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Lease Liabilities | 6 Months Ended
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Jun. 30, 2024
Lease Liabilities [Abstract] |
LEASE LIABILITIES |
| 14 | LEASE LIABILITIES
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |  |  | USD |
At beginning of year / period |  |  | 744,959 |  |  |  | 1,255,340 |  |  |  | 266,120 |
Additions |  |  | 886,093 |  |  |  | - |  |  |  | - |
Finance cost |  |  | 30,288 |  |  |  | 24,327 |  |  |  | 5,157 |
Payment |  |  | (406,000 | ) |  |  | (375,642 | ) |  |  | (79,632 | )
At of end of year / period |  |  | 1,255,340 |  |  |  | 904,025 |  |  |  | 191,645 |
Future lease payment payable: |  |  |  |  |  |  |  |  |  |  |  |
- Not later than one year |  |  | 732,498 |  |  |  | 664,284 |  |  |  | 140,823 |
- More than one year to five years |  |  | 564,483 |  |  |  | 280,467 |  |  |  | 59,456 |
Total future minimum lease payments |  |  | 1,296,981 |  |  |  | 944,751 |  |  |  | 200,279 |
Less: Future finance charges |  |  | (41,641 | ) |  |  | (40,726 | ) |  |  | (8,634 | )
|  |  | 1,255,340 |  |  |  | 904,025 |  |  |  | 191,645 |
These are office lease contracts for premises with a tenure of 3 years. The obligations under these leases are secured by the lessor's title to the leased assets. In contrast, the Group also has certain leases with lease terms of 12 months or less. The Group applies the "short-term lease" recognition exemptions for these leases. Details of the carrying amounts of right-of-use assets recognized and the movements during the year are disclosed in Note 7 to the financial statements. The lease liabilities at the end of the reporting period bear weighted average incremental borrowing rate of 4.31% (2023: 4.31%) per annum.
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |  |  | USD |
Depreciation of right-of-use asset |  |  | 424,837 |  |  |  | 332,249 |  |  |  | 70,433 |
Interest expense on lease liabilities |  |  | 30,288 |  |  |  | 24,327 |  |  |  | 5,157 |
Lease expense not capitalised in lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
-expense relating to short-term lease |  |  | 232,081 |  |  |  | 269,160 |  |  |  | 57,059 |
Total amount recognised in profit or loss |  |  | 687,206 |  |  |  | 625,736 |  |  |  | 132,649 |

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