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Trade and Other Receivables | 6 Months Ended
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Jun. 30, 2024
Trade and Other Receivables [Abstract] |
TRADE AND OTHER RECEIVABLES |
| 10 | TRADE AND OTHER RECEIVABLES
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |  |  | USD |
Trade receivables |  |  |  |  |  |  |  |  |
- Third parties |  |  | 11,310,279 |  |  |  | 27,995,076 |  |  |  | 5,934,681 |
- Related parties |  |  | 2,499,319 |  |  |  | 5,531,955 |  |  |  | 1,172,720 |
|  |  | 13,809,598 |  |  |  | 33,527,031 |  |  |  | 7,107,401 |
Less: Allowance for expected credit losses on trade receivables |  |  | (2,518,122 | ) |  |  | - |  |  |  | - |
|  |  | 11,291,476 |  |  |  | 33,527,031 |  |  |  | 7,107,401 |
Deposits |  |  | 4,122,755 |  |  |  | 4,518,326 |  |  |  | 957,841 |
Prepayments |  |  | 466,629 |  |  |  | 84,991,054 |  |  |  | 18,017,267 |
Other receivables |  |  | 13,068,732 |  |  |  | 18,977,576 |  |  |  | 4,023,059 |
|  |  | 28,949,592 |  |  |  | 142,013,987 |  |  |  | 30,105,568 |
Movement in allowance for expected credit losses on trade receivables as follows: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balances |  |  | 1,757,638 |  |  |  | 2,518,122 |  |  |  | 533,817 |
Additional |  |  | 756,973 |  |  |  | - |  |  |  | - |
Bad debt written off |  |  | - |  |  |  | (2,518,122 | ) |  |  | (533,817 | )
Currency realignment |  |  | 3,511 |  |  |  | - |  |  |  | - |
Ending balance |  |  | 2,518,122 |  |  |  | - |  |  |  | - |
The average credit period for services rendered is 30 days. No interest is charged on the outstanding balances.
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |  |  | USD |
Not past due |  |  | 5,961,854 |  |  |  | 18,960,617 |  |  |  | 4,019,465 |
Past due |  |  | 7,847,744 |  |  |  | 14,566,414 |  |  |  | 3,087,936 |
Less: Allowance for expected credit losses |  |  | (2,518,122 | ) |  |  | - |  |  |  | - |
|  |  | 11,291,476 |  |  |  | 33,527,031 |  |  |  | 7,107,401 |
A majority of the Group’s trade receivables that are neither past due nor impaired are with creditworthy counterparties with good track record of credit history.
| (i) | Aging of receivables that are past due the average credit period:
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |  |  | USD |
< 30 days |  |  | 790,489 |  |  |  | 6,410,714 |  |  |  | 1,359,008 |
31 days to 60 days |  |  | 4,240 |  |  |  | 5,591,402 |  |  |  | 1,185,322 |
61 days to 210 days |  |  | 5,015,219 |  |  |  | - |  |  |  | - |
211 days to 240 days |  |  | - |  |  |  | 738,728 |  |  |  | 156,603 |
241 days to < 1 year |  |  | 2,037,796 |  |  |  | 1,825,570 |  |  |  | 387,003 |
Total |  |  | 7,847,744 |  |  |  | 14,566,414 |  |  |  | 3,087,936 |
In determining the recoverability of a trade receivables, the Group considers any changes in the credit quality of the trade receivables from the date credit was initially granted up to the reporting date. There was no significant change in credit quality for the Group’s trade receivables balances which are past due and partially impaired.
| (ii) | These amounts are stated before any deduction for impairment losses and are not secured by any collateral or credit enhancements.
The allowance for ECL has been determined by taking into consideration recovery prospects and past doubtful experience. As part of the Group’s credit risk management, the Group assesses the impairment for its customers based on different group of customers which share common risk characteristics that are representative of the customers’ abilities to pay all amounts due in accordance with the contractual terms. Impairment allowance on trade receivables has been measured at an amount equal to lifetime expected credit losses (“ECL”). The ECL on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate. The Group has recognized a loss allowance of 100% against general receivables over 240 days past due because historical experience has indicated that these receivables are generally not recoverable. For specific and individual trade receivables, the Group has access them individually to decide whether the trade receivables have recoverable issues based on the closely contact and past experience to justify it. There has been no change in the estimation techniques or significant assumptions made during the current reporting period. A trade receivable is written-off when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. The following table details the risk profile of trade receivables based on the Group’s provision matrix. As the Group’s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Group’s different customer base:
|  | Trade receivables – days past due |
|  | Not past due |  |  | 1 to 30 days |  |  | 31-60 days |  |  | 61-210 days |  |  | 211 – 240 days |  |  | Over 241 days |  |  | Total |
|  | RM |  |  | RM |  |  | RM |  |  | RM |  |  | RM |  |  | RM |  |  | RM |
Lifetime ECL – December 31, 2023 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 480,326 |  |  |  | - |  |  |  | 2,037,796 |  |  |  | 2,518,122 |
Lifetime ECL – June 30, 2024 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
The above balances that are not denominated in the functional currency are as follows:
|  | December 31, 2023 |  |  | June 30, 2024 |
|  |  | RM |  |  |  | RM |
United States dollar |  |  | 5,743,323 |  |  |  | 22,947,168 |

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