35. SEGMENT INFORMATION (CONTINUED) Major customers During the financial year, the Group’s revenue attributable to 3 (2023: 3) customers represent approximately 79% (2023: 82%) of total revenue. Revenue from certain customers (named alphabetically A to C of the Group’s construction segment amount to approximately $139,193,000 (2023: $162,673,000). The details of these customers which individually contributed 10 percent or more of the Group’s revenue in the financial year are as follows: 2024 2023 (Restated) $’000 % $’000 % Customer A 90,561 51 117,511 59 Customer B 26,631 15 23,769 12 Customer C 22,001 13 21,393 11 139,193 79 162,673 82 36. FINANCIAL INSTRUMENTS AND FINANCIAL RISKS The Group’s and the Company’s activities expose them to credit risk, market risk (including equity price risk, foreign exchange risk and interest rate risk) and liquidity risk. The Group and the Company do not hold or issue derivative financial instruments for trading purposes or to hedge against fluctuations, if any, in interest rates and foreign exchange rates. The Board of Directors is responsible for setting the objectives and underlying principles of financial risk management for the Group and the Company. The Group’s and the Company’s management then establishes the detailed policies such as risk identification and measurement, exposure limits and hedging strategies, in accordance with the objectives and underlying principles approved by the Board of Directors. There has been no change to the Group’s and the Company’s exposures to these financial risks or the manner in which it manages and measures the risk. Credit risk Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in a loss to the Group. The Group’s major classes of financial assets are trade and other receivables, contract assets, financial assets at FVTOCI and cash and bank balances. The Group has adopted a policy of only bidding for contracts from developers with good financial standings. The Group performs ongoing credit evaluation of its counterparties’ financial condition and generally does not require collaterals. As the Group and the Company do not hold any collateral, the maximum exposure to credit risk for each class of financial instruments is the carrying amount of that class of financial instruments presented on the statements of financial position, except as follows: Company 2024 2023 $’000 $’000 Committed corporate guarantees provided to banks for subsidiaries’ and associate’s banking facilities as at the end of reporting period 151,894 241,455 128 KEONG HONG HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
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