NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 (CONT’D) 42. OPERATING SEGMENTS (CONT’D) 42.3 MAJOR CUSTOMERS There is no single customer that contributed more than 10% to the Group’s revenue. 43. CAPITAL COMMITMENTS THE GROUP THE COMPANY 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Purchase of property, plant and equipment - 40 - - Purchase of land held for property development 538,598 94,328 - - Acquisition of development right 61,003 70,271 - - 599,601 164,639 - - 44. FINANCIAL INSTRUMENTS The Group’s activities are exposed to a variety of market risk (including foreign currency risk, interest rate risk and equity price risk), credit risk and liquidity risk. The Group’s overall financial risk management policy focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance. 44.1 FINANCIAL RISK MANAGEMENT POLICIES The Group’s policies in respect of the major areas of treasury activity are as follows:- (a) Market Risk (i) Foreign Currency Risk The Group does not have any transactions and balances denominated in foreign currencies and hence, is not exposed to foreign currency risk. (ii) Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to interest rate risk arises mainly from long-term borrowings with variable rates. The Group’s policy is to obtain the most favourable interest rates available and by maintaining a balanced portfolio of mix of fixed and floating rate borrowings. INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 224 FINANCIAL STATEMENTS
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