120 MEGACHEM LIMITED Notes to The Financial Statements 31 December 2024 4. Revenue and other income Group 2024 2023 $ $ Sale of goods 125,211,604 119,622,779 Rendering of services 3,629,962 3,386,498 Total revenue 128,841,566 123,009,277 Other income - Trade receivables recovered 144,068 367,688 - Changes in fair value of financial assets at FVTPL – forward foreign exchange contract (Note 28) 44,957 – - Gains on disposals of property, plant and equipment 624,178 10,166 - Government grant 42,640 44,508 - Interest income – banks 123,374 85,283 - Insurance claims 9,673,038 3,155,631 - Rental income 14,692 14,879 Other income 10,666,947 3,678,155 Total revenue and other income 139,508,513 126,687,432 The revenue from sale of goods and rendering of services is recognised based on point in time and all contracts with customers are less than 12 months. The insurance claims pertain to the claims received from the Group’s insurer during the reporting year and previous reporting year for compensation of the losses suffered by the Group in the fire incident that broke out in its Singapore warehouse building on 5 July 2023. The Group’s insurance claim process is ongoing as at the end of the reporting year. Any further insurance claims are subject to the approval from the insurer. 5. Expense by nature The material components and other selected components include the following: Group 2024 2023 $ $ Cost of inventories 92,543,378 88,766,772 Changes in fair value of financial liabilities at FVTPL – forward foreign exchange contract (Note 28) 8,690 50,458 Compensation claims 8,279 809,355 Demolition and decontamination costs 1,030,772 2,320,000 Depreciation of investment property (Note 13) 2,753 2,788 Depreciation of property, plant and equipment (Note 11) 963,484 1,011,073 Depreciation of right-of-use assets (Note 12) 326,467 430,926 Employee compensation (Note 7) 18,056,903 16,479,316 Impairment of doubtful trade receivables (Note 18) 78,860 62,525 Inventories written down (Note 17) 1,689,628 8,557,525 Property, plant and equipment written off – 811,080 Net foreign exchange translation losses 678,463 88,208 Rental on short term leases (Note 27) 262,646 210,130 Waste disposal costs 2,777,902 921,810 Warehouse storage charges 3,437,877 2,714,631
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