Fenaka has initiated efforts to become a profitable company by settling its debts before the upcoming month of Ramadan.

Speaking on MMTV Bodu Khabaru programme, the newly appointed Managing Director, Mohamed Najah, stated that Fenaka is focused on repaying debts owed to private individuals.

Najah stated that the company is working closely with the Ministry of Finance and Planning, in line with the President’s directives, to ensure that all outstanding payments to Maldivian companies are settled before Ramadan.

While emphasising that Fenaka provides essential services and does not aim for large profits, Najah added that by strengthening Fenaka's operations, the company plans to clear the remaining debts without burdening the Government.

Fenaka's Deputy Managing Director, Mohamed Abdul Kareem, further explained that the company has been able to generate sufficient profits in recent months, particularly from businesses that owe the company. He noted that a recent change in diesel procurement rules had resulted in a 10 per cent cost saving, and prioritising reasonable pricing from suppliers has been crucial to Fenaka's efforts to manage costs effectively.

Currently, Fenaka provides electricity to 157 islands, water to 94, and sewerage services to 99. The Government has already paid off one billion Rufiyaa of Fenaka's MVR 4.3 billion debt.