Fenaka Corporation Limited Achieves the Greatest Financial Success In Its History
Fenaka Corporation Limited is a state-owned utility company mandated by the law to provide electricity, water and sewerage to the islander communities of Maldives. The company was registered in 1st August 2012. At present, their key objective is to ensure sustainable primary services to the populace in the regions of the country other than Male’; supply of clean water, sewerage and electricity, and to establish an environment friendly waste management system.
For the first time in the company’s history, they have managed generate a profit after payable tax. As per the financial statements shared by the company, they have generated a profit of MVR 35 million for the year 2019, after completion of tax payments. The company attributes the success to major operational changes brought in the past two years in order to improve the quality of their services and efficiency as a company.
Since establishment, Fenaka Corporation Limited has launched work on 49 powerhouses of which, they have completed work on 20 of them along with installation of 77 megawatts of power and has also synchronized all its powerhouses across Maldives in addition to upgrading the power network.