18. CONTRACT ASSETS AND CONTRACT LIABILITIES (CONTINUED) a) Significant changes in contract assets are explained as follows: Group 2025 2024 $’000 $’000 Contract assets reclassified to receivables (4,787) (3,571) Changes in measurement of progress 8,553 9,270 b) Significant changes in contract liabilities are explained as follows: Group 2025 2024 $’000 $’000 Changes in measurement of progress (49) 13,089 The Group’s revenue recognised in the financial years that was included in the contract liabilities balance at the beginning of the respective financial years and that related to performance obligations satisfied in previous years is as follows: Group 2025 2024 $’000 $’000 Amounts included in contract liabilities at the beginning of the financial year – Projects 16,244 3,155 Performance obligations satisfied in previous financial years – Projects 16,244 3,155 c) Remaining performance obligations The aggregate amount of transaction price allocated to the unsatisfied (or partially satisfied) performance obligations as at 30 September 2025 is $204,325,000 (2024: $380,561,000). This amount has not included the following: • Performance obligation for which the Group has applied the practical expedient not to disclose information about its remaining performance obligations if: – The performance obligation is part of a contract that has an original expected duration for one year or less, or – The Group recognises revenue to which the Group has a right to invoice customers in amounts that correspond directly with the value to the customer of the Group’s performance completed to date. • Variable consideration that is constrained and therefore is not included in the transaction price. The amount of Group’s revenue that will be recognised in future periods on these contracts when those remaining performance obligations will be satisfied is analysed as follows: 2026 2027 2028 Total $’000 $’000 $’000 $’000 As at 30 September 2025 Construction contracts 95,638 76,194 32,493 204,325 2025 2026 2027 Total $’000 $’000 $’000 $’000 As at 30 September 2024 Construction contracts 229,163 95,436 55,962 380,561 ANNUAL REPORT 2025 KEONG HONG HOLDINGS LIMITED 105 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2025
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