NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 15 TRADE AND OTHER RECEIVABLES Group Company 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 Current Gross trade receivables 511,407 291,753 - - Less: Allowance for impairment loss (33,100) (26,303) - - 478,307 265,450 - - Gross other receivables 69,932 70,921 13,615 12,930 Less: Allowance for impairment loss (49,543) (48,235) (13,262) (12,534) 20,389 22,686 353 396 Prepaid supplies 35,250 31,175 - - Deposits 7,431 5,716 29 72 Prepayments 16,914 15,776 284 231 558,291 340,803 666 699 Non-current Deposits 3,451 4,971 - - Credit risk concentration profile The Group determines concentration of credit risk by monitoring the business segment of its trade receivables on an ongoing basis. The credit risk concentration profile of the Group’s trade receivables at the reporting date is as follows: Group 2022 2021 RM’000 RM’000 Energy solutions services 278,650 115,531 Renewable Energy 113,212 70,647 Industrial Trading & Services 86,445 79,272 Total 478,307 265,450 Concentration of credit risk is low within the Energy Solutions Services segment which primarily trade with oil majors. However, the Group considers the risk of default by these oil majors to be minimal given their relative size and financial strength. There is no concentration of credit risk within the Renewable Energy and Industrial Trading & Services segments as the balances are distributed over a large number of customers. Wah Seong Corporation Berhad Annual Report 2022 166
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