MKH Annual Report 2019

182 A N N U A L R E P O R T 2 0 1 9 20. INVENTORIES The Group 30.9.2019 30.9.2018 1.10.2017 RM RM RM At cost: Raw materials 268,940 461,498 512,371 Work-in-progress 169,600 260,665 639,863 Finished goods 1,083,362 1,651,881 1,424,203 Food and beverages 40,333 30,762 43,047 Plantation consumables 8,317,720 6,324,812 6,231,775 Fertilizers 9,051,615 9,226,966 1,508,120 Crude palm oil and palm kernel 3,526,480 15,905,043 7,455,514 Completed development properties 159,342,555 227,673,203 134,970,018 181,800,605 261,534,830 152,784,911 At net realisable value: Completed development properties 12,050,000 12,050,000 400,000 193,850,605 273,584,830 153,184,911 During the financial year, the cost of inventories recognised as an expense in cost of sales of the Group is RM280,359,101 (30.9.2018: RM279,412,883; 1.10.2017: RM270,014,521). Included in inventories of the Group is an amount of RMNil (30.9.2018: RM37,629,751; 1.10.2017: RM28,702,454) being entitlements of the landowner pursuant to Joint Venture Agreements to undertake a property development projects. 21. CONTRACT ASSETS AND LIABILITIES The Group 30.9.2019 30.9.2018 1.10.2017 RM RM RM Contract assets 281,297,699 198,704,864 152,556,850 Contract liabilities (2,141,093) - (870,000) Net 279,156,606 198,704,864 151,686,850 The Group 2019 2018 RM RM At beginning of the year 198,704,864 151,686,850 Consideration paid/payable to customers 169,975,605 110,566,052 Revenue recognised during the year (Note 4) 698,864,661 616,381,006 Progress billing during the year (788,388,524) (679,929,044) 279,156,606 198,704,864 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2019