AUDITED FINANCIAL STATEMENTS 2022 147 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 34 DERIVATIVE FINANCIAL ASSETS/(LIABILITIES) Group 2022 2021 Contract/ notional amount RM’000 Assets RM’000 Liabilities RM’000 Contract/ notional amount RM’000 Assets RM’000 Liabilities RM’000 Non-current Islamic profit rate swap 125,000 - 193 208,333 - 3,571 Current Foreign currency forward contracts 628,390 2,006 16,889 418,293 1,978 653 Palm oil futures contracts 2,844 1,159 - 13,275 1,561 - Sugar futures contracts - - - 1,882 - 963 Brent crude oil futures contracts 1,980 - 853 4,155 - 2,133 633,214 3,165 17,742 437,605 3,539 3,749 758,214 3,165 17,935 645,938 3,539 7,320 The Group classifies derivative financial instruments as financial assets/liabilities at fair value through profit or loss. The Islamic profit rate swap is accounted for as cash flow hedge. The notional amount of contracts outstanding are as follows: 2022 2021 Foreign currency forward contracts USD151,629,960 USD99,700,083 Brent crude oil futures contracts USD451,000 USD997,560 Palm oil futures contracts 1,000 MT 2,925 MT Sugar futures contracts - 51 MT
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