Kimlun Corporation Berhad Annual Report 2020

200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 4. Revenue (a) Revenue from contracts with customers 2020 2019 RM RM Types of goods and services Sales of concrete products 168,097,889 262,425,666 Sales of building materials 500,138 9,669,275 Sales of completed properties 2,305,568 8,522,932 Construction contracts 623,797,432 1,022,167,267 794,701,027 1,302,785,140 Timing of revenue recognition Transferred over time 623,797,432 1,022,167,267 Transferred at a point in time 170,903,595 280,617,873 794,701,027 1,302,785,140 (b) Contract assets and contract liabilities 2020 2019 RM RM Receivables from contracts with customers (Note 21) 444,193,341 467,948,759 Contract assets 374,719,171 386,551,692 Contract liabilities (36,314,938) (49,490,344) 2020 2019 RM RM Within one year 954,127,702 1,047,659,330 More than one year 204,173,282 312,320,867 1,158,300,984 1,359,980,197 Group The remaining performance obligations (unsatisfied or partially unsatisfied) as at 31 December 2020 and 2019 are, as follows: 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. 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. Group Group Information about receivables, contract assets and contract liabilities from contracts with customers is disclosed as follows: - 55 - Annual Report 2020 112 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020