FGV HOLDINGS BERHAD | AUDITED FINANCIAL STATEMENTS 2023 165 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 34 DERIVATIVE FINANCIAL ASSETS/(LIABILITIES) Group 2023 2022 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 41,667 - 11 125,000 - 193 Current Foreign currency forward contracts 360,615 4,823 388 628,390 2,006 16,889 Palm oil futures contracts 18,015 7,112 15 2,844 1,159 - Brent crude oil futures contracts - - - 1,980 - 853 378,630 11,935 403 633,214 3,165 17,742 420,297 11,935 414 758,214 3,165 17,935 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: 2023 2022 Foreign currency forward contracts USD74,213,138 USD151,629,960 Brent crude oil futures contracts - USD451,000 Palm oil futures contracts 3,200 MT 1,000 MT
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