49 CONTRACT LIABILITIES Group 2024 2023 RM’000 RM’000 Contract liabilities At 1 January 91,660 109,359 Revenue recognised that was included in the contract liabilities balance at the beginning of financial period (90,671) (106,647) Cash received for unfulfilled obligations 84,634 88,948 At 31 December 85,623 91,660 Revenue recognised in relation to contract liabilities: The following table shows how much of the revenue recognised in the current reporting period relates to carried forward contract liabilities. Group 2024 2023 RM’000 RM’000 Revenue recognised that was included in the contract liabilities balance at the beginning of the period – Sales of palm products 62,802 62,687 – Sales of other commodities and by-products 16,488 34,166 – Provision of services 6,587 6,792 – Others 4,794 3,002 90,671 106,647 The aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting date, of which the Group expects to recognise in the next 12 months is RM85,623,000 (2023: RM91,660,000). All other contracts are for periods of one year or less or are billed based on time incurred. As permitted under MFRS 15, the Group applied the practical expedient in MFRS 15 and did not disclose information about recognising performance obligations that have original expected duration of one year or less. FGV Holdings Berhad | Audited Financial Statements 2024 Notes to the Financial Statements For the financial year ended 31 December 2024 172
RkJQdWJsaXNoZXIy NDgzMzc=