119 ANNUAL REPORT 2024 Notes to The Financial Statements 31 December 2024 3. Related party relationships and transactions (cont’d) 3A. Related companies and related parties (cont’d) Intragroup transactions and balances that have been eliminated in these consolidated financial statements are not disclosed as related party transactions and balances below. In addition to the transactions and balances disclosed elsewhere in the notes to the financial statements, significant transactions that took place between the Group and related parties during the reporting year are as follows: Group 2024 2023 $ $ Associates: Sale of inventories 219,051 243,050 Purchases of inventories (87,567) (36,482) Related parties: Purchases of inventories (654,899) (586,714) The above transactions with related parties are with Chori Co., Ltd, a controlling shareholder of the Company, and its related companies. 3B. Key management compensation Group Company 2024 2023 2024 2023 $ $ $ $ Salaries and other short-term employee benefits of key management 4,770,227 4,060,558 2,550,541 1,902,140 Remuneration of directors of the Company 1,169,674 643,746 1,169,674 643,746 Fees to directors of the Company 202,000 202,000 202,000 202,000 Key management personnel are the directors and those persons having authority and responsibility for planning, directing and controlling the activities of the Group directly or indirectly. The above amounts for key management compensation are for all the directors and other key management personnel.
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