241 INTEGRATED ANNUAL REPORT 2024 Key Messages Financial Statements Other Information NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 Overview of Wasco Berhad Value Creation Commitment to Governance Sustainability Journey 11 CONTRACT ASSETS/(LIABILITIES) Net carrying amount of contract assets/(liabilities) is analysed as follows: Group 2024 RM’000 2023 RM’000 At 1 January - Contract assets 446,339 395,814 - Contract liabilities (319,826) (314,049) 126,513 81,765 Over time Revenue recognised in the current financial year - that was included in the contract liabilities at 1 January 314,420 232,936 - from additional contract assets during the financial year 2,211,956 1,675,432 Less: Billings during the financial year (2,522,775) (1,877,084) 3,601 31,284 Point in time Revenue recognised in the current financial year - that was included in the contract liabilities at 1 January 20,529 14,063 - from additional contract assets during the financial year 97,990 120,132 Less: Billings during the financial year (117,469) (136,779) 1,050 (2,584) Transfer to assets/liabilities of disposal group classified as held for sale - 1,895 Effect of exchange rate changes (3,749) 14,153 At 31 December 127,415 126,513 At 31 December - Contract assets 458,204 446,339 - Contract liabilities (330,789) (319,826) 127,415 126,513 Revenue relating to performance obligations that are unsatisfied or partially unsatisfied as at 31 December 2024 amounting to RM2,540,000,000 (2023: RM3,144,000,000) are expected to be recognised within the next 12 to 24 months (2023: within the next 12 to 24 months). 18.2% (2023: 35.5%) of the contract asset balances are related to a single customer.
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