34 DERIVATIVE FINANCIAL ASSETS/(LIABILITIES) Group 2024 2023 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 Current Foreign currency forward contracts 590,075 655 2,383 360,615 4,823 388 Palm oil futures contracts 55,141 – 5,102 18,015 7,112 15 Brent crude oil futures contracts 8,765 1,042 – – – – 653,981 1,697 7,485 378,630 11,935 403 653,981 1,697 7,485 420,297 11,935 414 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: 2024 2023 Foreign currency forward contracts USD132,345,092 USD74,213,138 Brent crude oil futures contracts USD1,958,544 – Palm oil futures contracts 11,450 MT 3,200 MT 35 DEPOSITS, CASH AND BANK BALANCES Group Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 Fixed deposits with licensed investment bank in Malaysia 1,336,660 998,039 273,950 96,724 Restricted deposit 22,181 31,947 – – Cash and bank balances 369,522 493,248 8,383 14,452 Deposits, cash and bank balances 1,728,363 1,523,234 282,333 111,176 Restricted deposit relates to bank balance pledged in order to obtain certain bank facilities. The withdrawal of this deposit from the designated account requires approval from the bank. FGV Holdings Berhad | Audited Financial Statements 2024 Notes to the Financial Statements For the financial year ended 31 December 2024 152
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