Registration No. 200301030845 (633265-K) - 144 - 39. Financial Instruments (Cont’d) (b) Financial risk management objectives and policies (Cont’d) (iii) Market risks (a) Foreign currency risk The Group is exposed to foreign currency risk on transactions that are denominated in currencies other than the respective functional currencies of Group entities. The currencies giving rise to this risk are primarily United States Dollar (“USD”), Euro (“EUR”), Singapore Dollar (“SGD”), Pound Sterling (“GBP”), Chinese Renminbi (“RMB”), United Arab Emirates Dirham (“AED”), Australian Dollar (“AUD”), Saudi Arabian Riyals (“SAR”) and Japanese Yen (“JPY”). The Group has not entered into any derivative instruments for hedging or trading purposes as the net exposure to foreign currency risk is not significant. Where possible, the Group will apply natural hedging by selling and purchasing in the same currency. However, the exposure to foreign currency risk is monitored from time to time by management. Exposure to foreign currency risk The carrying amounts of the Group’s foreign currency denominated financial assets and financial liabilities which have RM functional currency at the end of the reporting period are as follows: Denominated in USD RM Group 30.6.2024 Trade receivables 3,959,981 Cash and bank balances 146,399 4,106,380 31.12.2022 Trade receivables 3,511,878 Cash and bank balances 30,253 3,542,131 221 DESTINI BERHAD ANNUAL REPORT 2024
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