Fenaka Corporation has reported a profit of MVR 7.4 million in 2024 second quarter.
While speaking at the press conference on Thursday, Muaz Rasheed, the Managing Director of Fenaka, said the company was at a loss of MVR 24.7 million when the current management took charge of the company in the final quarter last year.
Muaz said the company made a profit of MVR 4.2 million in the first quarter of 2024, compared to the preceding quarter’s retained earnings. This streak continued into the second quarter with the profit of MVR 7.4 million.
The Fenaka Managing Director added that the company would have faced a loss of MVR 50 million if its operations remained the same during the review quarter.
Deputy Managing Director of the corporation, Hussain Zuhury said the company earned its profit by significantly reducing its expenditure.
“We have a plan to cut costs. A project has been designed to install solar panels on the roofs of Fenaka offices and powerhouses on 150 of the islands. This is an addition of 5.2 megawatts,” Zuhury added, highlighting that this initiative is pegged to save an approximate total of MVR 19 million.
Transportation costs are among the highest expenses for Fenaka Corporation. which Zuhury underscored and added that revised and strengthened procurement policies helped the company cut costs.