| CONTRACT LIABILITIES |
| | | | | | | As at | | As at | | | December 31, | | December 31, | | | 2024 | | 2025 | | | USD’000 | | USD’000 | Customer loyalty scheme | | 11,642 | | 12,224 | Prepaid cards and issued vouchers | | 1,007 | | 1,339 | | | 12,649 | | 13,563 |
As at January 1, 2024, contract liabilities amounted to USD11,404,000. The following table shows the revenue recognized during the year that was in relation to contract liabilities carried forward from the prior year. | | | | | | | | | 2023 | | 2024 | | 2025 | | | USD’000 | | USD’000 | | USD’000 | Customer loyalty scheme | | 3,366 | | 7,583 | | 9,451 | Prepaid cards and issued vouchers | | 350 | | 483 | | 1,007 | | | 3,716 | | 8,066 | | 10,458 |
The transaction price allocated to the remaining performance obligation (unsatisfied or partially unsatisfied) as at year end and the expected timing of recognizing revenue are as follows: | | | | | | | | | As at December 31, 2024 | | | Customer | | Prepaid cards | | | | | loyalty | | and issued | | | | | scheme | | vouchers | | Total | | | USD’000 | | USD’000 | | USD’000 | | | (Note i) | | (Note ii) | | | Within one year | | 8,662 | | 1,007 | | 9,669 | More than one year but within two years | | 2,898 | | — | | 2,898 | More than two years | | 82 | | — | | 82 | | | 11,642 | | 1,007 | | 12,649 |
| | | | | | | | | As at December 31, 2025 | | | Customer | | Prepaid cards | | | | | loyalty | | and issued | | | | | scheme | | vouchers | | Total | | | USD’000 | | USD’000 | | USD’000 | | | (Note i) | | (Note ii) | | | Within one year | | 9,319 | | 1,339 | | 10,658 | More than one year but within two years | | 2,817 | | — | | 2,817 | More than two years | | 88 | | — | | 88 | | | 12,224 | | 1,339 | | 13,563 |
Notes: | i. | The customer loyalty points have a validity period between 2 to 5 years from the date the loyalty points were granted to customers and may be redeemed at any time within the validity period at the customers’ discretion. The amounts disclosed above represent the Group’s expectation on the timing of redemption by customers. |
| ii. | The Group issued prepaid cards and vouchers that have no expiration and can be utilized for future consumption in restaurants at the customers’ discretion. The amounts disclosed above represent the Group’s expectation on the timing of utilization by customers. |
Material accounting policy information Refer to Note 5 for the material accounting policy information relating to recognition of revenue and contract liabilities in relation to the above items.
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