: Segment information

(i) The Group reports under two segments: Trading and manufacturing, and Engineering.

Operating income represents total revenues less operating expenses, excluding other expense, interest and income taxes. The identifiable assets by segment are those used in each segment’s operations. Intersegment transactions are not significant and have been eliminated to arrive at consolidated totals.

	Year ended December 31,
	2023			2022			2021
	US$’000			US$’000			US$’000
Revenue
Trading and manufacturing		12,143			9,332			9,619
Engineering		5,797			5,617			11,769
		17,940			14,949			21,388
Operating (loss) / income
Trading and manufacturing		377			(246	)		130
Engineering		(438	)		590			846
Unallocated corporate expenses		(188	)		(230	)		(205	)
		(249	)		114			771

	Year ended December 31,
	2023		2022		2021
	US$’000		US$’000		US$’000
Depreciation:
Trading and manufacturing		11		28		32
Engineering		4		5		6
		15		33		38
Capital expenditures, gross
Trading and manufacturing		3		2		1
Engineering		2		5		3
		5		7		4

	December 31,
	2023		2022
	US$’000		US$’000
Assets
Trading and manufacturing		8,229		13,637
Engineering		13,891		5,726
		22,120		19,363
Liabilities
Trading and manufacturing		3,605		1,300
Engineering		2,035		3,257
		5,640		4,557

(ii) Geographical analysis of revenue by customer location is as follows:

	Year ended December 31,
	2023		2022		2021
	US$’000		US$’000		US$’000
Revenue -
The PRC		7,125		5,878		13,217
Hong Kong		9,879		7,174		7,937
Others		936		1,897		234
		17,940		14,949		21,388

(iii) Long-lived assets ⁽¹⁾

Geographical analysis of long-lived assets is as follows:

	December 31,
	2023		2022
	US$’000		US$’000
Hong Kong		6		8
The PRC		162		171
		168		179

⁽¹⁾ Long-lived assets represent property, plant and equipment, net.

(iv) Major suppliers

Details of individual suppliers accounting for more than 5% of the Group’s purchases are as follows:

	Year ended December 31,
	2023			2022			2021
Supplier A		42	%		33	%		42	%
Supplier B		23	%		21	%		13	%
Supplier C		7	%		6	%		6	%
Supplier D		5	%		5	%		6	%
Supplier E		-			-			5	%
Supplier F		-			5	%		-
Supplier G		-			5	%		-

(v) Major customers

Details of individual customers accounting for more than 5% of the Group’s revenue are as follows:

	Year ended December 31,
	2023			2022			2021
Customer A		14	%		18	%		15	%
Customer B		10	%		9	%		-
Customer C		7	%		-			-
Customer D		5	%		-			-
Customer E		5	%		6	%		-
Customer F		-			-			17	%
Customer G		-			-			9	%
Customer H		-			-			7	%