22. TRADE AND OTHER RECEIVABLES (CONTD.) (b) Other receivables (contd.) Other receivables that are impaired At the reporting date, the Group and the Company have provided an allowance of RM48.0 million (2023: RM47.3 million) and RM25.6 million (2023: RM11.8 million) respectively. (c) Concession receivable This is in relation to a concession arrangement in which the Group provides retro-fitting works and upgrades of infrastructure to turn existing buildings into green buildings. These amounts are to be repaid over the remaining period of the concession. These amounts are also pledged as security for the borrowing obtained for this concession as disclosed in Note 35(a). 23. CONTRACT RELATED ASSETS AND LIABILITIES Group 2024 RM’000 2023 RM’000 Contract assets (a) Non-current 23,875 32,136 Current 491,308 441,306 515,183 473,442 Contract liabilities (a) Current (33,727) (31,916) Contract fulfillment asset (b) Non-current – – Current – 590 – 590 (a) Contract assets and liabilities Contract assets are initially recognised for revenue earned from services transferred which receipt of the consideration is conditional on the completion and final acceptance by customers. Upon final acceptance by the customers, the amounts recognised as contract assets becomes unconditional and are reclassified to trade receivables. The increase in contract asset as at financial year ended 31 December 2024 was mainly due to the infrastructure services works performed towards the year-end. Contract liabilities include billings made in advance which represent amounts where customers have been invoiced ahead of the satisfaction of the performance obligation by the Group. Set out below is the amount of revenue recognised from: Group 2024 RM’000 2023 RM’000 Amounts included in contract liabilities at the beginning of the year 15,837 19,396 Notes to the Financial Statements For the year ended 31 December 2024 UEM EDGENTA BERHAD 334 Integrated Annual Report 2024
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