200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 4. Revenue (a) Revenue from contracts with customers 2022 2021 RM RM Types of goods and services Construction contracts 538,155,744 503,981,530 Sales of building material 19,111,987 487,457 Sales of completed properties 27,043,834 43,251,737 Sales of concrete products 167,224,651 141,615,653 Sales of development properties 4,578,716 1,742,262 756,114,932 691,078,639 542,734,460 505,723,792 213,380,472 185,354,847 756,114,932 691,078,639 (b) Contract assets and contract liabilities 2022 2021 RM RM 389,031,740 500,592,031 230,949,244 175,223,675 (15,733,053) (24,147,420) Contract assets that are impaired 2022 2021 RM RM Contract assets - nominal amounts 25,581,137 - Less: Allowance for impairment (25,581,137) - - - Contract assets Contract liabilities Contract assets primarily relate to the Group's right to consideration for work completed but not yet billed at the reporting date. Contract assets are transferred to receivables when the rights become unconditional. Contract liabilities primarily relate to the Group's billings in advance at the reporting date. Contract liabilities are reversed and revenue is recognised as work is completed. Transferred at a point in time Information about receivables, contract assets and contract liabilities from contracts with customers is disclosed as follows: Group Receivables from contracts with customers (Note 20) The Company’s contract assets that are impaired at the reporting date and the movement of the allowance accounts used to record the impairment is as follows: Group Group Timing of revenue recognition Transferred over time - 54 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 Kimlun Corporation Berhad | Registration No. 200901023978 (867077-X) 119
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