NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 34. CONTRACT LIABILITIES (CONT’D.) (a) Deferred license fees Group 2024 2023 RM’000 RM’000 Cost At 1 January 228,067 226,957 Additions 772 1,110 At 31 December 228,839 228,067 Accumulated amortisation At 1 January 96,692 91,615 Amortisation during the financial year (Note 9) 5,171 5,077 At 31 December 101,863 96,692 Carrying amount 126,976 131,375 Represented by: Non-current 121,805 126,484 Current 5,171 4,891 126,976 131,375 The deferred license fees refer to accrual and amortisation of license fees over 40 years which will expire on 9 October 2051. (b) Contract liabilities from property development Group 2024 2023 RM’000 RM’000 At 1 January 99,342 94,225 Revenue recognised during the financial year (29,097) (3,203) Progress billings issued during the financial year 70,016 8,320 At 31 December 140,261 99,342 Revenue from property development activities are recognised over time using the input method, which is based on the actual incurred to date on the property development project as compared to the total budgeted cost for the respective development projects. ANNUAL REPORT 2024 330
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