200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 4. Revenue (a) Revenue from contracts with customers 2023 2022 RM RM Types of goods and services Construction contracts 638,547,457 538,155,744 Sales of building material 21,629,725 19,111,987 Sales of completed properties - 27,043,834 Sales of concrete products 168,568,300 167,224,651 Sales of development properties 23,808,764 4,578,716 852,554,246 756,114,932 662,356,221 542,734,460 190,198,025 213,380,472 852,554,246 756,114,932 (b) Contract assets and contract liabilities 2023 2022 RM RM 382,772,295 389,031,740 282,196,733 230,949,244 (20,015,968) (15,733,053) Contract assets that are impaired 2023 2022 RM RM Contract assets - nominal amounts 25,581,137 25,581,137 Less: Allowance for impairment (25,581,137) (25,581,137) - - Group Timing of revenue recognition Transferred over time Transferred at a point in time Information about receivables, contract assets and contract liabilities from contracts with customers is disclosed as follows: 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. The Group'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 Receivables from contracts with customers (Note 19) 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. - 36 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 Kimlun Corporation Berhad 106
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