WASCO BERHAD 264 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 27 GROSS REVENUE Group Company 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Revenue from contracts with customers Contract revenue 2,524,734 2,204,292 - - Sale of goods 659,762 380,090 - - Management fees - - - 3,973 3,184,496 2,584,382 - 3,973 Revenue from other sources Rental income 26 21,306 - - Dividend income - - 220,885 21,302 Interest income - - 3,340 1,323 26 21,306 224,225 22,625 3,184,522 2,605,688 224,225 26,598 Revenue from contracts with customers is represented by: Group Company 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Timing of revenue recognition - Over time 2,501,178 2,156,460 - 3,973 - At a point in time 683,318 427,922 - - 3,184,496 2,584,382 - 3,973 (a) Revenue from contracts with customer (i) Contract revenue Contract revenue with customers include contracts relating to pipe coating and manufacturing of boilers as well as engineering and fabrication services. These contracts may include multiple performance obligations as they are not highly integrated. Hence, the transaction price will be allocated to each performance obligation based on the standalone selling price. Where the contracts are highly integrated, they are recognised as a single performance obligation. Revenue is recognised progressively based on the progress towards complete satisfaction of the performance obligation.
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