Kimlun Corporation Berhad Annual Report 2019

Annual Report 2019 Kimlun Corporation Berhad NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2019 (cont’d) 112 4. Revenue (a) Revenue from contracts with customers 2019 2018 RM RM Types of goods and services Sales of concrete products 262,425,666 194,934,130 Sales of building material 9,669,275 11,337,406 Sales of completed properties 8,522,932 4,536,000 Construction contracts 1,022,167,267 801,122,216 1,302,785,140 1,011,929,752 Timing of revenue recognition Transferred over time 1,022,167,267 801,122,216 Transferred at a point in time 280,617,873 210,807,536 1,302,785,140 1,011,929,752 (b) Contract assets and contract liabilities 2019 2018 RM RM Receivables from contracts with customers (Note 21) 467,948,759 391,142,179 Contract assets 386,551,692 346,132,879 Contract liabilities (49,490,344) (68,267,859) 2019 2018 RM RM Within one year 1,047,659,330 994,651,408 More than one year 312,320,867 1,042,901,767 1,359,980,197 2,037,553,175 Group The remaining performance obligations (unsatisfied or partially unsatisfied) as at 31 December 2019 and 2018 are, as follows: Group Information about receivables, contract assets and contract liabilities from contracts with customers is disclosed as follows: Group Contract assets primarily relate to the Group's right to consideration for work completed but not yet billed at the reporting date. Contract assets are transferred to receivables when the rights become unconditional. Contract liabilities primarily relate to the Group's billings in advance at the reporting date. Contract liabilities are reversed and revenue is recognised as work is completed.