188 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 50 CONTRACT LIABILITIES (CONTINUED) 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 2023 RM’000 2022 RM’000 Revenue recognised that was included in the contract liability balance at the beginning of the financial period - Sales of palm products 62,687 93,814 - Sales of other commodities and by-products 34,166 22,570 - Provision of services 6,792 2,544 - Others 3,002 10,388 106,647 129,316 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 RM91,660,000 (2022: RM109,359,000). 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. 51 LOANS DUE TO ULTIMATE HOLDING COMPANY Group and Company 2023 RM’000 2022 RM’000 Unsecured: - Current - 333,316 Final settlement of loans due to ultimate holding company of RM333 million (2022: RM300 million) was made during the financial year. The loans are denominated as follows: Group and Company 2023 RM’000 2022 RM’000 - Ringgit Malaysia - 333,316
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