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Financial Instruments, Financial Risks and Capital Risks Management (Tables) | 6 Months Ended
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Jun. 30, 2024
Financial Instruments, Financial Risks and Capital Risks Management (Tables) [Line Items] |
Schedule of Financial Instruments at the End of the Reporting Period | The following table sets out the financial instruments as at the end of the reporting period:
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |  |  | USD |
Financial assets |  |  |  |  |  |  |  |  |
Loan and receivables (including cash and bank balances) |  |  | 69,696,778 |  |  |  | 125,673,972 |  |  |  | 26,641,646 |
Finance assets measured at fair value through other comprehensive income |  |  | 38,368,829 |  |  |  | 44,375,928 |  |  |  | 9,407,260 |
Finance assets measured at fair value through profit or loss |  |  | 72,793 |  |  |  | 74,599 |  |  |  | 15,814 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities, at amortised cost |  |  | 22,862,227 |  |  |  | 22,809,055 |  |  |  | 4,835,296 |
Financial liabilities, at fair value through profit or loss |  |  | 1,964,335 |  |  |  | 7,614,909 |  |  |  | 1,614,286 |
Schedule of Currency Exposure of Financial Assets and Financial Liabilities | The currency exposure of financial assets and financial liabilities denominated in currencies other than the Group’s functional currency is as follows:
|  | Assets |  |  | Liabilities |
|  | December 31, 2023 |  |  | June 30, 2024 |  |  | December 31, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |  |  | RM |  |  | RM |
Singapore Dollar |  |  | 15,101 |  |  |  | 21,020 |  |  |  | - |  |  |  | 6,000 |
United States Dollar |  |  | 7,123,179 |  |  |  | 23,613,396 |  |  |  | 1,416,836 |  |  |  | 350,167 |
The following table details the sensitivity to a 5% increase and decrease in the related foreign currencies against the functional currency (“RM”) with all the other variables held constant.
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |
Singapore Dollar |  |  | 755 |  |  |  | 751 |
United States Dollar |  |  | 285,317 |  |  |  | 1,163,161 |
Schedule of Current Credit Risk Grading Framework | The Group’s current credit risk grading framework comprises the following categories:
Category |  | Description |  | Basis for recognising ECL
Performing |  | The counterparty has a low risk of default and does not have any past-due amounts |  | 12-month ECL
Doubtful |  | There has been a significant increase in credit risk since initial recognition |  | Lifetime ECL- not credit-impaired
In default |  | There is evidence indicating the asset is credit impaired |  | Lifetime ECL - credit impaired
Write-off |  | There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery |  | Amount is written off
Schedule of Non-derivative Financial Liabilities | The following table details the remaining contractual maturity for non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.
|  | Weighted |  |  | On |  |  |  |  |  |  |
|  | average |  |  | demand |  |  |  |  |  |  |
|  | effective |  |  | or within |  |  | Within |  |  |  |
|  | interest rate |  |  | 1 year |  |  | 2 to 5 years |  |  | Total |
|  | % |  |  | RM |  |  | RM |  |  | RM |
As of June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing |  |  | - |  |  |  | 21,026,860 |  |  |  | - |  |  |  | 21,026,860 |
Fixed interest rate |  |  | 3.5-5 | % |  |  | 638,683 |  |  |  | 265,342 |  |  |  | 904,025 |
Variable interest rate |  |  | BLR+2.6 | % |  |  | 707,726 |  |  |  | 170,444 |  |  |  | 878,170 |
Total |  |  |  |  |  |  | 22,373,269 |  |  |  | 435,786 |  |  |  | 22,809,055 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing |  |  | - |  |  |  | 20,684,288 |  |  |  | - |  |  |  | 20,684,288 |
Fixed interest rate |  |  | 3.5-5 | % |  |  | 680,916 |  |  |  | 878,224 |  |  |  | 1,559,140 |
Variable interest rate |  |  | BLR+2.6 | % |  |  | 43,668 |  |  |  | 81,282 |  |  |  | 124,950 |
Total |  |  |  |  |  |  | 21,408,872 |  |  |  | 959,506 |  |  |  | 22,368,378 |
Schedule of Debt-to-Equity Ratio |
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |  |  | USD |
Total debts |  |  | 22,862,227 |  |  |  | 22,809,055 |  |  |  | 4,835,296 |
Total equity |  |  | 92,969,863 |  |  |  | 236,801,277 |  |  |  | 50,199,539 |
Debt-to-equity % |  |  | 24.59 | % |  |  | 9.63 | % |  |  | 9.63 | %
Revenues [Member] |
Financial Instruments, Financial Risks and Capital Risks Management (Tables) [Line Items] |
Schedule of Total Accounts Receivable | The following table sets forth a summary of single customers who represent 10% or more of the Group’s total revenue:
|  | June 30, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |  |  | USD |
Amount of the Group’s revenue: |  |  |  |  |  |  |  |  |
Customer A |  |  | 19,712,300 |  |  |  | 928,221 |  |  |  | 196,774 |
Customer B |  |  | NA | * |  |  | NA | * |  |  | NA | *
Customer C |  |  | 8,263,840 |  |  |  | NA | * |  |  | NA | *
Customer D |  |  | NA | * |  |  | NA | * |  |  | NA | *
| * | Revenue from relevant customer was less than 10% of the Group’s total revenue for the respective year.
Accounts receivable [member] |
Financial Instruments, Financial Risks and Capital Risks Management (Tables) [Line Items] |
Schedule of Total Accounts Receivable | The following table sets forth a summary of single customers who represent 10% or more of the Group’s total accounts receivable:
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |  |  | USD |
Amount of the Group’s revenue: |  |  |  |  |  |  |  |  |
Customer A |  |  | 2,326,144 |  |  |  | 11,668,144 |  |  |  | 2,473,532 |

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