98 MSC BERHAD Notes to the Financial Statements (cont’d) 24. Contract Liabilities (a) Deferred revenue Group Company 2024 2023 2024 2023 RM RM RM RM Deferred revenue 3,329,111 3,641,999 - 2,808,748 Deferred revenue represents advance consideration received (or an amount of consideration is due) from the customer in respect of services which are yet to be provided. The deferred revenue will be recognised as revenue when the related services is rendered. Significant changes to contract liabilities balances during the financial year/period are as follows: Group Company 2024 2023 2024 2023 RM RM RM RM Contract liabilities at the beginning of the reporting period recognised as revenue 3,514,018 2,264,763 1,397,711 1,514,237 (b) Contract value yet to be recognised as revenue As of the reporting date, revenue expected to be recognised in the future relating to performance obligations of the Group and of the Company that are partially unsatisfied is RM5,076,944 and RMNil (2023: RM5,884,144 and RM5,029,743) respectively. The Group and the Company expect to recognise this revenue as the related services are rendered, which is expected to occur over the next 24 months (2023: 12 to 24 months). 25. Revenue Group Company 1.7.2023 to 30.6.2024 1.1.2022 to 30.6.2023 1.7.2023 to 30.6.2024 1.1.2022 to 30.6.2023 RM RM RM RM Revenue from contracts with customers: Sales of hardware 256,685 986,300 28,500 986,300 Rendering of services 25,733,453 38,553,881 6,038,446 36,018,600 Maintenance services 3,030,297 3,839,869 711,800 3,713,404 29,020,435 43,380,050 6,778,746 40,718,304 Timing of revenue recognition: At a point in time 1,329,629 1,459,112 455,382 1,354,192 Over time 27,690,806 41,920,938 6,323,364 39,364,112 Total revenue from contracts with customers 29,020,435 43,380,050 6,778,746 40,718,304
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