200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 32. Commitments (cont'd) (b) Hire purchase commitments 2024 2023 RM RM Minimum lease payments: Not later than 1 year 19,544,017 10,276,329 Later than 1 year but not later than 2 years 15,615,851 7,561,837 Later than 2 years but not later than 5 years 23,955,464 10,936,043 Total minimum lease payments 59,115,332 28,774,209 Less: Amounts representing finance charges (6,578,602) (3,023,075) Present value of minimum lease payments 52,536,730 25,751,134 Present value of payments: Not later than 1 year 16,764,841 8,958,923 Later than 1 year but not later than 2 years 13,615,589 6,690,621 Later than 2 years but not later than 5 years 22,156,300 10,101,590 Present value of minimum lease payments 52,536,730 25,751,134 Less: Amount due within 12 months (Note 23) (16,764,841) (8,958,923) Amount due after 12 months (Note 23) 35,771,889 16,792,211 The Group has entered into hire purchase arrangements for certain items of plant and equipment as disclosed in Note 11. Future minimum lease payments under hire purchases together with the present value of the net minimum lease payments are as follows: Group - 81 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 173 ANNUAL REPORT 2024
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