Fenaka Corporation achieved profitability in the first half of this year by cutting costs, said Managing Director Muaz Mohamed Rasheed. After five years of losses, the company posted a profit of MVR 4 million in Q1 and MVR 7.4 million in Q2 2024.
The company’s workforce was reduced from 8,200 to 7,300 employees as part of its “right-sizing” efforts. Despite a MVR 24 million loss in Q4 2023 and ongoing financial challenges, Fenaka is reducing debt and planning repayments.
Muaz noted potential profits from billing for water supply on 29 islands and aims to repay the current MVR 4.3 billion debt by 2027, despite needing substantial funds to improve service quality.
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