NOTES TO THE FINANCIAL STATEMENTS 12. INVENTORIES Group 2025 RM’000 2024 RM’000 Raw materials 15,607 20,075 Work in progress 29,022 46,415 Manufactured inventories 5,515 6,973 Consumables 35,977 36,217 Crude oil 20,998 6,436 Spares 9,115 5,445 Trading merchandise in transit 3,399 6,383 119,633 127,944 Recognised in profit or loss: Inventories recognised as cost of sales 419,617 574,751 Write-down to net realisable value 5,876 5,117 13. CONTRACT ASSETS/(LIABILITIES) Group 2025 RM’000 2024 RM’000 Contract assets At 1 January 37,587 24,066 Performance obligations performed 6,422 21,008 Transfer to trade receivables (22,549) (7,487) Allowance for impairment losses (15,329) (14,945) At 31 December 6,131 22,642 The contract assets primarily relate to the Group’s right to consideration for work completed and services provided on contracts but not yet billed as at the reporting date. The amount will be transferred to trade receivables when the Group issues billing in the manner as established in the contracts with customers. 175 OPERATIONAL REVIEW SUSTAINABILITY STATEMENT GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION INTELLIGENCE POWERING
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