34. FINANCIAL INSTRUMENTS (CONTINUED) 34.4 Credit risk (continued) Receivables and contract assets (continued) Recognition and measurement of impairment losses (continued) The movements in the allowance for impairment in respect of receivables and contract assets (excluding prepayments) during the financial year/period are shown below. Receivables Contract assets Lifetime Credit Lifetime Credit ECL impaired ECL impaired Total Group RM’000 RM’000 RM’000 RM’000 RM’000 Balance at 1 July 2022 1,111 74,707 59 14,923 90,800 Net remeasurement of loss allowance 11,833 (19,612) (50) 2 (7,827) Written off - (12,806) - - (12,806) Foreign currency translation - 285 - - 285 Balance at 31 December 2023/1 January 2024 12,944 42,574 9 14,925 70,452 Net remeasurement of loss allowance 6,611 81 11 - 6,703 Reclassification (7,279) 7,279 - - - Foreign currency translation (370) (511) - - (881) Balance at 31 December 2024 11,906 49,423 20 14,925 76,274 Receivables Credit impaired Total Company RM’000 RM’000 Balance at 1 July 2022/31 December 2023/31 December 2024 291 291 Receivables and contract assets that are individually determined to be impaired relate to debtors who are in significant financial difficulties and have defaulted on payments. These debtors are not secured by any collateral or credit enhancements. 186 Financial Statements DAGANG NeXCHANGE BERHAD Integrated Report 2024 NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024
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