275 SECTION 6 FINANCIAL STATEMENTS INTEGRATED ANNUAL REPORT 2025 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025 11 CONTRACT ASSETS/(LIABILITIES) Net carrying amount of contract assets/(liabilities) is analysed as follows: Group 2025 RM’000 2024 RM’000 At 1 January - Contract assets 458,204 446,339 - Contract liabilities (330,789) (319,826) 127,415 126,513 Over time Revenue recognised in the current financial year - that was included in the contract liabilities at 1 January 137,295 314,420 - from additional contract assets during the financial year 2,200,810 2,211,956 Less: Billings during the financial year (2,239,126) (2,522,775) 98,979 3,601 Point in time Revenue recognised in the current financial year - that was included in the contract liabilities at 1 January 12,827 20,529 - from additional contract assets during the financial year 48,259 97,990 Less: Billings during the financial year (63,948) (117,469) (2,862) 1,050 Effect of exchange rate changes (5,848) (3,749) At 31 December 217,684 127,415 At 31 December - Contract assets 407,576 458,204 - Contract liabilities (189,892) (330,789) 217,684 127,415 Revenue relating to performance obligations that are unsatisfied or partially unsatisfied as at 31 December 2025 amounting to RM2,798,000,000 (2024: RM2,540,000,000) are expected to be recognised within the next 12 to 24 months (2024: within the next 12 to 24 months). 14.6% (2024: 18.2%) of the contract asset balances are related to a single customer.
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