Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 14 TRADE AND OTHER RECEIVABLES (CONTINUED) 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 2023 2022 RM’000 RM’000 Energy Services 408,808 352,758 Bioenergy Services 35,233 39,104 Trading - 86,445 Total 444,041 478,307 Concentration of credit risk is low within the Energy 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 Bioenergy Services and Trading as the balances are distributed over a large number of customers. The following table contains an analysis of the credit risks exposure for which expected credit loss is recognised: Gross trade receivables Expected credit loss Net trade receivables RM’000 RM’000 RM’000 2023 Not past due 131,741 (22) 131,719 1 to 30 days overdue 149,681 (1,339) 148,342 31 to 60 days overdue 67,990 (9) 67,981 61 to 90 days overdue 27,624 (12) 27,612 91 to 180 days overdue 19,848 (1,299) 18,549 181 to 365 days overdue 47,210 (3,483) 43,727 More than 365 days overdue 14,923 (8,812) 6,111 Total 459,017 (14,976) 444,041 Integrated Annual Report 2023 234
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